Facts always scare the trolls.If you want to comment on bankruptcy procedure at least do a wiki search first on the basics. I went to law school to learn, so a little bit better than wiki, so let me enlighten you...
Stockholder and ordinary bondholders are NEVER secured creditors. You got that 100% wrong.
There was nothing new or unusual about the GM BK other than it's size. You got that 100% wrong.
The judge did nothing other judges would not have been expected to do, you are getting really bad info from somewhere - probably Fox News.
The stockholders got zero, which is all they would have got under any BK procedure. The bondholders got more than they deserved because the government gave them taxpayer money that they were not entitled to...
BTW, the government paid from memory something like 25 billion for the assets of old GM (that money then went to the BK court for bondholders and other creditors + as a free gift bondholders were given a 10% share in the assets the government just used taxpayer money to purchase), and the government gave the UAW a share in those assets in exchange for not paying them cash for debts owed to the UAW benefits, which the UAW had a right to claim from the GM BK.
Furthermore, the GM BK did take years to litigate. The 30 days was for a 363 assets sale (only part of the years of litigation), and 363 sales are not new and they are usually fast because their point is to sell off functional business assets that have an inherent value due to being viable operating businesses that could lose value if allowed to wallow for years mired in BK. Also, any other person or company in the world, foreign car companies included - Bain Capital included, could have bid more for those assets and got them for a higher bid as the bidding was open for all to participate. Nobody wanted old GM or it's assets other than the government.