Posted on 07/06/2009 4:43:33 AM PDT by Wpin
A federal judge approved the sale of General Motors Corp.'s assets to a new government-run company, removing a key hurdle to the auto maker's plan to exit bankruptcy.
Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York issued an 87-page ruling late Sunday allowing the sale to go forward. He rejected pleas from dissident bondholders and product-liability claimants who objected to GM's plans.
The judge said the only alternative to GM's plans would be liquidation, "a disastrous result for GM's creditors, its employees, the suppliers who depend on GM for their own existence, and the communities in which GM operates. In the event of a liquidation, creditors now trying to increase their incremental recoveries would get nothing."
The ruling paves the way for GM's government-brokered restructuring, in which the auto maker will move its "good" assets -- including automotive brands Chevrolet, Cadillac, Buick and GMC -- to a new company owned by the U.S. Treasury. The sale approval clears the way for GM to potentially exit bankruptcy in less than two months.
(Excerpt) Read more at online.wsj.com ...
A “judicial” Seig Heil with a smile!
“Kill all the executives”, everyone wants to be an executive now. Lawyers, Judges, ACORN zombies, so cool, democracy, you know (sarc off)
The drunks are in charge and they think they got a grip on reality just because having a government badge now means your life is owned and they can dispose of you as they wish.
“Dissident bondholders”?
“Dissident,” as in a small group of people outside of society objecting to a nation's or government's policies? Dissident?
They are not “dissident.”
They are legitimate plaintiffs in a case against the US government who is illegally breaking valid contracts.
It is the communists in the Obama administration who are “dissident.”
Unlike some of the things Oinquebama et. al. are doing, this one has a solution which does not require forty percent of anybody to vote on it: Boycott GM. The underclass and the dem voting base do not drive the new car market. It just wouldn’t be that hard to do the same thing to GM that we did to Smith/Wesson when that idiot English company took it over.
You are exactly right! At least at this time...we can boycott GM and Chrysler and fight this fascism! It is the easiest, least dangerous protest we can do. Just say NO to GM and Chrysler...turn the faucet off for the fascist pigs, let the die of thirst!
You are exactly right! At least at this time...we can boycott GM and Chrysler and fight this fascism! It is the easiest, least dangerous protest we can do. Just say NO to GM and Chrysler...turn the faucet off for the fascist pigs, let them die of thirst!
“Boycott GM”
Yes, we can!
No more GM cars for me.
Ditto for me. I have driven GM my entire life. Don't know what I will switch to, but it will be a Global Climate Change day in hell before I buy a GM product again.
LLS
Amen to that, and boycott Chrysler too.
Added a few finishing touches ....
Lawyers, Judges, ACORN zombies, so cool, democracy, you know
Enter the lawyers, the REAL RULERS of what’s left of the US Republic.
But they can’t make us buy their product. We will never buy a government-made car.
“The judge said the only alternative to GM’s plans would be liquidation, “a disastrous result for GM’s creditors, its employees, the suppliers who depend on GM for their own existence, and the communities in which GM operates. In the event of a liquidation, creditors now trying to increase their incremental recoveries would get nothing.” “
In other words, WE MUST HAVE COMMUNISM OR PEOPLE WILL LOSE MONEY!!
Oh God, I feel sick first thing on a Monday.
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