Title:      
China M&A Activity Rebounds St...
Chinese energy giants plot gre...
GM files for IPO; U.S stake co...
Telstra to sell China's SouFun...
VC fund to target S'pore, Chin...
China A-share IPO reorganizati...
Introduction of China's Securi...
What is reverse takeover by ba...
Legal Requirements for Listing...
What Are the Policies on Taxes...
"Structuring Private Equity In...
A Chinese IPO for Thinkers
A smart M&A strategy: BT's M&A...
Making the Geely and Volvo Mar...
Bankruptcy of State Enterprise...
Provisions on Mergers and Acqu...
Interim Measures on Administra...
policies concerning foreign in...
Guidelines on Risk Management ...
Guidelines on Risk Management ...
Mr Lloyd Lu made lecture on M&...
Business Research Committee of...
Attorney Mr Lloyd Lu made lect...
JunYue Lawyers Rendered Securi...
Lloyd directing the discussio...

King: Rethink GM bankruptcy plan 
[Author:JOHN O'BRIEN]      Source:Legal Newsline      2009-07-02    

MONTGOMERY, Ala. (Legal Newsline) - Alabama Attorney General Troy King is appealing a part of General Motors' bankruptcy plan that he says will harm former GM employees on workers' compensation.

King filed the appeal with the U.S. Department of the Treasury Tuesday, seeking to ensure the 43 Alabamians who worked at GM and are now on workers' compensation will be provided for. King says the bankruptcy plan provides a continuation of GM's obligations in 22 states, but not in Alabama, Georgia New Jersey and Oklahoma.

"Allowing General Motors to discharge its financial problems onto states like Alabama compounds the fiscal irresponsibility that created this crisis in the first place, and shifts responsibility for the bailout to those who bear no responsibility for creating it - the people of my state," King wrote.

A bond covering eight former employees will be depleted in less than 12 years, according to the Alabama Department of Industrial Relations, and a group of 34 former employees will see their fund, which has a cap near $9 million, be exhausted in approximately 22 years.

One other former employee was injured before 1983 and wil not receive any compensation under the bankruptcy plan.

King said he made the decision to act after a conference call with members of other state attorney general offices.

King also wrote the bankruptcy plan "jeopardizes the claims of many Alabamians who have worked and who now receive workers' compensation benefits unrelated to General Motors."

【Back】        
Declaration:
Copyright and intellectual property of articles in this website shall be entitled to writers undersigned. Please contact us when the writer is not willing to publish his articles on this website. The Admin hereby emphasizes that website content shall not be regarded as legal opinions. Please contact us according to the contact hereinbefore if needed. The admin and his team will render you free legal consulting limited to possibility.
Technical Support:CENBOW