GM May Be Considering Bankruptcy (at Last) 39 comments
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The WSJ is out with a muchly regurgitated piece, which may, however, finally end up being right. Turns out the negotiations between bondholders, General Motors (GM) and the intractable UAW are going nowhere in a hurry, and as the company has a February 17 deadline to report on its progress (of which there has been none), it may finally be time to pull the plug.
GM's options are asking the administration for more money, which at this point has a one in a million chance of being granted (so I'm saying there's a chance), or filing for bankruptcy. The latter should have been the course the company was forced to embark on long ago, as it is the only truly viable long-term option. Hopefully it also takes Chrysler with it.
One plan includes a Chapter 11 filing that would assemble all of GM's viable assets, including some U.S. brands and international operations, into a new company. The undesirable assets would be liquidated or sold under protection of a bankruptcy court. Contracts with bondholders, unions, dealers and suppliers would also be reworked.
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Be American!! Buy American!! If not go watch FOX News(The GOP Channel) and be brainwashed by Murdoch!!
If Obama has money for schools, and foreclosures how about the individuals who have been loyal investors of GM and GMAC.
A bankrupcyof GM would spin the economy int oa terrible downslide and raise unempolyment to 15 %or 20%.
I hope the union gets wise and makes concessions.
On Feb 15 09:23 PM User 337608 wrote:
> This guy looks like he is still in highschool. They give this fellow
> a forum to speak on a subject so important to so many people. I just
> cant fathom how he could possibly have the life experience to advocate
> bankruptcy for such a huge company with such far reaching consequences.
> Yet he has nothing at all to say of the money thrown at AIG, and
> the banks. Seeking Alpha is really desperate for writers. Gee Tyler
> thanks for your insightful input.
There is much more value in what all the respondents have said......
bankruptcy of GM would be catastrophic....(chrys... is another story)...even great Toyota has been made low by the economic situation...
no great surprise that GM and Ford are having tough times.
Stop dreaming.
GM Board of Directors
Percy N. Barnevik; Erskine B. Bowles; John H. Bryan; Armando M. Codina; Erroll B. Davis, Jr.; George M.C. Fisher; Karen Katen; Kent Kresa; Ellen J. Kullman; Kathryn V. Marinello;
GM Board of Directors
Percy N. Barnevik; Erskine B. Bowles; John H. Bryan; Armando M. Codina; Erroll B. Davis, Jr.; George M.C. Fisher; Karen Katen; Kent Kresa; Ellen J. Kullman; Kathryn V. Marinello;
Its also the reason that the different sides aren't coming to terms. Uncle Sam will pick up the tab.
His focus was the downfall of General Motors, comments were just a repeat of what everyone has already said, nothing new. Like I said he had nothing new to contribute just the same bashing that has already been put out there. I was commenting on this article which does not reference the other information. You are pretty sensitive to this fellow I guess I hit a nerve, hmm.
On Feb 15 09:54 PM User 356254 wrote:
> you base your profiling on a fictitious picture? actually if you
> read his blog he has things to say about both aig (zerohedge.blogspot.com...)
> and the banks (zerohedge.blogspot.com...)
>
Civil disorders are now spreading across the world. It is only a matter of time whether countries start pondering the possibility of war among nations as the ultimate alternative solution against the severe economic hardships.
Who's gonna build the tanks and armored personnel carries if we dismantle the automakers several years from now if and when the War option becomes viable instead of endless series of failed stimulus packages and governments across the world become mired in unsurmountable depts coupled with civil unrests/wars and martial laws being imposed on many countries.
Hope for the best but prepare for the worst.
Having an indigenous automaker is not essential to the economy. What is essential is that the economy makes cars, thereby at least keep the balance of payments in check and providing a good number of jobs.
Trying to keep failed organization going out of some sense of misplaced patriotism is ridiculous. Beside doesn't GM make as many car in China as it does in the US? It certainly makes more cars abroad than it does at home and the most profitable parts of the business are located overseas.
There is no equity to save in GM, the management are a bunch of over-privileged fat cats and nobody is going to subsidize unproductive assembly plants and work forces.
If you want an example of misplaced patriotism you should see the latest Nat West adverts. Nat West is the English subsidiary of The Royal Bank of Scotland (now nationalised in all but name). Yep, we have a pig in a Union Jack. Now how appropriate is that!
