Townhall,com ^ | August 8, 2012 | John Ransom
It’s not too early to start thinking about how the next great crisis in the auto industry will shake up the world.
With the general economic slow down worldwide, declining auto sales and uncertainty surrounding the future direction of the automotive market, another automaker meltdown isn’t out of the question.
And because the high profile federally-financed bailout for GM has generally gotten poor reviews from politicians, voters and Wall Street, General Motors is a good place to start to look at what the next automotive bankruptcy could entail.
Already there is at least one suit pending that threatens to undo the work of the first bankruptcy.
“The new General Motors Co. (GM) could be undone by a lawsuit that pits general creditors against hedge fund,” reports Bloomberg, “including Elliott Management Corp. and Fortress Investment Group LLC (FIG) over $3 billion, the car company said in a lawsuit that went to trial today.”
(Excerpt) Read more at finance.townhall.com ...
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