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

Thursday, July 2, 2009

GM Recovery Plan Rests With Judge

"We support the creation of a new GM. We think it's a fine idea," Michael Richman, a lawyer for the group, said, acknowledging that without government loans, GM would collapse. "That doesn't earn the government an exemption from the law."

Mr. Richman said U.S. control over GM made the company's bankruptcy "a historic first attempt at a Chapter 11 nationalization."

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1 comment:

  1. I think this weekend should be interesting. During the closing arguments come of the objectors have settled with GM such and the non-UAW union which will have some of their benefits preserved under the sale. It should be interesting if Judge Gerber calls GM/Government’s bluff on the timeline and tells then to go through a Chapter 11. If I were the Judge I’d give all parties 48 hours to come to an agreement with Bondholders, Unions and Liability issues or we go through a traditional Chapter 11, with creditor input, in a 60 days period. Lock them in a room with food, water and a pottie break every few hours until they come out with an equitable, fair, and workable plan in the 48 hours.