It is right after "strategery" in his dictionary.

I'm not the attorney here, but here goes.

Chapter 7 bankruptcy (BK) basically says, "we throw in the towel" and they leave their lenders hanging, leaving the lenders to sort liquidation of the assets to cover the debts. I don't believe there are any corporate assets that are exempt in a corporate BK.

Chapter 11 is a debt structture where debt can be reduced, terms renegotiated or extended, allowing the company to completely reorganize their operation, maybe selling off unprofitable divisions, etc.

My guess is that he was speaking to the differences between the two types of BK available to the Big 3, with the debt restructure being the more appealing of the two.

I would like it if every one of his press conferences had a shoe thrower. At least he could make "some" deft moves with the time he has left in office. Just think of the money he could raise for his legacy! Maybe even build a library for his dictionary.