GM Bankruptcy Would Be Most Complicated In History

New York Times:

It is not just lawyers who will be busy handling a G.M. bankruptcy filing, which would be perhaps the biggest and most-watched in legal history. Because of its size and scope, the bankruptcy would be the most complicated that any American company has gone through -- more complex than those of Chrysler and Lehman Brothers, two other notable bankruptcy cases now making their way through the system.

Read the whole story: New York Times

Comments

[mauibob]

I cannot support this wholesale bailout of the UAW at the expense of suposedly secure bondholders. Its payoff time for the unions to get their bribes back from the democratic party. I will never buy a car or even parts made by a UAW worker.

[Carolab]

This was the plan all along. And the "insured" bondholders (unnamed by GM) will get paid off their CDSs and will walk away with the majority interest in the "new GM".

[drymartini1]

hold your horses. its not settled yet. The Bankruptacy judge will decide who gets what?

The judge could go along with the govt. plan on how the GM pie is split or could decide on his own. nothing has been decided yet!!

[Carolab]

We'll see.

[corezz]

People may disagree with me but it should be said...and so they should die. It is the only way for America to ultimately reclaim its place in the world by not proping up lazy companies in a world that wants change. I have sold my stock and glad i did.

Kelly - http://www.stockcoupons.com/