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Financial Times: “Small GM bondholders to continue challenge”

The small bondholders, undaunted, intend to continue their challenge. The unofficial committee has been gathering donations through a website to pay legal costs. Michael Richman of Patton Boggs is representing them. They will argue that the fast-track sale is unjustified and push for a traditional Chapter 11 reorganisation, which they believe will give them more balanced treatment with the unions. “We have enough to fund [the case] through our objections and we are working on funding it beyond that,” says Mark Modica, a manager at a Saturn dealership. “We’re still in a fight.”

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By admin – June 29, 2009

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