In many ways, this dovetails with the objections filed in SCOTUS in the Chrysler case filed by Patricia Pascale: the essence being that all asbestos exposure liabilities disappear with New GM/New Chrysler, and as the liquidating assets barely have any value to them, claimants will be left out in the dark with no constitutional ability to collect on their claims.
Most recently, GM had asbestos-related legal claims for $648 million.
"Due-process concerns limit the court's ability to enter an order affecting the rights of unknown future claimants absent appointment of a legal representative to protect their interests," the filing said. "They cannot be bound by a reorganization of which they are unaware and in which they do not participate."One can only hope that at least Gerber will take his judicial duty a little more seriously than Turbo Gonzalez over at 09-50002. Sphere: Related Content Print this post
"The magnitude of General Motors' projected ongoing asbestos liability has been a matter of public knowledge and should have been addressed by both General Motors and the Auto Task Force in their restructuring activities," lawyers for the asbestos-injury claimants said in the filing.