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July 1, 2009 3:48 PM

Live Blogging the GM Sales Hearing: A $90 Billion Company?

Posted by Zach Lowe

One way to defend a deal against creditor-critics who think they are getting ripped off is to argue there isn't a better deal out there, and that's one argument Miller is stressing here.

He says that the purchasing group (led by the U.S. Treasury Department) is paying about $90 billion for "new GM," a sum no other bidder was willing to approach. 

"No party, not one party, desired to conduct due diligence" on GM during the Chapter 11 process or before, Miller says. "There is no comparable offer."

Live Blogging the GM Sales Hearing

The Sales Hearing - 3:26 PM

Harvey Miller: "There is no Alternative" - 3:37 PM

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