On Feb 15 09:09 AM oshawa caw autoworker wrote:
> Autoworkers in Oshawa have given GM everything they were asked to
> do....the best quality and most productive vehicles in the corporation
> and industry.
> Recent agreements with GM in Canada haven't been worth the paper
> they were written on...ie: after the 2005 agreement GM announced
> the closure of Oshawa Plant #2 (GM's and the entire industry's best
> auto plant for quality and productivity)
> During negotiations in 2008 GM announced the closure of the Windsor
> transmission plant and immediately closed their best quality and
> most productive truck plant (2 weeks after signing the contract with
> the CAW)
> Supplers are now reluctant to commit with this company now after
> years of frustrating dealings. They are fed up
> The CAW is ralso eluctant to panic bargain with this company anymore
> and rightly so because there is simply zero crediblility left with
> GM.
> Only a complete upper management overhaul is needed for this company
> to survive in some form or another.
> As Ken Lewenza has stated, the Canadian GM autoworkers did not create
> this crisis in the auto industry.
> If anything, they have clearly been the model for other plants to
> follow.
> This article contributes absolutely nothing new.
Pot, meet kettle.
On Feb 17 10:38 AM BS Detector wrote:
> On Feb 15 08:06 AM casey00001 wrote:
PROXIMO: What's funny is that he's apparently ticked off at least several people (I should talk, I piss people off all the time). It looks like he's been systematically popping all of my posts with 3 negatives for weeks now. I haven't bothered with it because it's all sort of meaningless anyway, but I have been checking in with his page occasionally to see what sorts of things he's posting, and at some point in the last week or ten days somebody thumped his rating down a few hundred points. It wasn't me - impossible to prove. This all started because I noted that every time he posted, his comments seemed to start life with a plus one - they still do. He started "punishing" me for my insolence, I guess. There was at least one other person who started hitting his posts after I pointed out what he was doing, and I'm sure he thought that was me. I recall discovering that he had started systematically voting down my posts, and periodically checked in as he took the next two hours to give all of my comments a negative. Kind of pathetic, really.
The other funny thing is that at least one of my posts from that time, which described his actions, has been removed. I guess he flagged it as "abuse"!
p.s. Hi bosun.j - ai mah!
On Feb 18 06:36 PM PROXIMO wrote:
> BS Detector---bosun and regular author Alan Brochstein have gone
> back and forth on Brochstein's post today (18th). And Brochstein
> is as nice a guy as you will ever see post on SA. And of course all
> bosun's attacks were ignorant and baseless as usual. He and Brochstein
> must have a history, as Broch's comment stream is at -120, no doubt
> compliments of bosun j. I am unsure of the basis for bosun's hateful
> commentary. I am not a clinical psychologist, but I would guess some
> sort of childhood psychological trauma( neglect or abuse perhaps).
> A real sad effort to draw attention to himself in a futile attempt
> to bring relevance to an existence that is by any yardstick exceedingly
> shallow. Thus all the hate-America spewing ad nauseum. Probably best
> to try to ignore him. PS---I piss people off sometimes too. Neither
> you or I would be served by a running dialogue on this, but I did
> want to touch base and let you know this end. Thanks--Prox.
> Proximo, thanks for your kind words, and, yes, you have uncovered
> what is clearly psychopathic behavior. It reminds me of the freaky
> lead played by Glenn Close in Fatal Attraction. This guy claims
> to be so happy having moved to Thailand, yet he is obsessed with
> things here and proving that he is somehow superior to what he left
> behind. I noticed this type of behavior a lot several years ago
> reading Yahoo message boards - upset former shareholders or employees
> would spend countless hours non-productively attacking that which
> had hurt them. To me, life is too short. I don't give a rat's arse
> about my comment rating, but damned if I am going to be accused of
> being dishonest or unethical without standing up to the false accusations.
> Call me stupid - fine. Just don't insinuate that I am dishonest.
>
>
>
> On Feb 18 06:36 PM PROXIMO wrote:
Interestingly you get your back up and go ballistic when I state an opinion of your game. Over the top indignation in several comments. about how awful it is for someone to question that which it make you uncomfortable to have questioned. Oh, the horror of it all!
On the other hand, you appear to have no compunction regarding making diagnosis for which you have no license or professional training and that are categorically incorrect.
Me thinks thou protesteth too much!
On Feb 18 10:35 PM Alan Brochstein wrote:
> Proximo, thanks for your kind words, and, yes, you have uncovered
> what is clearly psychopathic behavior.