"We have no intention to further fund this company if the sale order is not entered by July 10," Harry Wilson, one of the Treasury Department officials overseeing GM's restructuring, said while being cross-examined by an attorney for a group of GM bondholders opposing the sale. It was the second consecutive day of hearings to determine GM's fate.
Subscribe to:
Post Comments (Atom)
I cannot imagine the U.S. Government will allow GM to be liquidated and this target date of July 10th is pure propaganda.
ReplyDeleteI believe you are correct. In the article where Michael Richman, the attorney for the “Unofficial Family and Dissenter GM Bondholders” argues that a Chapter 11 bankruptcy should be used he is calling the US Government’s “bluff” for a July 10th deadline. If you have been following this saga from the beginning GM/Auto Task Force have at every turn tried to rush, threaten and intimidate stakeholders with dire predictions if you don’t do as they say. At least now it is recorded in the court records.
ReplyDelete