Samsung Argues over Inflated Patent Damages
Samsung Argues over Inflated Patent Damages
Former Deutsche Bank Salesman Admitted to Bribery
Former Deutsche Bank Salesman Admitted to Bribery
Big Pharma Buy Incites U.S. Stocks to Rise
Big Pharma Buy Incites U.S. Stocks to Rise
Valeant Pharmaceuticals International Inc. Offers to Buy Botox Giant Allergan Inc.
Valeant Pharmaceuticals International Inc. Offers to Buy Botox Giant A...
Job Listings

Bienenstock to Make GM Into “Futuristic” Automaker

Martin BienenstockYesterday we reported that General Motors had hired Dewey LeBoeuf’s Martin Bienenstock, who worked on the Enron bankruptcy and was previously a GM lawyer.

Today the ABA Journal reports that Bienenstock is “devising a speedy plan to remake the automaker into a 21st century success.”

The Senate failed to reach an agreement on a $14 billion bailout plan last night, after Republicans insisted that union autoworkers should bear the brunt of any financial pain.

Bienenstock hopes to help GM use the bankruptcy process to create a “futuristic” automaker for the 21st century. His plan is to create a new company to oversee GM’s best auto lines, with the proceeds going to the auto unions to win their support.

Redundant brands, surplus dealers and legacy costs would be hived off in bankruptcy court.



Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!


Most reorganizations can take two years or more, but Bienenstock has told GM his restructuring plan can be completed in 30 to 90 days.

Bienenstock did not elaborate what a “futuristic” automaker would be, but hopefully it involves these.

Did you like this? Share it:
Bienenstock to Make GM Into "Futuristic" Automaker by

Tagged: , , , , , , , ,

Posted by on December 12, 2008. Filed under Home. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry
  • Pierce

    I’m sorry, but I’d almost rather see what happens if they do declare bankruptcy than to keep letting big corporations burn through tax payer money like it’s Christmas wrapping paper!

  • Anonymous

    An interesting view of the automotive industry. Where do you see the future of the industry, will it ever recover or will there be major casulties?