The Detroit Free Press reports that in a speech yesterday in Youngstown, Ohio, President Barack Obama announced that:
Leftover and abandoned factories from the remnants of General Motors' past could be used to lure new builders of energy-efficient technology to Michigan under the $836-million plan revealed Tuesday by the Obama administration.
The trust fund, which has to be approved by the U.S. Bankruptcy Court in New York, will see Michigan get $161 million for its old GM sites, such as Buick City in Flint, the Pontiac Centerbridge campus and the site of the former Lansing Oldsmobile plant.
...The trust would use no new government money. Motors Liquidation was given $1.2 billion for wind-down costs by the U.S. Treasury as part of GM's bankruptcy in 2009, along with 10% of new GM's equity and warrants for an additional 15% should claims against it total more than $35 billion.
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