In an opinion issued yesterday, the Second Circuit provides a scintillating account of the astonishing events leading up to GM’s flop into bankruptcy in 2009 and its “surgical” sec. 363 sale of assets to New GM “free and clear” of liabilities of Old GM. The 2d Cir. decides whether plaintiffs who learned of failed GM ignition switches in 2014 could sue New GM under a successor liability theory, or were stuck with just Old GM as a defendant because of the 2009 section 363 sale. I won't give away the exciting conclusion. The opinion is here.