Judge gives green light to GM's bankruptcy plan giving a 60 percent stake in GM to U.S. taxpayers

When it is all said, done, and litigated the U.S. government and American taxpayers will own a 60 percent stake in the "new General Motors"...at least that's the plan that was just approved by a bankruptcy judge.

Judge Robert Gerber, said bankruptcy "is the only available means to preserve the continuation of GM's business," in a recently issued ruling.

Fritz Henderson will stay on as CEO GM quickly announced today.

"Now it's our responsibility to fix this business and place the company on a clear path to success without delay," Henderson said in the statement.

850----that how many different people, companies, stockholders and special interests objected to the initial bankruptcy plans.

"The court is sensitive to their concerns, but cannot help them," judge Gerber wrote 95-page ruling. "GM is hopelessly insolvent, and there is nothing for stockholders now. And if GM liquidates, there will not only be nothing for stockholders; there will be nothing for unsecured creditors."

When GM emerges from bankruptcy the Canadian government, bondholders and of course the United Auto Workers union will own the rest of the 40 percent of GM that does not belong to the U.S government.

For the best available list of the current 6000 or so General Motors dealerships on the GM closing list click HERE.