Re: It actually makes sense - Saab General Bulletin Board - Saabnet.com
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Re: It actually makes sense
Posted by Bruce (more from Bruce) on Tue, 6 Sep 2011 09:55:59
In Reply to: Re: It actually makes sense, Mark from Toronto, Mon, 5 Sep 2011 18:40:17
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The "non-standard" bankruptcy was used to get GM into & through as fast as possible. In any "standard" bankruptcy GM would have gone through, the shareholders would have lost all ownership anyway... the only question is how much of a haircut the bond holders, and others debt holders would have had to take, (and those negotiations, motions, lawsuits could have taken a really long time).
What is going on with GM is standard in bankruptcy, and actually used as a tactic very often in lawsuits, i.e. declaring bankruptcy to shield from a lawsuit. In this GM case, because of the nature of the bankruptcy was "non-standard" unless the Government wanted to drop this shield as a condition, any lawyer (or firm) representing GM worth their salt should have set up the bankruptcy in such a way to shield GM... in fact if they didn't, as its likely standard practice, GM would likely have a malpractice suit against the law firm... who, considering the size of GM, would likely declare bankruptcy to shield, at least in part, from a very large claim.
But yes, in terms of customer relations this is not good for GM.
posted by 198.179.147...
Posts in this Thread:
- Interesting legal wrangling, SWEDECAR , Mon, 5 Sep 2011 11:47:44
- Re: Interesting legal wrangling, Craig, Wed, 7 Sep 2011 08:28:18
- Need a good lawyer, steve, Tue, 6 Sep 2011 20:30:48
- "Penny Wise and Pound Foolish" for new GM, MI-Roger , Mon, 5 Sep 2011 14:24:11
- It actually makes sense, JerseySaab , Mon, 5 Sep 2011 14:14:23
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