Wells Fargo Objects To GM's Bid To Dump Leases

Law360, New York (July 31, 2009, 1:46 PM EDT) -- Wells Fargo Bank Northwest NA, acting as a trustee for investors holding bonds tied to $479 million worth of General Motors Corp. manufacturing equipment leases, has objected to the automaker’s attempt to reject some of those leases through continuing liquidation proceedings in bankruptcy court.

Wells Fargo filed its objection Thursday in the U.S. Bankruptcy Court for the Southern District of New York, contending that equipment leases, and corresponding financing via the bonds, effectively constitute a single agreement — barring GM from “cherry-picking” among the leases....
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