GM Bankruptcy May Thwart Lawsuits

Claimants Against Automaker Wary Of How They Will Be Affected By Potential Chapter 11

(CBS/AP)  Bondholders, auto workers and consumers aren't the only ones concerned with General Motors' potential bankruptcy. The roughly 1,200 Americans suing the automaker have a stake too.

One of those claimants is Robert Dinnigan, a New York iron worker whose daughter Amanda was left paralyzed after an allegedly faulty seatbelt failed to protect her in an accident, according to a Daily News report Tuesday.

Dinnigan said Amanda's medical bills total around $500,000 a year and he's concerned that if GM enters Chapter 11, he'd be low on the list of creditors waiting to get a piece of the company.

Faced with the same prospect, many other claimants are pushing to settle quickly, even though there would be no guarantees on collecting the full amount should GM enter bankruptcy.

Lawyers are lobbying Congress to create a victims' compensation fund similar to what was set up for 9/11 families, according to the report.

Meanwhile, in an effort to stave off bankruptcy, GM will give the United Auto Workers union 17.5 percent of its common stock, $6.5 billion of preferred shares and a $2.5 billion note to fund a trust that will take over retiree health care costs starting next year.

The funding for the trust is outlined in a summary of concessions that the company and union have agreed to as GM tries to restructure outside of bankruptcy.

The summary was obtained Tuesday by The Associated Press.

[fedupredneck]

"...I had a 2005 Chevy Malibu which would sometimes not start. I would have to crank it 3 times before the thing finally turned over. ..."---Posted by walt1944 at 12:00 PM : May 26, 2009

And if you simply turned the key to the ON position, and waited until the fuel pump had finished pressurizing the injector rails in about 6 seconds, THEN tried cranking, what happened?
Posted by tmittelstaed at 12:13 PM : May 26, 2009

LOL-I wonder if walt1944 ever heard of a tune up.

[fedupredneck]

Posted by skisworld at 4:10 PM : May 26, 2009

Thank you-Its nice to see an actual comment on the story. Kudos to you.

[decotoguy]

MUSH for BRAINS AMERAICANS ,know who is at fault,,,themselves.....for decades they institute leaders to draw and measure designed obsolecence.the obsession for speed,the desire to exploit this planet.has all come to a head,reality......the check has been given....

[spaceatoms]

I am going to sue someone when I die and hopefully win a lawsuit. Maybe I'll sue the graveyard because its noisy!

[mcv57]

But don't worry, as soon as the Chinese Yuan is allowed to float freely against the dollar ALL our CEO jobs will be outsourced.

Posted by dfnj2009

Then enters the National Labor Enslavement Act, by the peoples of China Republic.

[mcv57]

Let them go bankrupt. Sell off their assets and PAY US BACK!!!

Then all of these overpaid union workers can go and earn a reasonable salary at American Toyota or Honda plants. They will start selling plenty of cars that GM currently sells.
Posted by jonesjep

Toyota and Honda have no openings in the U.S. . Japan unemployment is at 4.4 %, so if you speak English and Japanese you may be able to find a job over there in Japan.

[jonesjep]

Let them go bankrupt. Sell off their assets and PAY US BACK!!!

Then all of these overpaid union workers can go and earn a reasonable salary at American Toyota or Honda plants. They will start selling plenty of cars that GM currently sells.

[dfnj2009]

You must be a lying liberal in denial.
Why do you lie so much?
Posted by weedapoopl at 4:36 PM : May 26, 2009

The answer to your question is because you are a Republican. As a Republican you use faith based intelligence. With faith based intelligence all your life experiences are supporting evidence and proof for you own existing prejudices and bigotries. Everything you experience just proves exactlt how you expect "liberals" to behave. This is because with your Republican colored glasses you only see the world through one type of lense.

[dfnj2009]

GM is the worse managed company in American history. Wagner's lavish pension is valued at $22 million. Any company giving their executives such lavish pensions deserves to go out of business. This is pure insanity!

When the spoiled brat sons and daughters took over our companies they pretty much did not change their lifelong behaviors!

But don't worry, as soon as the Chinese Yuan is allowed to float freely against the dollar ALL our CEO jobs will be outsourced.

[weedapoopl]

And what does she have to do with the price of tea in china?
Posted by hologram5 at 3:48 PM : May 26, 2009

Do you really have such a short memory? You must be a lying liberal in denial.

Pelosi is the one who took to the podium right after Election Day saying we must bail out the auto makers.

And now, after taking billions of dollars thanks to Pelosi, they are declaring bankruptcy so THEY WILL NEVER PAY IT BACK.

All that money came straight out of OUR POCKETS!!!!

So if Pelosi gets another chance to pick our pockets and rob us blind, SHE WILL!!!


Oh, right, and you didn't know about that.

Why do you lie so much?