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Normally for such cases, the company would have filed in the courts located in the state(s) where the company is incorporated, or where it conducts operations, which for filing, U. state law governed the minimum required distance between same-franchise dealers; known as the eight-mile rule.The eight-mile rule prohibits same-franchise dealers from locating within eight miles of each other.In addition, the Plan provides that each holder of an Allowed General Unsecured Claim will obtain, in the form of GUC Trust Units.The Company holds, administers and directs the distribution of certain assets pursuant to the terms and conditions of the Amended and Restated Motors Liquidation Company GUC Trust Agreement. Motors Liquidation Company had until January 7, 2010, for the deadline of the revised bid.The sale of Saab to Spyker was approved on January 26, 2010, remained with GM into the new GM, but it was phased out on October 31, 2010.On June 1, 2009, the court gave interim approval to GM's request to borrow billion as debtor-in-possession financing, the company only having billion cash in hand.
All motions passed in court without substantial objection.Compensation has not yet been awarded in cases where individual dealer franchise property and ownership rights were transferred for the purpose of granting such rights to a nearby dealer selected by General Motors.In addition to reports of filed with the police, GM dealers joined to form the Committee to Restore Dealer Rights.The committee to restore dealer rights is responsible for helping draft HR 2743, which asserts the action taken by General Motors to consolidate its dealer network by transferring individual dealer franchise ownership and property without compensation was illegal. General Motors was represented by the New York specialist law firm Weil, Gotshal & Manges.The United States Treasury and an ad hoc group of the bondholders of General Motors Corporation were also represented in court.
Motors Liquidation Company GUC Trust (GUC Trust) is a successor to Motors Liquidation Company (MLC).