General Motors seeks to avoid mistakes of last foray into banking
The Detroit automaker says it will stick to car loans and steer clear of mortgage lending if regulators approve its application to establish an industrial bank. ... Read full article
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General Motors faces ‘big task’ in building a bank: Ally CEO
The automaker is reportedly planning to apply for a bank charter so it could collect deposits and grow its own auto-finance business. That could create more competition for Ally, which was spun off from GM in 2006 but remains a key lending partner. ... Read full article
Goldman set to add GM credit cards to its growing consumer book
Goldman Sachs Group is close to signing a deal to take on General Motors' credit card business, according to a person with knowledge of the matter. ... Read full article
Wall Street quietly telling companies not to draw their loans
Some corporations are willing to oblige, turning instead to new, pricier term loans or revolving credit lines rather than tapping existing ones, industry officials say. ... Read full article
GM joins Spring Labs' ID verification blockchain
The automaker's finance arm joins Avant, OnDeck Capital and SoFi in the system, which is designed to help verify loan applicants' identities. ... Read full article
GM Judge Nuances His Earlier Rulings and Sets Out Permissible Ignition Switch Lawsuits
At a hearing in late August, Judge Robert Gerber expressed his annoyance with both sides in the ongoing battle to determine whether General Motors LLC (“New GM”), the entity formed in 2009 to acquire the assets of General Motors Corporation (“Old GM”), is ... Read full article
Judge Protects GM Against Most, But Not All, Ignition Switch Claims
Judge Robert Gerber ruled last week that General Motors LLC (“New GM”), the entity formed in 2009 to acquire the assets of General Motors Corporation (“Old GM”), is shielded from a substantial portion of the lawsuits based on ignition switch defects in ... Read full article
Is GM Shielded From Ignition Switch Defect Liability? Hearing Highlights Thorny Due Process and Bankruptcy Issues
Judge Robert Gerber will be stepping down at the end of this year, ending a storied judicial career highlighted by his oversight of the 2009 chapter 11 case of General Motors Corporation (“Old GM”). ... Read full article
Tales of the GM Bankruptcy: Erroneous UCC-3 Termination Statement Results In Loss of Secured Interest on $1.5 Billion Term Loan
This post was originally published in the American Bar Association Young Lawyer Division Bankruptcy Committee Winter 2015 Newsletter. (c) 2015 by the American Bar Association. ... Read full article
No Easy Road – GM Ignition Switch Litigation Raises Difficult Bankruptcy-Related Questions
General Motors LLC (“New GM”) came into being in the summer of 2009, when it acquired substantially all of the assets of General Motors Corporation (“Old GM”) in a sale undertaken pursuant to section 363 of the Bankruptcy Code. The July 2009 Sale Order ... Read full article