People don't think anymore...I was amazed when I heard people saying they wanted GM to go bankrupt. So, wipe out millions of jobs, and kill the last domestic manufacturing capacity the country has.
I'm amazed people don't know what the difference is between a business shutting down and what a Chapter 11 Bankruptcy actually does...
Chapter 11 affords the debtor in possession a number of mechanisms to restructure its business. A debtor in possession can acquire financing and loans on favorable terms by giving new lenders first priority on the business's earnings. The court may also permit the debtor in possession to reject and cancel contracts. Debtors are also protected from other litigation against the business through the imposition of an automatic stay. While the automatic stay is in place, most litigation against the debtor is stayed, or put on hold, until it can be resolved in bankruptcy court, or resumed in its original venue. An example of proceedings that are not necessarily stayed automatically are family law proceedings against a spouse or parent. Further, creditors may file with the court seeking relief from the automatic stay.
By short circuiting the process, we likely prolonged the pain and the end result will less optimal. But hey, the community organizer said it was the way to go, so fsck the process.