NEW YORK | A bankruptcy judge has ruled that General Motors Corp. can sell the bulk of its assets to a new company, potentially clearing the way for the automaker to quickly emerge from bankruptcy protection.
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 Monday 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 GM’s 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.
Those are your key words:
“Quick approval of Sale”
“Three Day hearing”
“Late Sunday night”
Add this phrase that’s not actually in the article, just implied:
“Federal Holiday Weekend”
I mean, c’mon! Who holds federal bankruptcy hearings over a federal holiday weekend, and issues their opinions in the middle of the night Sunday? Give me a break!
Here’s another clue:
The United Auto Workers union, which gets a 17.5 percent stake through its health care trust for retirees, has selected Stephen Girsky, a former GM adviser and Morgan Stanley analyst, to serve on the board.
Scam and Sham all rolled into one.