Rumor has it: GM Files for Bankruptcy
Senior Member
Joined: 03-30-2008
Posts: 278
From: Texas
If you hold on top the certificates for many years, you'll be able to sell them as "COLLECTIBLES" for a decent price. You'll likely get more than you would from bankruptcy.
Senior Member
Joined: 08-29-2007
Posts: 256
From: CenCoast California
Hey, where's our cub reporter "RoadDawg831"?
It's been nearly a day since he posted that sensational rumor, but not only were there no reports in media about this GM BK filing after the markets closed yesterday (8 Apr), but there have been no leaks, no reports from named or unnamed sources from any media at all.
I think the ole RoadDawg sort of stepped on his weewee with this rumor.
There isn't going be any "sudden BK filing" as GM is now run mostly by the Obama Administration and Congress and, if such a filing took place, it would be a disaster for a major constituency of the liberals who control the Administration and Congress--that be the UAW.
Whatever the outcome of GM's trauma, one ox that's not going to get gored is that of the United Auto Workers Union as it had a big part in putting Barack Obama in office.
But, hey...I do emphathize with RoadDawg831. It always feels good to repeat "hot rumors" one hears, so...here's mine. The "big" GM news (other than that PUMA thing from the New York Auto Show) this week, or early next, just might be developments with the company's sale of HUMMER.
A part of me will be sad to see HUMMER go. While I can see the uselssness of the bygone H1 and the H2 models, the little H3, was the only hardcore off-roader left in GM's product portfilio. In fact, I've always thought if I had to replace my trusty 99 Blazer ZR2, I'd buy an H3 with the base engine and a manual trans.
It's been nearly a day since he posted that sensational rumor, but not only were there no reports in media about this GM BK filing after the markets closed yesterday (8 Apr), but there have been no leaks, no reports from named or unnamed sources from any media at all.
I think the ole RoadDawg sort of stepped on his weewee with this rumor.
There isn't going be any "sudden BK filing" as GM is now run mostly by the Obama Administration and Congress and, if such a filing took place, it would be a disaster for a major constituency of the liberals who control the Administration and Congress--that be the UAW.
Whatever the outcome of GM's trauma, one ox that's not going to get gored is that of the United Auto Workers Union as it had a big part in putting Barack Obama in office.
But, hey...I do emphathize with RoadDawg831. It always feels good to repeat "hot rumors" one hears, so...here's mine. The "big" GM news (other than that PUMA thing from the New York Auto Show) this week, or early next, just might be developments with the company's sale of HUMMER.
A part of me will be sad to see HUMMER go. While I can see the uselssness of the bygone H1 and the H2 models, the little H3, was the only hardcore off-roader left in GM's product portfilio. In fact, I've always thought if I had to replace my trusty 99 Blazer ZR2, I'd buy an H3 with the base engine and a manual trans.
Last edited by Hib Halverson; Apr 9, 2009 at 11:14 AM. Reason: Added content
Senior Member
Joined: 03-01-2008
Posts: 113
From: Kali
they need to file it!
change the uaw contracts
90% of your pay when you retire
for the rest of your life kinda puts
a company at its knees when 100,000 people
from said company retires. Unions is not needed
company policy can make or break things. meh i can go on
and on about my hate of unions. i digress from my point,
GM needs to restructure, wish they could shut down and next
day they open up in a new name , and if you want a job
here is the terms here. they need to also cut on the bs spending
more SS vehiciles pl0x ^_^
change the uaw contracts
90% of your pay when you retire
for the rest of your life kinda puts
a company at its knees when 100,000 people
from said company retires. Unions is not needed
company policy can make or break things. meh i can go on
and on about my hate of unions. i digress from my point,
GM needs to restructure, wish they could shut down and next
day they open up in a new name , and if you want a job
here is the terms here. they need to also cut on the bs spending
more SS vehiciles pl0x ^_^
Senior Member
Joined: 07-05-2008
Posts: 5,464
From: Akron Ohio
they need to file it!
