I am writing today to announce the closure of the Michigan Messenger. After four years of operation in Michigan, the board of the American Independent News Network, has decided to shift publication of its news into a single site, The American Independent at Americanindependent.com. This is part of a shift in strategy, towards new forms [...]
An abstinence-only presentation provided to numerous school districts in Calhoun and Eaton Counties in October of this year provided false and misleading information to students about HIV, experts allege.
Two county registers of deeds filed a class action lawsuit Monday on behalf of Michigan’s 83 counties alleging that the Mortgage Electronic Registration Services owes millions of dollars in property title transfer taxes.
Despite evidence of the impact of mercury on children and public health, Michigan Attorney General Bill Schuette last month joined with 24 other state attorneys general in filing a lawsuit to scuttle new EPA regulations that would reduce mercury emissions from power plants.
The real risk to the future of General Motors (other than the unpopular vehicles) is that a bankruptcy and reorganization process would not be quick, in what’s called a 363 sale, but would go through a standard Chapter 11 reorganization, which could take several years. A long and drawn out reorganization would probably have an extremely negative impact on GM’s ability to continue selling cars. Selling cars being a key part of the GM business, this could easily lead to a total loss of viability and liquidation.
This, then, is good news:
General Motors said Thursday that a key group representing many of its largest bondholders had accepted a proposal offering up to a 25 percent stake in exchange for not opposing G.M.’s reorganization plan.
In a regulatory filing, G.M. also filled out many of the details of the reorganization plan, crafted under the eye of the Treasury Department.
Under the terms of the deal, G.M.’s bondholders would receive a 10 percent stake in the newly reorganized carmaker. They will also receive warrants to buy an additional 15 percent of a new G.M. if the company rises to a certain level of value.
It’s really quite a bit better for all involved for this to proceed quickly. Given the complexities of the GM case, a swift turnaround is still not a sure thing, but this obviously helps.
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