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We've Seen This Trick Before

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Of course there is no way they would try to abuse the 363 sale process again since that trick is kind of old.

General Motors Corp's plan for a bankruptcy filing involves a quick sale of the company's healthy assets to a new company initially owned by the U.S. government, a source familiar with the situation said on Tuesday.
The source, who would not be named because he was not cleared to speak with the media, did not specify a purchase price. The new company is expected to honor the claims of secured lenders, possibly in full, according to the source.
The remaining assets of GM would stay in bankruptcy protection to satisfy other outstanding claims.

WOOPS. Yes, sure enough, here it is again. Of course, part of the problem here is that much of GM's debt is spread out down to even retail levels. Craming down Grandma UAW's GM bonds is, ironically, going to be much less easy than screwing over a few hedge funds, both public relations wise and as a practical matter.
GM bankruptcy plan eyes quick sale to gov't [Reuters]