change the uaw contracts
90% of your pay when you retire
for the rest of your life kinda puts
a company at its knees when 100,000 people
from said company retires. Unions is not needed
company policy can make or break things. meh i can go on
and on about my hate of unions. i digress from my point,
GM needs to restructure, wish they could shut down and next
day they open up in a new name , and if you want a job
here is the terms here. they need to also cut on the bs spending
more SS vehiciles pl0x ^_^
change the uaw contracts
90% of your pay when you retire
for the rest of your life kinda puts
a company at its knees when 100,000 people
from said company retires. Unions is not needed
company policy can make or break things. meh i can go on
and on about my hate of unions. i digress from my point,
GM needs to restructure, wish they could shut down and next
day they open up in a new name , and if you want a job
here is the terms here. they need to also cut on the bs spending
more SS vehiciles pl0x ^_^
If there was little risk and if it were this easy GM would have done this long ago.
All agreements in prepackaged Bankruptcy is a hand shake agreement. If anyne in the deal wants to back out mid way they can. If they do GM runs the risk of thing crashing even worse. They may have to do it in the end but not without great risk.
Also Surveys have shown what little sales they have would vanish as few were willing to buy a car from a company filing.
I am no UAW fan but loing them alone will not fix all that is wrong. GM needs to restructure with in the company and how they do buisness. The UAW is only part of the overall problem.
Read up in the boo Why GM Matters and the Wall Street Journel and learn what most news papers and chanels don't tell you. They are only giving us part of what really is at stake and going on. To be honest I don't think many in the news really understand.
Senior Member
Joined: 08-29-2007
Posts: 256
From: CenCoast California
Well...
(I'm not eating the crow yet, but I'm smelling it)
...maybe the ole RoadDawg831 wasn't as far out in left field as I thought.
I spent some time looking over the business press this morning and most of the reports indicate that the wind is blowing toward GM going BK or at least some kind of "structured bankruptcy" that incorportes most of a Chapt 11 BK. Appearenly the problem is that the Feds, the bond holders and the UAW are at an impass.
Geithner, Obama and Congress want the company to restrcture but that requires union labor and the bond holders to make more concessions. Story goes that neither will give until the other makes a concession. Basically, Gettlefinger's UAW and all the bond holders are at a standoff.
With GM fast running out of time and low on money, it just might be that in another few weeks, BK is the only choice.
(I'm not eating the crow yet, but I'm smelling it)
...maybe the ole RoadDawg831 wasn't as far out in left field as I thought.
I spent some time looking over the business press this morning and most of the reports indicate that the wind is blowing toward GM going BK or at least some kind of "structured bankruptcy" that incorportes most of a Chapt 11 BK. Appearenly the problem is that the Feds, the bond holders and the UAW are at an impass.
Geithner, Obama and Congress want the company to restrcture but that requires union labor and the bond holders to make more concessions. Story goes that neither will give until the other makes a concession. Basically, Gettlefinger's UAW and all the bond holders are at a standoff.
With GM fast running out of time and low on money, it just might be that in another few weeks, BK is the only choice.
Platinum Member
Joined: 05-09-2006
Posts: 6,805
From: "Upland" Mesa, Arizona
Wellllllll..........
Don't eat crow over that. GETTING READY TO FILE BANKRUPTCY AND FILING BANKRUPTCY AND WITHDRAWING, as stated, ARE 2 DIFFERENT THINGS. GM had been getting ready for a "court appointed restructuring" (GM nor the Obama organization refuse to use the "B" word) since about a week before Wagner left. So that's old news....thus the good car, bad car theory.
Don't eat crow over that. GETTING READY TO FILE BANKRUPTCY AND FILING BANKRUPTCY AND WITHDRAWING, as stated, ARE 2 DIFFERENT THINGS. GM had been getting ready for a "court appointed restructuring" (GM nor the Obama organization refuse to use the "B" word) since about a week before Wagner left. So that's old news....thus the good car, bad car theory.
