MERGED: Has anyone read this (bankruptcy) about GM?

[JaysonAych]

Originally Posted by Design1stCode2nd

The problem here is GM needs chapter 11 legal protection, then and only then would I back government loans to help them restructure and shed brands/dealers/UAW. If we just give them 20 billion it will be wasted.

The average Joe will see GM and Chapter 11 and say “what the hell?” even though this has been years in the making. Then the politicians will say we need to save Detroit and American jobs and we will throw good money after bad.

Mark my words Chapter 11 is the only was GM can rise from the ashes of mismanagement and largess of its past. I very much want a Camaro in a couple years but I won’t buy from a bankrupt manufacturer unless they are restructuring properly and my warranty is backed by an independent authority (oh and huge incentives would help too).

Yeah, I know a lot of people don't like the "B" word being bandied about, but I too think it's coming as fast as they're burning through cash, and it will actually be a good thing for GM. Their problems will labor costs and inefficiencies with franchises are killing them, and bankruptcy will be about the only way they can overcome that hurdle. They're still organized like and handing out wages as if they still own 50% of the market.

[TomServo]

[QUOTE=The_Blur;184580]Also, initial demand is overwhelming[QUOTE]

Let's be real, 6 or 7 thousand cars isn't going to save GM. BTW do we have a new tally???? Last I've seen was 6000 ordered?

[Stig]

I hate to say it, but as much as I want my new Camaro now, I will wait until I can get it below sticker, I have NEVER paid MSRP for a car and I wont start now.

I dont hope that GM does any worse than they are right now, but at this point, I cant see it turning around for at least another year or so, if not more...if they dont just go bankrupt.

[NAHURRY]

Originally Posted by Matrix

Part of life is death. Its the circle of life right? Things dont just happen they happen for reasons, so accept change and embrace it, prepare, and utilise it.

Things always turn out good in the end!

I agree 100percent with ya, know use worrying about it

[PsyDoc]

Originally Posted by gtahvit

It is a loan with interest paid back to the government. It's better on the tax payers this way. Much better.

Theoretically, yes...saving those jobs saves money in the long run...as long as there are specific conditions spelled out in those loans. I am just not confident that those conditions are in there given that 50% of that $700 billion bailout will be going to pay shareholders because no one thought such conditions were necessary.

[Chevyzone]

[QUOTE=TomServo;184715][QUOTE=The_Blur;184580]Also, initial demand is overwhelming

Let's be real, 6 or 7 thousand cars isn't going to save GM. BTW do we have a new tally???? Last I've seen was 6000 ordered?

I agree. Even though GM may be at the point of no return with the Camaro, that car alone will not revive the company. If anything, they need to bump up the production date. Get that car built and on the street. Every little bit helps.

The initial demand may be outstanding, but I'm also wondering how many orders will be canceled due to the ecomomy and job loss worsening. The excitment and anticipation was expected resulting in heavy orders, but I believe a lot of folks are gonna have second thoughts, especially those directly effected by economic set backs as well as those fearing the same.

[Scotsman]

Don't buy into the hype; GM WILL survive. However the govt will be watching closely to see how its money is spent, so programs in the future similar to the Camaro will have to be justifiable to get the go ahead. I have a feeling that we may NOT see the Camaro again after this life cycle runs out. That's just the way things work at GM.

[99b4c]

Originally Posted by Hylton

Poor Toyota - only made 1.4 billion in the quarter. That's 10 billion more than GM.

It never made sense to me why the United States allows so many cars to be imported when GM, Ford and Chrysler are always loosing more and more money. The big three cant build enough cars for us Americans?

[fastfret7]

Originally Posted by theshocker6969

I don't like reading this... i'm a little concerned. think the Camaro will be affected?

http://www.bloomberg.com/apps/news?p...3tw&refer=home

Stop cutting corners, build a high quality car, listen to the people, and GM should not have to worry about the failing market.

[Maddog78]

Originally Posted by CamaroFan1

You know that the government is going to get a loan program in place for GM and Ford, just like the airline industries after 9/11. They are not going to allow them to go completely under due to the huge job losses that would happen, plus the loss in retiree benefits.

I just bought a couple thousand shares of GM stock @ $4.05 this morning. The news about the company is bad now, but once a loan program is announced, the stock is going to go back up, at least temporarily....

I'll use the profit for Camaro mods!

Brave guy. If they file Chapter 11 you will most likely lose everything.

[Jamestwilliams]

Originally Posted by Maddog78

Brave guy. If they file Chapter 11 you will most likely lose everything.

I doubt he put all his money in GM, that would be well I don't want to do any name calling here, no ad hominen attacks.

[Maddog78]

No, I don't think he did either.
Still wouldn't feel good to lose 8K.
Ha, I should know, I've lost about 8 times that this fall. :(

[fbodfather]

Originally Posted by PsyDoc

So, let me get this straight. Right about the same time Congress passed the $700 billion bailout bill, they also passed a $25 billion dollar bailout for the big three. Granted, the bailout for the big three received little attention. Now, the big three are coming back to the table because they are still hungry? What the hell?!

OK..........


First-- not one dime has passed from the Government to the Detroit 3.....and it may not pass for several months. (Governments don't run much very efficiently...) FURTHER -- that money was requested months ago to help everyone develop alternative fuel solutions -- and that helps the United State of America............everyone benefits.


Second -- and pay CLOSE ATTENTION: it is NOT a Bailout. A Bailout implies money given freely.

GM is simply asking for low-interest loans -- which we will pay back in full with interest -- until we get thru the current economic conditions........

Go look at what some foreign governments GIVE their auto industry --

GM made it very clear -- ONCE AGAIN - that bankruptcy is not something we want to contemplate..........

It would be very easy to go chapter 11 -- and pass all of our legacy costs on to the U.S. Taxpayer.......but it isn't the RIGHT thing to do...........

So -- please - no more talk about 'Bailouts' - -let's calm down - panic serves no one other than foreign manufacturers.

[fbodfather]

Originally Posted by Hylton

Poor Toyota - only made 1.4 billion in the quarter. That's 10 billion more than GM.

yup....


.......can someone please hand me a tissue -- I feel so bad for Toyota......