June 08, 2009
Ontario lawyers estimate that an army of 500 lawyers was retained to advise the governments, automakers, bondholders, creditors and unions involved in the complex insolvency negotiations that led to the unprecedented government bailouts of General Motors and Chrysler. An estimated 50 lawyers were from Canada.
Tony DeMarinis, who was involved with a Canadian aspect of the GM restructuring, says he knew he was watching history unfold from the inside. "There was a sense that we were all seeing something and still are seeing something that is historic. It is extraordinary, it is exceptional, it’s extraordinary in every sense."
Tony represented General Motors Acceptance Corporation in a related action with GM Canada bondholders in Nova Scotia, and was also retained by the government of Canada in the negotiations.
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