Tom Lauria who took the Chrysler-Fiat deal to the Supreme Court, may be gearing up for round 2.
The Wall Street Journal reports, "A hodgepodge of General Motors Corp. bondholders have asked him to represent them in a challenge to GM's bankruptcy filing." according to the Journal, Lauria "hasn't formally accepted the job, but before the ruling Tuesday, he said from his home base in Miami, ‘I must admit, I am enjoying the heck out of this.'"
http://online.wsj.com/article/SB124459032127399999.html
I think we will see a firestorm of objections filed opposing the government mandated fleecing of GM Bondholders prior to the June 19, 2009 filing deadline.
Glenn Kurtz and Thomas Lauria of White & Case
"According to Kurtz, what was going on was an unprecedented suspension of bankruptcy rules. And those same issues will likely be raised in the GM bankruptcy, where Kurtz and Lauria will likely have a role. "I think we can be assured that GM will rely heavily on the blueprint that was used in the Chrysler case," he said. "One of the e-mails that was produced in the Chrysler litigation specifically noted that Treasury was viewing Chrysler as a guinea pig...for GM."
http://www.law.com/jsp/tal/digestTAL.jsp?id=1202431408890&Glenn_Kurtz_and_Thomas_Lauria_of_White__Case
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I think as we approach the deadline for filing opposition to the GM reorganization plan which is so blatantly a farce, we will see several General Motors creditors, primarily bondholders ignite a forest fire. Just a guess but I think there will be institutional and non-institutional faction loudly voicing their disapproval. I think they have a good spot and forcing a renegotiation of the plan with much more favorable terms to the creditors.
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