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

GMusflag 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

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

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

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.