29 Nov '11, 5pm

Trust says Old GM shorted property cleanup funds by $13.5M

Trust says Old GM shorted property cleanup funds by $13.5M

A special trust called RACER was created last year to clean up 89 contaminated sites left behind by the old General Motors in 14 states. According to a report in the Detroit Free Press , GM was meant to provide $625.2 million (an earlier report in the Detroit News indicated $773 million) to pay for cleaning, and did so with with $49.9 million in cash and the balance in Treasury Bonds. Those Treasury Bonds should have been worth $575.3 million, but a lawyer for the RACER trust says they were only worth $561.8 million when they were remitted to the trust. That's a $13.5 million gap that the trust would like filled, and it is asking the judge to compel Motors Liquidation (old GM) to hand over the money, or to take that money from remaining Motors Liquidation assets and place it in escrow by December 11. The bonds have become more valuable since they were given to the trust, b...

Full article: http://www.green.autoblog.com/2011/11/29/trust-says-old-g...

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