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"The more worrisome part (to me) is that the Company has pledged *everything* including the brands and intellectual property to borrow a bunch of extra money."

I don't think it was extra money. It was a move that in better years would've been made to put out bonds. If Ford turns around, won't the bond rating go up, new bonds be written to cover this debt with the writers floating the bonds and getting the business? Not to be too simplistic, but with the bond ratings pushed down - no way to get the cash this year. If Ford is successful in a turn around, this debt will not be a concern. If Ford isn't, then this debt is just another complication bankruptcy court.

T. Allan
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