Legal News

Will GM be Harvey Miller?s Teahupo?o? Shred On, Master Harvey . . .

By Dan Slater

We’ve seen “Riding Giants,” the jaw-dropping documentary about the history of big wave surfing, about 20 times. But we still get pretty worked up at the end, when Master Laird (a/k/a Laird Hamilton, shredder of heavies) takes on Teahupo’o (pictured), a deadly, left-breaking reef break off the coast of Tahiti. It’s not Laird’s biggest wave, but certainly one of his most glorious rides.

Laird, meet Harvey Miller.

The Wall Street Journal is reporting that General Motors has hired lawyers and bankers to consider whether to file for bankruptcy protection. The Journal writes:

While still fighting to forestall the move, GM management recently tapped bankruptcy veteran Harvey Miller of New York law firm, Weil Gotshal & Manges, to handle what would be one of the largest and most controversial filings in U.S. history. . . The hirings have both a practical and political bent. Such a large case typically takes lawyers and bankers months to prepare. It also highlights the auto maker’s growing desperation as it petitions the U.S. Congress for a $14 billion bailout package.

GM CEO Rick Wagoner has reportedly been reluctant to publicly embrace bankruptcy, fearing that it would scare off potential buyers. In addition, the cost of financing a Chapter 11 filing would be enormously expensive and difficult given tight credit markets.

Dewey LeBoeuf’s Martin Bienenstock, who worked on the Enron bankruptcy, has also been tapped to advise GM.

Photo Credit: Scott Aichner

Full post as published by Law Blog - WSJ.com on December 11, 2008 (boomark / email).