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In addition, the buying consortium led by Cerberus Capital can walk away if GM's own bond rating gets even junkier.
Mr. Drexler and his buying consortium are getting off almost scot-free.
What remains of the partnership will function mostly as a buying consortium for programming.
More specifically, it can mean becoming a member of a buying consortium.
The takeover was one of the worst deals struck at the beginning of the financial crisis, and led to the nationalizations of both ABN Amro and the Royal Bank of Scotland, the British bank that led the buying consortium.
The other members of the buying consortium include Jeffrey Koo Jr., the son of the chairman of Chinatrust Financial, a bank; Wang Wen-yun, the Formosa Plastics chief executive; and Li Shih- tsung, the head of Lung Yen Life Service, a funeral and cemetery company.
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Many are collaborating with customers and competitors to form buying consortiums.
Internet buying consortiums are spreading that power to smaller customers.
The automotive and retail industries have both announced buying consortiums, and just yesterday, 15 utilities said they would form a buying coalition.
But working with the private sector to create artificial markets, forming buying consortiums, and making massive purchase orders from the world's largest pharmaceutical companies has led to accusations that Gavi is encouraging business to profit from the poorest.
The New Jersey region chapter of the United Synagogues of Conservative Judaism has formed its own energy-buying consortium separate from Partners for Environmental Quality and will present two choices to its 60 members this fall: one with a cheaper traditional energy mix, and one with a higher proportion of cleaner-burning fuels like natural gas and renewable sources.
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