Last edited by Snoopy; Apr 11, 2009 at 12:34 AM.
Senior Member
Joined: 07-05-2008
Posts: 5,464
From: Akron Ohio
Well...
(I'm not eating the crow yet, but I'm smelling it)
...maybe the ole RoadDawg831 wasn't as far out in left field as I thought.
I spent some time looking over the business press this morning and most of the reports indicate that the wind is blowing toward GM going BK or at least some kind of "structured bankruptcy" that incorportes most of a Chapt 11 BK. Appearenly the problem is that the Feds, the bond holders and the UAW are at an impass.
Geithner, Obama and Congress want the company to restrcture but that requires union labor and the bond holders to make more concessions. Story goes that neither will give until the other makes a concession. Basically, Gettlefinger's UAW and all the bond holders are at a standoff.
With GM fast running out of time and low on money, it just might be that in another few weeks, BK is the only choice.
(I'm not eating the crow yet, but I'm smelling it)
...maybe the ole RoadDawg831 wasn't as far out in left field as I thought.
I spent some time looking over the business press this morning and most of the reports indicate that the wind is blowing toward GM going BK or at least some kind of "structured bankruptcy" that incorportes most of a Chapt 11 BK. Appearenly the problem is that the Feds, the bond holders and the UAW are at an impass.
Geithner, Obama and Congress want the company to restrcture but that requires union labor and the bond holders to make more concessions. Story goes that neither will give until the other makes a concession. Basically, Gettlefinger's UAW and all the bond holders are at a standoff.
With GM fast running out of time and low on money, it just might be that in another few weeks, BK is the only choice.
You are on the money. I wish more world read up on what is really going on.
I think a deal with the Bond holders can be reached once a deal is cut with the UAW. THe problem is the UAW will not deal yet.
THe biggest problem is GM does not want to be the one to bust the UAW as it will create more problems for them down the road.
Also Obama will not bust on the UAW because they donated a lot of money. In place he custs Rick Wagoner lose as a token offering the really means little and may have hurt things more than help in cutting a deal.
It will be interesating to see who blinks first here. The goverment wants to look like they are leading but they have no clue what to do as they do not want to look bad to future voters in any group. So much for leadership.
The goverment grabbed this tiger by the tail so they better hold on now.
The wild card here is Gettlefinger is set to leave office. I have not heard much on his replacment yet.
Senior Member
Joined: 03-01-2008
Posts: 113
From: Kali
useless union
get fire them and hire non unions = profit
takes to long to get **** done with a union
it takes to long you ask why?
contract worker comes in needed to fix a machinery
he is showned to the machinery but he needs to open the
electrical box , the guy with him cant open it because he is
not the electritian. he has to go find the guy and then
he is able to get access. Now he needs to open the and look
at the per say hydraulics oh the electritian cant do it because
he is not the mechanic; and so forth. How do you expect a
company to make money with that kinda time wasting production?
the union, guys just sit in there office and do nothing and drive expensive
cars while collecting money from the workers. Point is the union is corrupted and spoiled. Toyota is doing fine w/o a union.
get fire them and hire non unions = profit
takes to long to get **** done with a union
it takes to long you ask why?
contract worker comes in needed to fix a machinery
he is showned to the machinery but he needs to open the
electrical box , the guy with him cant open it because he is
not the electritian. he has to go find the guy and then
he is able to get access. Now he needs to open the and look
at the per say hydraulics oh the electritian cant do it because
he is not the mechanic; and so forth. How do you expect a
company to make money with that kinda time wasting production?
the union, guys just sit in there office and do nothing and drive expensive
cars while collecting money from the workers. Point is the union is corrupted and spoiled. Toyota is doing fine w/o a union.