U.S. autos task force hires bankruptcy lawyer

[moundsview]

Source: Yahoo News

NEW YORK (Reuters) – President Barack Obama's task force on the auto industry has hired a bankruptcy lawyer to advise it on its options.

The task force hired Matthew Feldman, a partner in the business reorganization and restructuring department at New York law firm Willkie Farr & Gallagher LLP, the law firm said in a news release on Friday.

Feldman will be advising U.S. Treasury Secretary Timothy Geithner and Lawrence Summers, the director of the National Economic Council, on reorganization efforts by auto manufacturers and suppliers, Willkie said in a statement.

He will leave the firm by the end of March to start his position in Washington, according to Willkie.

A U.S. Treasury official also confirmed Feldman's hiring, adding this would not change the task force's approach in restructuring the auto industry. He will work to help analyze restructuring options with the rest of the teams, the official said.



Read more: http://news.yahoo.com/s/nm/20090314/bs_nm/us_autos_lawyer_6

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Kind of a Friday news dump story.

General Motors shares fell almost 12 percent in after hours electronic trading after the news.

[hugo_from_TN]

1. Sounds prudent.

All options are on the table.

[blue_onyx]

2. I hope bankruptcy is avoided

It's the last thing the economy needs right now.

[excess_3]

3. welcome news, bankruptcy is best for the economy

but not necessarily best for
every individual

[sarcasmo]

5. Please explain that line of thinking. Bankruptcy is best for the economy.

[excess_3]

6. bankruptcy, better than, loan loan loan

just my opinion, by the way

bruptcy will allow GM to dump unwanted dealers, for example

br will be the impetus to shut down
unneeded capacity and unsuccessful models

with that said, some people are going to suffer,
no way around that, there is way too much global auto capacity

[LiberalFighter]

4. When the hell are they going to fire all the GM execs?

[excess_3]

7. the bankruptcy judge will do that ...

when and if GM files...

[LiberalFighter]

8. The stockholders should demand they be fired now.

It's going to hurt too many people if bankruptcy proceedings are initiated.