"New GM" doesn't honor repairs on "Old GM"
08-22-2011, 04:01 AM
#1
Senior Member
Thread Starter
Join Date: 07-29-2008
Location: Mass
Posts: 727
"New GM" doesn't honor repairs on "Old GM"
http://www.reuters.com/article/2011/...77I0Z820110819
I told you GM will do anything to show a profit.
I told you GM will do anything to show a profit.
08-22-2011, 05:03 AM
#2
Senior Member
Join Date: 06-02-2008
Location: Fairport Harbor, OH
Posts: 2,358
It gets worse. My father passed away last month and I've been going through his finances for my Mom. He had a couple thousand shares of GM stock which were worth quite a lot a few years ago. The old GM took all the assests (the stockholders owned) and "sold" them to this new GM and left the shareholders behind holding the bag. They actually "cancelled" the stock so that now it isn't worth one red cent. You can pass any laws you want and create fancy words to explain it, but it is still theft.
Because of this, I will never purchase a GM vehicle again. It also adds one more reason to the many that have already convinced me never to vote for another Republican.
Rag on me if you like, but I dare you to trade places.
Because of this, I will never purchase a GM vehicle again. It also adds one more reason to the many that have already convinced me never to vote for another Republican.
Rag on me if you like, but I dare you to trade places.
08-22-2011, 06:45 AM
#4
Senior Member
Join Date: 10-19-2005
Location: Miami
Posts: 20,687
"New GM"?????..............Remember how well "New Coke" went over?
The way they're practicing business, the figure in red is only going to get bigger.
Originally Posted by Reuters
In late afternoon trading, GM shares were down $1.62 at $21.98 on the New York Stock Exchange.
08-22-2011, 06:47 AM
#5
Senior Member
Join Date: 09-11-2007
Location: Palm Bay, Florida
Posts: 1,378
I can not believe this has been allowed to happen. What was Obama thinking? He bailed out a failing company, shafted the bond holders, stock holders and now the warrenties on cars sold before the new GM was created.
My 06 HHR has been out of warrenty for quite a while and I take it to an independent mechanic now anyway for work. Fortunately not much work has been needed.
My 06 HHR has been out of warrenty for quite a while and I take it to an independent mechanic now anyway for work. Fortunately not much work has been needed.
08-22-2011, 06:59 AM
#6
Deceased
Join Date: 06-30-2010
Location: Kannapolis NC
Posts: 25,739
This hasn't been "allowed" to happen by Obama or anyone else, this happens all the time under the established bankruptcy law in the United States. The law can be changed by an act of congress, and only by an act of congress.
The actions taken by the "Old GM" are perfectly legal and normal under Chapter 11, Title 11, United States Code, sections 1101-1174. The last revision to the Code was in 2005 when bankruptcy abuse reforms were enacted by the congress.
So write your representative in congress and urge them to enact or support revisions to the Code, its too late to affect any changes involving GM, but future perceived abuses my be prevented.
This has been your friendly lawyer speaking.
The actions taken by the "Old GM" are perfectly legal and normal under Chapter 11, Title 11, United States Code, sections 1101-1174. The last revision to the Code was in 2005 when bankruptcy abuse reforms were enacted by the congress.
So write your representative in congress and urge them to enact or support revisions to the Code, its too late to affect any changes involving GM, but future perceived abuses my be prevented.
This has been your friendly lawyer speaking.
08-22-2011, 09:27 AM
#7
Founding Member
Join Date: 11-23-2007
Location: Texas
Posts: 8,210
Did you guys read the article? It says New GM lawyers are stating that they can't be sued because of vehicles made by Old GM. It doesn't say they are not honoring warranties. 
Post up if you have been denied warranty service on your pre-bankruptcy vehicle, other than for legit reasons such as mods or non defects.
When did Obama become a republican?
Post up if you have been denied warranty service on your pre-bankruptcy vehicle, other than for legit reasons such as mods or non defects.
When did Obama become a republican?
