June 25, 2009 6:05 PM
GM Update: Dissident Bondholders Not Backing Down
GM Update: Dissident Bondholders Not Backing Down
"The bondholders complain that the plan to sell most of GM's assets out of bankruptcy in a Section 363 sale will benefit some unsecured creditors and hurt others, according to court records. The retiree trust for the United Auto Workers, for instance, will gain a large minority stake in the new GM, while the individual bondholders may have to settle for pennies on the dollar, attorneys have said."
"Richman will get his chance to question the sales plan starting Tuesday (June 30), when GM and its legal team at Weil, Gotshal & Manges call a number of high-powered executives, including former GM chief executive Fritz Henderson, to the witness stand to testify in favor of the proposed sales plan. Richman say he plans to question them aggressively about the plan."
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