GM going to file
Senior Member
Joined: Sep 2006
Posts: 845
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From: Metro Detroit
Not yet, they have until June 1st (Monday). That's just a formality though, for arguments sake, they pretty much intend to file, it just hasn't been made it public yet. But everyone is speculating that there is no other way.
All those billions to save Chrysler and GM and guess what? They still need to go Chapter 11. Never saw that coming.
Whatever. 
All those billions to save Chrysler and GM and guess what? They still need to go Chapter 11. Never saw that coming.
Whatever.
Senior Member
Joined: Aug 1999
Posts: 1,506
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From: Bakersfield, CA, USA
I've heard the 'deal' the Executive Branch of our government has worked out is this:
70% of GM will be owned by the taxpayers.
20% will be owned by the autoworkers union.
10% will be split amongst GM's secured creditors (Executive branch of the US Govt. to decide which creditors get how much).
It's a new day in the USA. I had no idea the Executive Branch had this kind of power under our Constitution. Oh, that's right..... THEY DON'T!!!!
The question I have is why are GM's secured creditors not publicly complaining about this deal? I think the answer is obvious - they know the administration will knee cap them if they do.
BTW, can't wait to see what kind of cars the government/union car company decide to build, and at what price.
Maybe the new GM will undercut Ford, and drive Ford into government ownership, too. Or maybe the new GM will make horrible, unprofitable cars while paying its union workers high salaries and offering great benefits packages. When they lose money, the tax payers will give them monthly bail outs forever.
Just great.
70% of GM will be owned by the taxpayers.
20% will be owned by the autoworkers union.
10% will be split amongst GM's secured creditors (Executive branch of the US Govt. to decide which creditors get how much).
It's a new day in the USA. I had no idea the Executive Branch had this kind of power under our Constitution. Oh, that's right..... THEY DON'T!!!!
The question I have is why are GM's secured creditors not publicly complaining about this deal? I think the answer is obvious - they know the administration will knee cap them if they do.
BTW, can't wait to see what kind of cars the government/union car company decide to build, and at what price.
Maybe the new GM will undercut Ford, and drive Ford into government ownership, too. Or maybe the new GM will make horrible, unprofitable cars while paying its union workers high salaries and offering great benefits packages. When they lose money, the tax payers will give them monthly bail outs forever.
Just great.
Last edited by dirt bike dave; May 29, 2009 at 01:42 PM.
Senior Member
Joined: Aug 1999
Posts: 1,506
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From: Bakersfield, CA, USA
He should wait a few months. My guess is a new bunch of dealers will be forced to close by the Executive branch of our government. Those dealers will be offering fire sale prices on their inventory.
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Joined: Sep 2005
Posts: 816
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From: Indianapolis, area
who really thought that giving them money was going to keep this from happening? Oh wait a second it was our elected officials and not the majority of the population. Figures money we'll more than likely never see again.
If the price was right I might buy a GMC but it would have to minimum of $20k for a $34k MSRP truck. I doubt that will happen.
If the price was right I might buy a GMC but it would have to minimum of $20k for a $34k MSRP truck. I doubt that will happen.
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who really thought that giving them money was going to keep this from happening? Oh wait a second it was our elected officials and not the majority of the population. Figures money we'll more than likely never see again.
If the price was right I might buy a GMC but it would have to minimum of $20k for a $34k MSRP truck. I doubt that will happen.
If the price was right I might buy a GMC but it would have to minimum of $20k for a $34k MSRP truck. I doubt that will happen.
Senior Member
Joined: May 2007
Posts: 240
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From: NE Ohio
F#CK them all! This **** really pisses me off. And it pisses me off that "The Kenyan" has his little black hands in all this mess. What was the purpose of their goddamn bailout a few months ago? Where did all those BILLIONS of dollars go?! All that did was buy them a little time before this Chapter 11.
We are now 60% owners of GM! All I want to know is where's my f#cking GM company car?!
"Too Big to Fail" my ***! I say who gives a ****, let them fail. Something bigger and better will become of it. Yeah will suck for all those employees when GM fails, but I'm sure some other company will come in and take up their void.
UAW-Unemployed Auto Workers!
HAHAHA...atta way to work yourself out of a job!
Carl
We are now 60% owners of GM! All I want to know is where's my f#cking GM company car?!
"Too Big to Fail" my ***! I say who gives a ****, let them fail. Something bigger and better will become of it. Yeah will suck for all those employees when GM fails, but I'm sure some other company will come in and take up their void.
UAW-Unemployed Auto Workers!
HAHAHA...atta way to work yourself out of a job!
Carl
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Joined: Sep 2006
Posts: 845
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From: Metro Detroit
I can't believe Obama says that government has no interest in running GM on the day to day operations, I have heard this countless times today all over Detroit radio after their announcement, like we are suppose to believe that.
Obama Says He Has 'No Intention' of Running General Motors
Here's the source: http://www.foxnews.com/politics/firs...30/obama-auto/
Am I mistaken, or did he tell GM to get rid of Wagoner 2 months ago or he will with hold more bailout funds.
Or how about lending another 30.1 Billion to a bankrupt company
from Yahoo:
* Treasury will provide about $30.1 billion (18.5 billion pounds) to support GM through an expedited Chapter 11 bankruptcy. Treasury does not anticipate providing additional assistance to GM.
Here's the source: http://uk.biz.yahoo.com/01062009/325...cy-monday.html
Sure, it's only money. I usually invest in companies that have been run into the ground. What's another 30.1 Billion? Here you go GM, I won't interfere with your new business model, I promise.
This whole thing is a load of S**T. Anyone who can't see this is blind...
Obama Says He Has 'No Intention' of Running General Motors
Here's the source: http://www.foxnews.com/politics/firs...30/obama-auto/
Am I mistaken, or did he tell GM to get rid of Wagoner 2 months ago or he will with hold more bailout funds.
Or how about lending another 30.1 Billion to a bankrupt company
from Yahoo:
* Treasury will provide about $30.1 billion (18.5 billion pounds) to support GM through an expedited Chapter 11 bankruptcy. Treasury does not anticipate providing additional assistance to GM.
Here's the source: http://uk.biz.yahoo.com/01062009/325...cy-monday.html
Sure, it's only money. I usually invest in companies that have been run into the ground. What's another 30.1 Billion? Here you go GM, I won't interfere with your new business model, I promise.
This whole thing is a load of S**T. Anyone who can't see this is blind...
Senior Member
Joined: Mar 2003
Posts: 2,226
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From: So. Texas
What I don't understand is that everybody in the industry knew that GM was filing back in January. The bailout was nothing more than give back to the UAW for the financial support of the Democratic party over the years......yer tax dollars and the moronic Democrats at work screwin' off yer bucks to buy the next elections vote. Has anybody even noticed that the bondholders and shareholders are getting thrown under the bus with this bankruptcy but the UAW is coming out without having to give up much? Yet another reason to vote for anybody next election except for the idiots in office. I mean, how can a newby screw things up any worse.