Word: gm
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Dates: during 2000-2009
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...GM is headquartered in Detroit and employs more than 53,000 people in Michigan, but in the corporate-bankruptcy system, courts compete for cases - especially big ones - so the company could easily wind up at a courthouse hundreds of miles away. Likely venues include Wilmington, Del., the state in which GM is incorporated, and New York City, which has a history of landing large out-of-town cases, such as those involving WorldCom and Enron. (See the 50 worst cars of all time...
...York City and 34% filed in Wilmington, even though companies were headquartered in New York City only 7% of the time and in Wilmington less than 1% of the time. Executives typically decide where to file on the advice of their legal counsel. The two law firms that GM has hired to advise it on bankruptcy - Weil, Gotshal & Manges and Dewey & LeBoeuf - are both based in New York City...
...BURNS loses 22-year GM sponsorship, imperiling hours 34 and 36 of Zydeco docu...
...Billions in loans to GM and Chrysler--dubbed a "direct subsidy" by the World Bank...
USAGE: "What a bankruptcy court might achieve is forcing those who hold GM or Chrysler's debt 'to take a haircut'--that is, get back less of their money than owed." --Austin American-Statesman, March...