Really, isn’t that all it is? Bankruptcy is seen as viable if needed to help businesses who need to avoid responsibility.
Now, the creditor responsibility is not my issue and reason for writing this. Creditors undertake a certain amount of risk and should be aware of what they are getting in to.
The responsilibility that we are allowing GM to shirk that bothers me has more to do with the environment and the individual.
I do not like the fact that they won’t have to stand behind their cars that have already had issues. I mean, they built them, they should pay for the people injured in them. If they get to hang on to their assets and their leaders, then they should also have a responsibility to their consumers. Not only that, but they made a ton of messes in the past as well. Just read on to see a bit of what I mean…
pd
GM’s Sleepy Hollow Nightmare Shows Perils for Closing Factories – Bloomberg.com
“One property the Detroit-based carmaker is ditching is a foundry in Massena, New York, bordered by the St. Regis Mohawk Indian Reservation and the St. Lawrence River. Built to make aluminum cylinder heads for the Chevrolet Corvair in the 1950s, it generated PCB sludge and waste from hydraulic fluids.
$225 Million Cleanup
It would have cost GM an estimated $225 million to clean up the site and restock the river with edible fish if it held on to the property, said John Privitera, a lawyer for the tribe at McNamee Lochner Titus & Williams PC in Albany, New York. Now GM creditors or the state will get stuck with the costs because bankruptcy law permits shedding such obligations.”