"Barring a successful last-ditch appeal by creditors to block the sale, the U.S. Treasury Department -- through its Vehicle Acquisition Holdings LLC -- would be able to close on the deal after noon on Thursday. GM and the Treasury Department had asked Gerber to make his ruling effective immediately, allowing the sale of GM's assets to close as early as today, but under Gerber's order, GM and the Treasury Department aren't authorized to close the deal until after noon on Thursday, giving objectors a chance to file an appeal and win a court stay. But Gerber warned objectors that the government might not wait that long. "
"It is unclear whether creditors who objected to the sale will appeal, as happened in Chrysler's case, where the objectors' appeal went all the way to the U.S. Supreme Court, which declined to hear the case."
See the entire article here:
http://www.detroitnews.com/article/20090706/AUTO01/907060362/GM-asset-sale-approved-late-Sunday
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