The Old GM Includes a Rectory, Golf Course and 11 Landfills
Old GM exists as a collection of the bankrupt company's mostly unwanted properties, including a church and a golf course, being sold off at cut-rate prices with the proceeds going not to the taxpayers but instead to a private trust.
Call them the GM Orphans, Micheline Maynard writes: Everything from homes to a rectory to full-sized assembly plants and landfills. These are the properties that GM once owned, and which are now for sale through the Racer Trust. It was set up after the GM bankruptcy to take title to 89 properties in 14 states, and it's been extraordinarily up front about its efforts to find buyers for this motley portfolio.
Last week, at GM's vacant Willow Run plant near Ypsilanti, Mich., the trust is holding an open house and seminars for federal, state and local officials, as well as developers who might be interested in the properties. It will showcase some properties and give tips for renovating them — something like those weekly pet adoption spots you see on TV news