GM's Asset Sale Accelerates Past Objections

Law360, New York (July 6, 2009, 12:00 AM EDT) -- Overruling a chorus of objections from dissident bondholders and tort litigants, a federal bankruptcy judge has given the stamp of approval to the sale of General Motors Corp.'s assets in a move that will make the U.S. government the majority owner of the reorganized entity in exchange for $50 billion in bailouts.

The ruling Monday by Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York granted the beleaguered automaker's motion for an order approving the sale of the bulk...
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