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General Motors left to wait as judge adjourns hearing without indicating ruling's timing
By BREE FOWLER
AP Auto Writer
(AP) 05:44:14 AM (ET), Friday, July 3, 2009 (NEW YORK)
General Motors Corp. may have to wait out the long holiday weekend to learn if its bankruptcy plan is moving forward, after U.S. Judge Robert Gerber adjourned a three-day hearing without indicating when he will rule on GM's plan to sell its good assets to a new company.

Gerber asked GM's attorneys to submit a proposed order that would be entered if the sale were to be approved. They said they would do so by Friday night or Saturday, July 4th. Gerber is expected to rule some time after that.

A lawyer for GM warned the court that the only alternative to GM's plan would be a liquidation of the company's assets that would have "horrific" consequences for everyone involved.

Attorney Harvey Miller said the government is committed to cutting off funding to GM if the sale is not approved by July 10. That followed testimony Wednesday from a member of President Barack Obama's automotive task force who indicated the government has no plans to continue funding GM past next Friday if the sale is not approved by then.

Some parties objecting to the sale argued in court that the Obama administration won't allow GM to fail.

"Essentially the objectors are asking you to play Russian roulette," Miller told Gerber, adding that ignoring the deadline puts the futures of GM's employees, retirees, and creditors all at risk.

GM's government-backed plan for a quick exit from Chapter 11 protection hinges on the sale of most of its assets to a new entity, allowing the automaker to leave behind many of the costs and liabilities that have made it unprofitable. The Detroit car maker's June 1 filing for bankruptcy protection was the fourth-largest in U.S. history.

* The time has come for GM to control it's destiny.The decisions in the making may not be the right ones for some folks,this is understood.Hopefully it will save jobs that are left.
It is going to be a busy month for GM. *