Another criminal disgusting still legal mispractice Obam does not 'change' yet

People can make big money out of bankruptcy that is a perverse part of this whole system as the greedy thieves can legally clean up what is left and leave nothing for the stockholders and bondholders. That alone is an unbearable systematic flaw which needs to be eliminated right away

GM Bankruptcy Advisers’ Fees Might Be ‘Bonanza’ $1.2 Billion

Feb. 25 (Bloomberg) -- A General Motors Corp. bankruptcy might yield a $1.2 billion “bonanza” for bankers, accountants and lawyers, surpassing record fees being made by advisers on the collapse of Lehman Brothers Holdings Inc.

GM, trying to lower debt and wages out of court, said Dec. 2 it must slash $62 billion in liabilities by almost half, excluding government loans. Otherwise it may wind up like Lehman, which will pay an estimated $906 million in judge-approved charges for professional services, said Lynn LoPucki, who teaches bankruptcy law at the University of California, Los Angeles.

“The bonanza has already begun and will continue through the bankruptcy,” said LoPucki, who keeps a database of bankruptcy statistics. “GM is in serious financial difficulty and can’t make the cuts they need outside of bankruptcy because they can’t force creditors to go along with them.”

Law firms including Dewey & LeBoeuf LLP and Weil, Gotshal & Manges LLP, already advising the automaker, would be among those reaping millions in fees in a GM bankruptcy.

Investment bankers and restructuring experts at Morgan Stanley, Blackstone Group LP and Evercore Partners Inc. also have been counseling GM, and the UAW autoworkers union consults Lazard Ltd., according to people familiar with the matter.