To: GROUND ZERO™ who wrote (47334 ) 3/18/2013 12:42:14 PM From: Kirk © 2 Recommendations Read Replies (1) | Respond to How is EVERYONE missing this?I have absolutely no doubt, ovomit would do exactly the same here if he thought he could get away with it, and he still may try... They are COPYING what the POTUS did to GM bond holders...en.wikipedia.org On July 10, 2009, a new entity completed the purchase of continuing operations, assets and trademarks of GM as a part of the 'pre-packaged' Chapter 11reorganization.[12][13] As ranked by total assets, GM's bankruptcy marks one of the largest corporate Chapter 11 bankruptcies in U.S. history. The Chapter 11 filing was the fourth-largest in U.S. history, following Lehman Brothers Holdings Inc., Washington Mutual and WorldCom Inc.[14] A new entity with the backing of the United States Treasury was formed to acquire profitable assets, under section 363 of the Bankruptcy Code, with the new company planning to issue an initial public offering (IPO) of stock in 2010.[15] The remaining pre-petition creditors claims are paid from the former corporation's assets... The plan for General Motors' bankruptcy is to auction off the company's assets in a section 363 sale . [2] [3] [4] [45] [47] Because the price that these assets are expected to sell for is very high, there is expected to be only one bidder in the auction, a new company NGMCO Inc. [1] This company is formed by the United States government with a 60.8% stake, the federal government of Canada and provincial government of Ontario with a 11.7% stake, the United and Canadian Auto Workers unions VEBA fund [2] with a 17.5% stake, and the unsecured bondholders of General Motors with a 10% stake. [45] The selling company is called Motors Liquidation Company (see below )
