GM: odd situation sees former convict and hedge funds ally to take on the company image

In an unlikely turn of events, hedge funds seem ready to help Roger Dean Gillispie, an ex-GM security guard that has been 20 years in prison, sue General Motors.

The main idea behind the odd association stems from GM’s legal odyssey following its forced and government-sponsored bankruptcy process that took place in 2009. It’s actually rather easy to understand – if we explain a little. General Motors – a company with over a century of automotive history behind it – is now essentially another legal entity. Between 1908 and 2009 it functioned as the general Motors Corporation and from July 10, 2009 it exists as the General Motors Company.

And because hedge funds still have legal battles to gain assets and damage claims from the “Old” GM, they want to help anyone with a “beef” against it take on the way richer “New” GM.

Gillespie spent 20 years in an Ohio prison for a crime that was committed 18 years before the new GM was founded. Yet, just as claimants in over 100 lawsuits over the ignition switch recall debacle did, the ex-con wants to sue the automaker that exists today, not the remnants.

He claims that back in 1988, when working as a security guard for GM in Dayton, Ohio, police accused him of three rapes and the subsequent lawsuit condemned him – while he was innocent – to years of federal prison. He was released in 2011.

Via Reuters