1:15 p.m. Appeal looms after bankruptcy judge OKs GM sale plan
Associated PressNEW YORK - It appears a bankruptcy court ruling that General Motors Corp. can sell the bulk of its assets to a new company will be appealed.
The ruling late Sunday potentially cleared the way for the automaker to quickly emerge from bankruptcy protection.
But a Chicago law firm representing people who have sued GM in several auto accident cases filed paperwork this morning saying it would appeal to U.S. District Court in New York.
U.S. Judge Robert Gerber issued a 95-page ruling late Sunday that the sale was in the best interests of both GM and its creditors, whom he said would otherwise get nothing.
But it appears the ruling will be appealed. A Chicago law firm representing people who have sued GM in several auto accident cases filed paperwork today saying it would appeal to U.S. District Court in New York.
"As nobody can seriously dispute, the only alternative to an immediate sale is liquidation - a disastrous result for GMs creditors, its employees, the suppliers who depend on GM for their own existence, and the communities in which GM operates," Gerber wrote in his ruling.
The ruling comes after a three-day hearing that wrapped up Thursday, during which GM and government officials urged a quick approval of the sale, saying it was needed to keep the automaker from selling itself off piece by piece.
"This has been an especially challenging period, and weve had to make very difficult decisions to address some of the issues that have plagued our business for decades," GM President and CEO Fritz Henderson said in a statement early today. "Now it's our responsibility to fix this business and place the company on a clear path to success without delay."
But attorneys for some of GM's bondholders, unions, consumer groups and individuals with lawsuits against the company argued for its rejection, saying that their needs were being pushed aside in favor of the interests of GM and the government.
Lawyers for five "individual accident litigants" filed a notice of appeal with the bankruptcy court this morning that gave no grounds or details. The deadline to appeal is noon Thursday, after which point Gerbers order takes effect and the sale is free to close.
Facebook
MySpace
Digg
Stumble
Mixx
Fark
del.icio.us
LiveSpaces
|
nipper77
|
|
|---|---|
|
07-07-09 11:28 AM
|
Yeah purecountry, they pulled mine. There was nothing offensive or untrue. I guess free speech is not allowed here
|
|
Purecountry495
|
|
|
07-06-09 8:53 PM
|
Hey OldManGrump2, we the union was never happy about any deal pertaining to GM's Bankruptcy. Also I can assure you we the union are not responsible for GM's demise. Many many times the union fought GM on issues that didn't even make good common sense. But GM wanted it and would tell us to read N.A. Par. 8, which clearly states the means, methods & processes are the sole responsibilty of the corporation. So now tell me, how the UAW or its members are at fault for GM's demise. Classic example the Crew Agreement, GM told the Fab plant they would shut the plant down if we didn't buy into it. That they had trucks waiting at the 76 Truck stop to come and get the dies. For the workers it was as good as moms apple pie, but it cost GM big time. When we the union voted on it, it barely passed. For all the money I made because of it, I had to be stupid voting against it. But we knew it wasn't a good idea and would hurt the company and affect us too. I was sick when we gave up that Crew agree
|
|
OldManGrump2
|
|
|
07-06-09 6:58 PM
|
GM is doomed and the unions are the cause of it. Now even they are unhappy with their deal in bankruptcy of GM.
|
|
47ocs60
|
|
|
07-06-09 4:43 PM
|
Hey maddog call Jim Clark his office is in Dayton
|
|
LaidOffDrone
|
|
|
07-06-09 3:39 PM
|
The other article is still there, with all of the bitterness still intact, lol. (-:
|
|
maddog
|
|
|
07-06-09 3:29 PM
|
I can't find any info on the net about a IUE-CWA appeal to the GM sale plan. Being a IUE-CWA member from Dayton I would like to know if anyone has heard anything.
|
|
Purecountry495
|
|
|
07-06-09 2:40 PM
|
I can't believe that the Tribune pulled the earlier article about GM getting the ok to sell off its assets. Maybe some of the post was hitting home and GM or Nosympathy cried and had the Tribune to pull it. I've never seen a article disappear so fast, as that one. People was speaking their minds on what they thought or knew for sure. There was alot of good posts pertaining to GM, even if I didn't agree with all of them. I don't mean to critize anyone, but when someone post a comment that I know is far fetched about the UAW, I have to call it as I see it. As for Nosympathy, either they got fired or had to quit, because of the union or they are still a member of management. Most of their comments are untrue, as far as pertaining to the Fab plant. I can't honestly speak or defend the assembly plant, because I never worked there and don't know. If someone post something that is correct, I'll never disagree with them. But if you post BS and I know it, I'll let you know its BS.
|
|
LaidOffDrone
|
|
|
07-06-09 1:42 PM
|
The "old" GM is called Motors Liquidation Co., lol. (-:
|
|
pahootaman
|
|
|
07-06-09 1:34 PM
|
This article doesn't explain much, but what I got from NPR this morning was that the shareholders/ stakeholders were non too pleased with the OK the judge handed out yesterday night. Looks like they might get their wish with the appeal and drive GM in liquidation... which would be bad.
|
