Bondholders Give Up GM Fight, Citing Lack of Resources

Patton Boggs' Michael Richman tells The Am Law Daily that the group of bondholders who oppose the plan to sell General Motors out of bankruptcy will not appeal a judge's ruling Sunday approving that sale. With that, there may be no remaining obstacles to the controversial plan to sell most of GM to a consortium backed by the U.S. Treasury, which will take a 60 percent stake in the new company. Richman said the bondholders simply lacked the resources to continue fighting the case.