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

Thursday, July 2, 2009

GM's bondholders: Let's 'negotiate fairly'

The representatives explained to the court that they shouldn't be left behind in GM's bankruptcy process, arguing that such a move is not legal.

Michael Richman, an attorney from the firm Patton Boggs representing a group of dissident bondholders addressed the judge about "the absence of real choice in the dominance of the government," referring to the U.S. Treasury's role in pushing the bankruptcy process forward.

He said that the Treasury, in imposing it's July 10 "drop dead deadline" was using a "my way or the highway" attitude in refusing to consider alternate means of restructuring.

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