In 196-Page Opinion, New York Bankruptcy Court Rules That Most GM Assets Are Fixtures, Not Equipment

LexisNexis (October 19, 2017, 12:06 PM EDT) -- Over the last five years, this newsletter has analyzed the huge litigation generated by a hard-working paralegal's mistaken filing of a termination statement covering the wrong secured loan—a term loan to General Motors in the amount of $1.5 billion. It was a colossal filing error.  After trips to the Second Circuit and the Delaware Supreme Court, the result was that the mistaken termination statement, filed with the Delaware secretary of state, was "authorized" under the rules of Article 9. As a result, the unsecured creditors committee ...
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