Old GM not happy with judge's business litigation decision
Not every California business owner faces financial challenges at high levels similar to JP Morgan Bank. However, a current business litigation situation between JP Morgan and Old GM (General Motors' predecessor) may be relevant to many business people currently trying to resolve loan payback issues. In this particular case, Old GM says they got the short end of the stick on a recent decision handed down in court.
The situation involves a $1.5 billion load JP Morgan made to Old GM some time ago. It seems Old GM's unsecured creditors have been attempting to recoup the money. Recently, however, a U.S. bankruptcy judge ruled in favor of JP Morgan, stating that assets in question were covered by a lien.
Perhaps complicating matters, the judge also rejected asset valuations set forth by both the bank and unsecured creditors. JP Morgan says it is carefully reviewing the judge's ruling. This business problem has remained unresolved since 2006, which is when the initial loan to Old GM was granted by JP Morgan.
Paperwork errors and other complex issues have reportedly delayed an outcome in the business litigation situation. Any California business owner, private citizen or bank planning to seek the court's intervention to resolve a particular business disagreement issue may want to connect with an experienced business and commercial law attorney before heading to court. Aggressive representation is often key to a swift and agreeable outcome. That doesn't necessarily mean there won't be delays; however, it's often easier to overcome such obstacles through experienced assistance.
Source: foxbusiness.com, "JP Morgan scores partial win in $1.5 billion GM bankruptcy dispute", Sept. 26, 2017