NEW YORK (AP) -- An attorney for a trio of bondholders opposed to General Motors' sale plan on Thursday urged a judge to call the government's bluff and require the automaker to restructure itself through a more traditional Chapter 11 process instead of through the quick sale of its assets.

Michael Richman said in his closing statement that it's doubtful that the government would actually make good on its threat to cut off funding to the automaker if the sale doesn't go through by its July 10 deadline. While GM may be powerless to fight the government's demands, the court can "push back" to protect the interests of all the company's stakeholders, he said.

"The court should draw the line and say that this transaction goes to far," Richman said. "This sends a powerful message that even in the bankruptcy courts of the country's commercial capital there are limits and that rights and due process are not to be sacrificed."

Closing arguments from some of the sale's other objectors are expected to continue through the morning and to be followed by a rebuttal from GM. It's not known when U.S. Judge Robert Gerber will rule.

Detroit-based GM's government-backed plan for a quick exit from Chapter 11 protection hinges on the sale plan, which would allow the automaker to leave behind many of the costs and liabilities that have made it unprofitbl.

GM's bankruptcy was the fourth-largest in U.S. history, is hoping to avoid a lengthy sale hearing. But hundreds of parties, including bondholders, unions, state officials, consumer groups and individuals, have filed objections to the sale, threatening to hold up the process.

Last month, numerous objections also dragged out rival Chrysler LLC's sale hearing for three days before it was approved by the bankruptcy judge in that case. A group of the automaker's bondholders and consumer groups also appealed the sale all the way to the Supreme Court before it ultimately went through and the automaker emerged from court oversight as a new company.

Richman argued Thursday that a traditional or accelerated restructuring of GM under Chapter 11 could still allow the automaker to meet its goal of emerging from court oversight in less than 90 days, but give everyone, including the bondholders, a fair chance to negotiate with the company.

The trio of bondholders Richman represents hold just a fraction of GM's unsecured debt. One of the members bought his bonds for just 2 cents on the dollar, while the other two spent no more than 20 cents on the dollar for theirs.

Harry Wilson, a member of President Barack Obama's automotive task force, testified Wednesday that the government has no plans to continue funding GM past July 10 if the sale is not approved by then. Wilson said a quick sale is needed instead of a restructuring, because the government cannot keep sinking billions in tax dollars into the company for an open-ended period of time with no guarantee ofsuces.

M ttrny areyMile asowane i hs loin statment Wednesday that the value of GM continues to deteriorate and that experts agree the company would not be able to survive an extended restructuring process and would have no choice but to liquidate.

"The economics in this case don't change if this sale doesn't get approved, they just get worse," Miller said, adding that liquidation would also place the future of GM's hundreds of suppliers in danger, as well as send the U.S. into an even deeper economic crisis.

As part of a deal brokered with the auto task force, the U.S. government will get a 60 percent stake in the new company in exchange for what's expected to eventually total nearly $50 billion in aid.

The Canadian government, which has also contributed billions in aid, will get a 12.5 percent stake while the United Auto Workers union will take a 17.5 percent share to fund its health care obligations. Unsecured bondholders receive the remaining 10 percent.

Existing GM shareholders are expected to be wiped out.

The remaining pieces of the company, including some closed plants, will become the "Old GM" and will be liquidated.

GM hopes to emerge as a leaner company, less burdened by debt and labor costs as it faces a severe recession that has sapped car and truck sales. Automakers have seen sales tumble in the first half of this year.