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Update: Important Message About GM Bankruptcy and Outstanding Claims
On June 1, 2009, General Motors filed a Chapter 11 Voluntary Petition in the United States Bankruptcy Court for the Southern District of New York. Since that time, all matters relating to the GM bankruptcy filing, including the wrap-up of the Dex-Cool class action settlement, have proceeded before the bankruptcy court in New York. If you filed a timely claim in the Piston-Slap litigation your claim may be affected by the Chapter 11 filing.
On September 16, 2009, the Bar Date Order was entered establishing November 30, 2009 at 5:00 p.m. (Eastern Time) as the deadline to file proofs of claim (including claims under section 503(B)(9) of the Bankruptcy Code). Creditors will be notified and provided with a proof of claim form. Additional information about how to file a proof of claim can be found in the “Bar Date Materials” link at the GM bankruptcy web site at www.motorsliquidationdocket.com. If you filed a timely and valid claim with the Piston Slap Claims Administrator, Class Counsel continues to represent your Piston-Slap claim and is in communication with GM’s bankruptcy counsel in order to submit a Class Proof of Claim to the Bankruptcy Court in an effort to resolve your Piston-Slap claim. Class Counsel has negotiated the resolution of the outstanding Piston-Slap class claims with the bankruptcy counsel for GM, and the bankruptcy court has approved the settlement between the remaining Piston-Slap class claims and the GM liquidating estate. The GM Bankruptcy Trustee anticipates that the next distribution of GM stock and warrants to allowed unsecured claims will be in late October or early November. Based on that schedule, Class Counsel anticipates that it will make a distribution of the bankruptcy settlement proceeds by the end of 2011, or as the Court permits. Because the claims will be paid out of bankruptcy, they will be paid at a reduced amount, expected to be approximately 30% of the value of the claim.
Please monitor the General Motors Corporation Court Documents and Claims Register website at www.motorsliquidationdocket.com for additional information and court filings as the bankruptcy proceeds. Class Counsel will also update this website as more information becomes available.