GM clearing bankruptcy – on paper

Update, July 11: I have yet more on old vs. new GM here, and here.

A federal bankruptcy court has officially OKed an old GM-new GM split for the formerly Big Three carmaker General Motors.

But, per my poll in the right-hand rail, GM is not out of bankruptcy per my terms, as a taxpayer of the United States. Only when all of old GM is sold to private parties and the government of the United States is officially off the hook for any part of GM, “old” or “new,” does it cross the finish line I determined.

The New York Times has more on old vs. new GM, including things related to MY definition of GM coming fully out of bankruptcy, since the new GM is 61 percent government owned and is not expected to escape that until sometime next year — at earliest.

Update:Well, per CEO Fritz Henderson’s news conference, the “new GM” sounds a lot like the old GM. Global warming denialist Bob Lutz “unretiring” to become a vice chairman responsible for creative elements of products, marketing and customer relationships? Yep, that’s got “change” and “creative” written all over it.

Oh, and that touted plan to sell cars on eBay? The online auction site says it has no agreement with GM at this time. And, with Lutz specifically designed to head GM’s marketing department, what will we see on eBay even if there is a deal? Suburbans and Tahoes?