bankruptcy plan reorganization
Isn’t it ironic how the administration lead by community organizer found itself on the other side?
In its original reorganization of GM plan, the Obama Administration proposed to leave behind in the old GM all tort claims arising from cars manufactured before bankruptcy. That would have meant that all past, present and future claims related to cars GM produced before June would have had next to no chance of meaningful recovery, as they would have had to stand in line with every other unsecured creditor of the bankrupt firm.
This was the arrangement approved by the courts in Chrysler’s bankruptcy, and the task force sought to repeat the feat with GM. But 11 state Attorneys General and a group of tort lawyers cried foul and filed an objection to the bankruptcy plan with the court. In the end the Administration agreed to leave liability for future claims with the new company, while leaving behind current suits.
Another UP YOUR”S AMERICA moment by Obama!!
Hail Obama!!
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