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GM awaits its fate as closing arguments end

CNN Money -- Lawyers wrapped up their closing arguments in the GM bankruptcy case Thursday, opening the way for the judge to decide whether to approve or deny the sale of the automaker's assets to a "new GM."

GM's lead attorney, Harvey Miller of Weil Gotshal & Manges, urged Judge Robert Gerber to approve the sale of GM's assets, arguing that there was no other option besides liquidation. "No one objector has brought forth a viable alternative other than, 'your honor should deny the application,'" a scenario that he likened to "playing Russian roulette with the government."

Miller said, "in effect, the objectors are saying, 'If I can't get my pound of flesh, then let GM go down in flames.'"

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Submitted Jul 02, 2009 By: in_orbit

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Cheepo Champion Author Tampa Posts:5,054 Points:2,175,190 Joined:Apr 2003	Message Posted: Jul 2, 2009 4:21:04 PM Ignore Cheepo Report Abuse What is the problem??? This should have bin done long ago! Go chapter 11 !!!!
Tucker1961 Sophomore Author Seattle Posts:202 Points:21,125 Joined:Jun 2009	Message Posted: Jul 2, 2009 4:20:05 PM Ignore Tucker1961 Report Abuse That's why I buy Japanese cars
LilRedWagonIN Champion Author Indiana Posts:2,803 Points:601,855 Joined:Oct 2008	Message Posted: Jul 2, 2009 4:16:48 PM Ignore LilRedWagonIN Report Abuse The argument is that the politicals seizing control wants to divide the company into a lucrative part they want to keep and sell off to their cronies and a part containing all the debts, liabilities, and old plant and equipment to spin off so they are not responsible for payment.
nojsts Champion Author St. Louis Posts:14,043 Points:2,828,980 Joined:May 2002	Message Posted: Jul 2, 2009 4:12:01 PM Ignore nojsts Report Abuse TYhe Chrysler plant in Fenton MO is packing up all of its tools etc and going to Mexico. I say do not buy another Chrysler product. Let Mexico support them.
dabuzman Champion Author Seattle Posts:3,794 Points:997,875 Joined:Apr 2006	Message Posted: Jul 2, 2009 4:10:11 PM Ignore dabuzman Report Abuse They are just as bad a the government. They keep waffling to get money and don't want to do what they need to make a profit or quite loosen money every day. I don't hear about any wages cuts which one of the best to deduce operation cost. Cut off executive benefits to the max!
Pete12 Champion Author Albany Posts:1,925 Points:795,140 Joined:Nov 2005	Message Posted: Jul 2, 2009 4:09:43 PM Ignore Pete12 Report Abuse There is only one answer for the judge. Bankruptcy approved.
Gerg001 Champion Author San Bernardino Posts:2,402 Points:675,620 Joined:Feb 2006	Message Posted: Jul 2, 2009 4:06:35 PM Ignore Gerg001 Report Abuse Sell it all.
us412 Champion Author Arkansas Posts:13,468 Points:1,454,035 Joined:Apr 2006	Message Posted: Jul 2, 2009 4:01:09 PM Ignore us412 Report Abuse If I can't get a fair deal in reorganization then lets liquidate this mother f----r.
REDROCKER55 All-Star Author Dayton Posts:941 Points:157,345 Joined:Feb 2009	Message Posted: Jul 2, 2009 4:01:04 PM Ignore REDROCKER55 Report Abuse I say let’s cut our losses. It makes no sense to throw good money after bad. The Government Motors option is any better then letting them “go down in flames” it will just cost tax payers more money in the end.
greywolves Champion Author Las Vegas Posts:4,083 Points:1,523,995 Joined:Dec 2004	Message Posted: Jul 2, 2009 3:58:36 PM Ignore greywolves Report Abuse wah, wah, wah!
twiper1 Champion Author San Diego Posts:2,921 Points:627,120 Joined:Oct 2008	Message Posted: Jul 2, 2009 3:57:05 PM Ignore twiper1 Report Abuse my sentament exactly
kyrunner Champion Author Lexington Posts:3,911 Points:721,710 Joined:Aug 2008	Message Posted: Jul 2, 2009 3:54:50 PM Ignore kyrunner Report Abuse As far as I am concerned when the federal government and the UAW finally get the majority stake in GM it is over for them! When the federal government gives a drop dead date of July 10 to close the deal that is a lose-lose situation for the company. Sure hope my great,great,great grandchildren are able to afford this boondoggle of a deal!
tom11743 Champion Author North Carolina Posts:1,740 Points:421,170 Joined:May 2005	Message Posted: Jul 2, 2009 3:53:54 PM Ignore tom11743 Report Abuse A disgrace, the lawyers are getting fat of the bones of all of us.
Don1222 Champion Author Michigan Posts:6,192 Points:759,980 Joined:Jul 2008	Message Posted: Jul 2, 2009 3:53:11 PM Ignore Don1222 Report Abuse Buy American. GM, manufacture your vehicles in The United States.
beachbumCA Champion Author Riverside Posts:4,038 Points:762,525 Joined:May 2008	Message Posted: Jul 2, 2009 3:50:45 PM Ignore beachbumCA Report Abuse GM (Government Motors) just makes me ill.