GM hearing adjourned
NEW YORK — The judge in the General Motors Corp. bankruptcy case adjourned a three-day hearing without indicating when he will rule on the company's plan to sell its good assets to a new company.
U.S. Judge Robert Gerber asked GM's attorneys to submit a proposed order that would be entered if the sale were to be approved. They said they would do so by Friday night or Saturday. Gerber is expected to rule some time after that.
A lawyer for GM warned the court that the only alternative to GM's plan would be a liquidation of the company's assets that would have "horrific" consequences for everyone involved.
Attorney Harvey Miller said the government is committed to cutting off funding to GM if the sale is not approved by July 10.
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G overnment M otors can't be run by the Federal Government????
Get the feeling | July 3, 2009 at 5:05 a.m.
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