facebook
twitter
rss
account
search
search
 

Attorney for GM urges quick sale

July 2, 2009 at 2:28 PM   |   Comments

| License Photo
NEW YORK, July 2 (UPI) -- A lawyer for General Motors Corp. told U.S. Bankruptcy Judge Robert Gerber a quick sale of the automaker is needed to preserve the "fragile" company.

In the two-day hearing on the sale of GM's viable assets, Harry Wilson, of the Obama administration's automotive task force, told Gerber the government intends to stick with a July 10 deadline for GM to sell its best assets.

GM attorney Harvey Miller said creditors who objected to the sale, "fail to recognize what we're dealing with is an asset sale of fragile assets."

Miller said creditors were simply saying, "I want more, cut someone else out."

More than 850 objections to the sale have been filed, The Detroit News reported. IUE-CWA Attorney Tom Kennedy said the plan would shift the retirement benefits of thousands of union workers to the responsibility of the "old" GM, which would be composed of the remaining assets left behind after the sale.

"People are being deprived of their fundamental rights," Kennedy said.

But Miller said there were not enough good assets to make all the parties happy.

"If everybody here could do it, they would move all the liabilities to the new GM," Miller said.

© 2009 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Navy tests MQ-8C unmanned helos Navy tests MQ-8C unmanned helos
2
Europe must drop the euro, Germany abandon mercantilism Europe must drop the euro, Germany abandon mercantilism
3
Harris selected for geospatial data products Harris selected for geospatial data products
4
Sweden plans to replace its Defense and Security Export Agency Sweden plans to replace its Defense and Security Export Agency
5
Throwback Thursday: Facebook launches old-school 'Rooms' app Throwback Thursday: Facebook launches old-school 'Rooms' app
Trending News
Around the Web
x
Feedback