GM Asset Sale OK'd By Bankruptcy Court

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General Motors ('GM') can sell its assets, U.S. Bankruptcy Judge Robert Gerber ordered. He noted that a liquidation sale would "leave nothing for the stockholders," and affect plaintiffs in pending personal injury lawsuits against one of Detroit's "Big Three" automakers.

Significantly, Judge Gerber held that "under the caselaw in this Circuit and District, the Court should, and indeed must, rule that [GM's] property can be sold free and clear of successor liability claims" in pending accident, product defect, and asbestos cases. If these personal injury plaintiffs wanted to recover, the judge ruled, they would have to look beyond the 'New GM.'

The bankruptcy judge also rejected 56 objections by UAW retirees, ruling that "they do not articulate objections legally cognizable under the law."

You can read the complete GM asset sale order below: