Looks like the fight is over folks......

Wednesday, July 1, 2009

GM bankruptcy wrangling in 2nd day

Mark Salzberg, an attorney with Washington-based Patton Boggs, representing unsecured bondholders of GM, asked Wilson a series of questions about the reasoning behind leaving bondholders out of the bankruptcy process.

Wilson said that one of the "strategic benefits" of a 363 sale, in which the preferred assets of the old GM are transferred to the new GM, is that "consent of bondholders was not required."
(The truth comes out that the auto task force wanted to deprive the bondholders their rights under the Chapter 11 bankruptcy)
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