Trust says Old GM shorted property cleanup funds by $13.5M
Those Treasury Bonds should have been worth $575.3 million, but a lawyer for the RACER trust says they were only worth $561.8 million when they were remitted to the trust. That's a $13.5 million gap that the trust would like filled, and it is asking the judge to compel Motors Liquidation (old GM) to hand over the money, or to take that money from remaining Motors Liquidation assets and place it in escrow by December 11.
The bonds have become more valuable since they were given to the trust, but the trust's lawyers maintain that current value has no bearing on the amount they were due as stated in the judge's ruling. Motors Liquidation is trying to dissolve by December 15, and at this point it isn't clear if it even has the $13.5 million, or the inclination to pay.
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