Bailout Watch 563: GM Asset Sale Draws Closer
GM spokesfolks confirm to Automotive News [sub] that the deadline to submit bids for the General Motors asset sale has passed. And surprise! Nobody has taken on the Treasury in the 363 sale’s bidding process. Sorry, America. But AP Services LLC, an affiliate of AlixPartners is having its $58.9 million in fees contested by the US Bankruptcy Trustee. In addition to a $20 million retainer and $16 million for services provided in May, AP Services stands to receive another $13 million upon the completion of the Section 363 sale. As RF’s General Motors Zombie Watch 7 reports, the consulting firm also “seeks a discretionary fee of an unknown but potentially unlimited amount that will be determined” at the sole discretion of GM. The US Trustee is also objecting to the $46.6 million in fees paid to Evercore Group LLC, another GM restructuring consultant.
Meanwhile, Judge Robert Gerber has denied the “Unofficial Committee of Family & Dissident GM Bondholders” official committee status, reports AN [sub]. The unruly group of bondholders did not meet the “exceptional” circumstance that would merit the appointment of another official committee, ruled Judge Gerber, but they are free to file objections to the 363 sale. Gerber argued that “history tells us when someone else pays for one’s expenses, spending restraint goes out the window.”
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I think it would be better put as, "I wonder how the Solstice would have done if it was built by someone who actually knew how to build a complete, solid car."
That photo is making me think of Evelyn Waugh's novel, Put Out More Flags.
That's a better idea than what Carbon Motors is offering. Get GM to relinquish the intellectual property, copyrights and tooling for the Caprice 9C1, then go to work at modernizing it just enough for the police and taxi/livery industry.