CNN Money and AMLAW Daily – Michael Richman and Mark Salzberg

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    Michael Richman, chair of the firm’s bankruptcy practice, appeared in CNN Money on July 2, 2009 in a story about the pending sale of General Motors Corp. Lawyers wrapped up their closing arguments in the GM bankruptcy case, opening the way for the judge to decide whether to approve or deny the sale of the automaker's assets to a “new GM.” Mr. Richman, representing GM's unsecured bondholders, argued that the bondholders’ interests should be considered by the court. The Treasury Department’s July 10 “drop dead deadline,” was using a “my way or the highway” attitude in refusing to consider alternate means of restructuring, Mr. Richman told CNN.

    Representing a group that calls itself the “Unofficial Committee of Family and Dissident GM Bondholders,” Mr. Richman argued that the proposed deal had not been negotiated as a legitimate sale to an independent party, according to a Reuters story published by the Washington Post on July 2, 2009.


    Instead, Mr. Richman said the government determined what would be needed to make a “settlement offer” to “favored parties” like the United Auto Workers union, and then it decided on the price of the sale on the back end of the negotiations, according to Reuters.

    Richman said “it's not credible” that the U.S. government would turn on GM after providing the company with billions of dollars in support. He asked the judge to “call the bluff” that the government would walk away from the automaker if a deal were not closed by July 10.

    Mark Salzberg, a partner in the firm’s Washington office, appeared in a story on June 30, 2009, published by American Lawyer’s AmLaw Daily about the case.






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