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Judge Set to Rule on Case that Could Reverse Auto Bailout

Judge Set to Rule on Case that Could Reverse Auto Bailout

BY: Bill McMorris
December 6, 2012 3:03 pm

A New York federal judge may rule imminently on a case that could reverse the General Motors (GM) bailout and send the company back into bankruptcy, according to sources close to the case.

At issue is a backroom deal hatched by GM to fulfill the Obama administration’s demand for a quick bankruptcy, draining the automaker of nearly all of its cash on hand and leaving it in worse shape than it was when it collapsed in 2009.

Read more: http://freebeacon.com/bailout-on-the-brink/

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They cannot send GM "back

They cannot send GM "back into bankruptcy" because GM, "the new GM," was never in bankruptcy.

You might think I'm joking, but here are the facts.

There are two GMs, "the new GM" and "the old GM." They are independent separate companies. I believe that the naming of the new GM was done very deceptively with the intention to deceive the public.

The old GM = General Motors Corporation

The new GM = General Motors Company

GM Corporation, the old/original GM, became Motors Liquidation Company and was literally liquidated. Here's a link to the wikipedia article for MOtors Liquidation Company: http://en.wikipedia.org/wiki/Motors_Liquidation_Company and a link to their stock price: http://www.google.com/finance?cid=14194 Also, here's a quote from Motors Liquidation Company (the old GM) from back in 2009:

None of the publicly owned stocks or bonds issued by the former General Motors Corporation (now renamed "Motors Liquidation Company"), including its common stock formerly traded on the New York Stock Exchange under the ticker symbol "GM", are or will become securities of General Motors Company (the "new GM"), which is an independent separate company.

The government never saved or rescued GM. There was no bailout. It was a fleecing. The new GM is literally a new company, unrelated to the old company. Regardless of how similar GM Company looks to the old GM, they are different companies.

The GM that was founded back in 1908 no longer exists. The new GM came into existence in 2009.

From GM Company's investor FAQ at http://www.gm.com/company/investors/FAQs.html :

General Motors Company was incorporated in the state of Delaware on July 10, 2009. General Motors Company began its operations when it acquired substantially all of the assets of Motors Liquidation Company (formally, General Motors Corporation) in July 2009.

and a little further down on their FAQ page:

The old GM Corporation common stock became Motors Liquidation Company common stock in June 2009, and traded as MTLQQ on the over the counter market until the confirmed bankruptcy plan cancelled the shares on March 31, 2011. The stockholders did not receive any consideration for their holdings and the stock no longer has value.