The Obama administration's confidence that Chrysler, with help from Fiat, can emerge from Chapter 11 in two months left the Am Law Daily wondering whether the bondholders who refused the Treasury Department's cash-for-debt offer have enough power to hold up the bankruptcy proceeding. So we called Douglas Baird, a professor at the University of Chicago law school and one of the nation's leading bankruptcy experts. He educated us on sections 363 and 1129(a)(7) of the federal bankruptcy code--two sections lawyerly types--and probably anyone else paying attention to this story--are going to be hearing a lot about over the next few weeks.

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