GM Memorandum Of Law

All you ever need to know about the prestory, the propaganda, a couple of facts, and the likely outcome of the Government Motors bankruptcy case, wrapped in a tidy little package, compliments of Weil Gotshal, who, between Lehman and GM, are now the de facto too big to fail law firm. Harvey must be slaughtering a calf every day for having the foresight of bailing out of Greenhill in 2007 to rejoin Weil.

As for the memorandum, the "systemic failure" propaganda is reaching epic fail proportions. The memorandum even has a transcript from Peck's debilitating platitudes from when he thought he was a wife-beating God in charge of the grandest bankruptcy case of all time with Lehman (kinda goes double for Harvey).

In short, the 363 Transaction -- and only the 363 Transaction -- avoids systemic failure and provides a genuine opportunity for the business to survive and thrive in an economically viable entity, and, in the process, to maximize value for all of its stakeholders and stabilize and foster both consumer and market confidence. There simply is no other alternative: there is no other purchaser to buy the business; no investor to capitalize the business; no other financing source for the long term; not even another source to provide financing for a chapter 11 case. [except stupid U.S. taxpayers who now pay the UAW's salaries and medical copays]. The Debtors therefore request that the Court approve the 363 Transaction expeditiously and ensure, in the words of President Obama, that “the cars of the future are built where they’ve always been built -- in Detroit and across the Midwest -- to make America’s auto industry in the 21st century what it was in the 20th century -- unsurpassed around the world.” Barack H. Obama, U.S. President, Remarks on the American Automotive Industry, at 7 (Mar. 30, 2009).

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Scandal: Weil Gotshal Demands $55 Million For 4.5 Months Of Lehman Liquidation Work

If this does not blow the lid on the thousands of teaparties held in the U.S., then likely nothing will. Weil Gotshal, which is doing nothing more than liquidating the bankrupt estate of Lehman Brothers' non-brokerage operations (the brokerage was stolen by Barclays for pennies on the dollar while Weil stood by the sidelines and gave its blessing to this daylight robbery), has demanded that the wifebeater (aka James "Stella" Peck) approve a $55 million payment for its fees and expenses. Alvarez & Marsal will likely follow suit shortly with another comparable fee demand.

I will discuss this filing in detail tomorrow, but in the meantime I present the compensation application in all its scandalously greedy glory tomorrow. In the meantime, if there is any lawyer at Weil who did not work on the Lehman liquidation, please raise your hand.

Curiously, how pissed must W. Michael Bond's wife be, after he worked 1,284 billable hours in the 100 work day period between Sept 15 and Jan 31 (exclude 5 holidays and use networkdays on excel) on this mother of all liquidations. As a reference, there are 2,400 hours in that same interval, and assuming 7 hours of sleep a day, 1 hour of assorted bathroom functions, and 1 hour of meals, W.M. Bond spent 85.6% of his non-sleep work day focused exclusively on Lehman and Lehman alone... or at least so he billed.

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