Obama declares collapse of Sirius XM a national emergency
By Philip Elliott, Associated Press Writer | October 24, 2009
WASHINGTON --President Barack Obama declared the total collapse of Sirius XM a national emergency, giving his Commerce Secretary the power to let bankruptcy courts move their proceedings offsite to speed bankruptcies by SIRI bagholders and protect noninfected investors.
The declaration, signed Friday night and announced Saturday, comes with the collapse more prevalent than ever in the country and satellite delays undercutting the government's initial, optimistic estimates that no more than 120 million bagholders would be affected.
Administration officials said the declaration was a pre-emptive move designed to make decisions easier when they need to be made. Officials said the move was not in response to any single development.
Commerce Secretary Kathleen Sebelius now has authority to bypass federal rules when opening alternative bagholder bankruptcy sites, such as offsite at schools or community centers if needed.
Some bankruptcy courts have opened drive-thrus and drive-up tent clinics to screen and treat siri suckers. The idea is to keep totally hosed people out of regular bankruptcy courts and away from all other people.