Today the Canadian governments said there is to the end of the month, back peddling from the May 15th commitment. Not unusally for whimpy Canadian governments to do this. CAW and GM didn't come to an agreement. Not that it maters that much.
Bond holders, and perhaps preferred share holders I am sure are retaining lawyers for the real kill. GM sold off in pieces might fetch $25B. Which isn't enough to pay the well over $177B they owe somebody. But it is enough to return 90 times the 1 cent on the dollar offered earlier. Lots of food for the legal people to take on the government interferance in debt justice.
In the mean time GM is still burning taxpayers cash. And Obama thinks he can dictate physics and what you buy by declaring new standards in fuel economy. LOL. No ome will be able to afford the Obamobile. Comes in one color, black just like a Model T.
Let the fun begin, American justice and integrity is on the line. Is the GM debtor going to do the right thing or are taxpayers going to get bilked for billions more? When will the blood sucking and insatiable government debt cease?