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>Want a Fight? GM’s Chapter 11 Is Unfair

>There are thousands of people upset by the Chapter 11 proceedings a U.S. judge pronounced recently. He’s dividing up GM to save part of it so it can come back and again become a viable company.

Only one problem, current GM stockholders get screwed. Their stock is worth nothing now. That’s because GM has been alowed to sell off its valuable parts, like Hummer and Volvo, but the piece of paper you stockholders have in your hands is now worthless, despite the $50 billion taxpayer money given to GM to recusitate it. What is left is some value given to the newly emerging GM and the government will own 61% of that, Canada 11% and unions perhaps 20%. So you know who rates in the mind of the Obama-controlled U.S. judge’s mind. Read more about this story that is ripe for an attorney to file suit on.

What would he sue about? It would be those people injured in GM cars before the Chapter 11. They get nothing. But the lucky ones injured after the court order could get their claims paid. That seems unconstitutional on its face, but it will take a good attorney a lot of time, energy, and expense to round up the facts and the injured people – who ought to be happy to have you, the plaintiff attorney, represent them and a lot more people in a class action suit. Two problems, you have only until this Thursday, July 9th to file your action. Second, if appeals to the court’s bankruptcy order are forthcoming, the government has promised it will give GM no more money. How’s that for intimidation? It also should be looked at as evidence that this entire proceding should be overturned. But I’ll leave that to you creative attorneys to iron out. Good luck.

Also read a story published today in Old And New Auto blog for more information.

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