“If the automaker does file, any money owed to dealers for warranty work they’ve done on cars or for rebates they’ve already paid to buyers could just disappear, warns Scott Silverman, an attorney.
Many dealers are owed hundreds of thousands of dollars from manufacturers at any given time, says Silverman, partner at law firm McCarter & English who specializes in representing dealers. He says he’s been prepping Massachusetts-area dealers for a GM Chapter 11 filing with seminars informing them of their rights and telling them to prepare for the worst.” – Via USAToday.com
Tue, Apr 21, 2009
News, Rumors, economy