• RACER Trust’s Proving Ground Stimulates Efficiency

  • RACER Trust’s Proving Ground Stimulates Efficiency

  • RACER Trust’s Proving Ground Stimulates Efficiency

 

RACER Trust’s Proving Ground Stimulates Efficiency

Judge Robert Gerber, sitting in the U.S. Bankruptcy Court for the Southern District of New York, signed an order in effect creating RACER Trust in March 2011. RACER — for Revitalizing Auto Communities Environmental Response — was handed a portfolio of more than 300 properties scattered over 89 locations in 14 states, properties that for a variety of reasons were considered unnecessary for the future operations of the General Motors Co., or “new GM,” as the company was known after emerging from bankruptcy. The portfolio was as diverse as it was vast, from private homes in Indiana to industrial buildings that dominated the landscape and provided good jobs to generations of workers. RACER’s challenge was compounded by a requirement that prospective buyers, or their end users, come forth with their plans for redevelopment and reuse and prove their capacity for making investments that lead to jobs and associated economic benefits…Log In to Read Full Article

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