Today the Unofficial Committee of Family and Dissident GM bondholders filed an objection to the 363 sale (link here). And any objection that starts with a quote from our current President's inaugural address promises to make for an interesting read: this one does not disappoint. The committee brings up a plethora of valid points, most of which go to the heart of the matter namely the speed of attempted 363 sale process. However, unlike in the case of Chrysler where the administration could threaten the deal with falling apart if Fiat were to walk away, a comparable anti-stall tactic would be disingenuous in this case. So while the objection will, of course, be duly overruled by Judge Drain, what will be interesting is what route the auto task force will use to get whatever it wants in this situation.
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