GM recall update

I just watched a news story on this. They were saying the same thing, any families suing may need to sue old defunct GM. Plus they stated that GM could face fines up to $35 Million. So, if the families cannot sue new GM how can the Govt fine new GM for the same violation? Interesting.

So they are worried about an engine turning off due to a customers heavy key chain, but brake lines that rust through 5 years after a vehicle is built are OK? unbelievable!

45Ricochet wrote:
Interesting.

After emerging from Chapter 11, the maker left many of its debts and liabilities with the “old” GM. Lawsuits related to those who were injured or killed prior to July 2009 would have to sue the old entity in bankruptcy court.

I believe if you fail to list the liability in BK it will follow the new entity(not discharged). Not that it matters as no bankruptcy laws were utilized in their filing. The article is unclear if the liability and lawsuits were actually part of the filings. If they were, shame on the Govt for not carrying these over along with the unprecedented tax loss carry forwards.

Interesting.

After emerging from Chapter 11, the maker left many of its debts and liabilities with the “old” GM. Lawsuits related to those who were injured or killed prior to July 2009 would have to sue the old entity in bankruptcy court.