Funds Want Old GM Plan Blocked Over $369M Payment

Law360, New York (February 14, 2011, 3:39 PM EST) -- A group of hedge funds has argued that General Motors Corp.'s liquidation plan for its unwanted units should be blocked because it doesn’t guarantee a $369 million payment to noteholders in the company's Canadian unit.

According to an objection filed Friday in the U.S. Bankruptcy Court for the Southern District of New York, GM agreed to the payment in exchange for the hedge funds — including Appaloosa Management LP, Aurelius Capital Management LP, Elliott Management Corp. and Fortress Investment Group LLC — signing off on a...
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