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Old 02-24-2009, 04:05 AM   #1
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Bankruptcy !!

It remains to be seen which scenario will play out, but it sounds as if two of the three big U.S. automakers could be filing for bankruptcy protection within the next few weeks.

http://www.leftlanenews.com

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Old 02-24-2009, 05:00 AM   #2
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General Motors may be strongly opposed to a Chapter 11 bankruptcy filing, but the U.S. Treasury Department could be planning to force their hand in the matter. Per a new report, the Treasury Department is readying a $40 billion financing package, should either of the Detroit automakers file for bankruptcy protection.

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Old 02-24-2009, 09:23 AM   #3
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The only reason it has not already happened is that Congress has been preventing it from happening. Congress and the Obama administration were supported by the UAW and helped get them elected. The word is that the Obama administration would like to see it happen but cannot appear to eager to sell out the union. Obama knows that a major restructure beyond the current plan is needed. There are a lot of backroom politics going on right now and the decision to declare chapter 11 no longer rests with the GM board.

Congress and the Administration do not want to see the large job losses that will occur but may be inevitable.

What you will see shortly is indeed a version of Chapter 11 with the Government forcing one of the large Banks to provide the debtor financing with US backed guarantees. The tax payer will still be on the hook but they will have put lipstick on the pig.


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Old 02-24-2009, 11:23 AM   #4
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It is the worse in Belgium
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Old 02-24-2009, 11:28 AM   #5
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Originally Posted by War Eagle View Post
The only reason it has not already happened is that Congress has been preventing it from happening. Congress and the Obama administration were supported by the UAW and helped get them elected. The word is that the Obama administration would like to see it happen but cannot appear to eager to sell out the union. Obama knows that a major restructure beyond the current plan is needed. There are a lot of backroom politics going on right now and the decision to declare chapter 11 no longer rests with the GM board.

Congress and the Administration do not want to see the large job losses that will occur but may be inevitable.

What you will see shortly is indeed a version of Chapter 11 with the Government forcing one of the large Banks to provide the debtor financing with US backed guarantees. The tax payer will still be on the hook but they will have put lipstick on the pig.


Steve
This is 100% accurate.
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Old 02-24-2009, 11:34 AM   #6
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Oh noes, taking the middle-ground in the political spectrum is suddenly a backroom shady deal.. Yeesh. Is there anyone left there that has the balls to pull the trigger already?

And by that say: Fkk it, you, bank.. front the loan. You, useless ancillary 19 year old UAW guy, take the cut and go find a job at that Toyota plant. Wait, they have the same fringes as GM? Well that's the point now, so go to college if you want a real job. There GM/Chrysler. Go make some money, you're welcome..~

I know the above was harsh, and I do not mean to offend those that work in the auto industry, but someone has to take the ole yeller system out back and shoot it. This is just getting too re-GD-diculous to even be sane anymore.
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Old 02-24-2009, 12:36 PM   #7
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This is why I went ahead and ordered my car. Anything is possible. I think if they do even more restructuring and it gets really radical, Camaro may still be safe but to be safe I just wanted to be assured of getting one. Where there is a dollar to be made, there will be someone there to make it. Parts may become expensive but so be it.

No easy answers. Someones gonna get the short end of the stick. I'm in favor of whichever decision would minimize the pain for the masses. What that is is debateable. I seem to be of the minority opinion so.........
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Old 02-24-2009, 01:04 PM   #8
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This is why I went ahead and ordered my car. Anything is possible. I think if they do even more restructuring and it gets really radical, Camaro may still be safe but to be safe I just wanted to be assured of getting one. Where there is a dollar to be made, there will be someone there to make it. Parts may become expensive but so be it.

No easy answers. Someones gonna get the short end of the stick. I'm in favor of whichever decision would minimize the pain for the masses. What that is is debateable. I seem to be of the minority opinion so.........
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Old 02-24-2009, 01:21 PM   #9
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The ones being shafted right now are those who saved their money and spent responsibly. As a fan of General Motors, I'm happy they are being saved; as a taxpayer, I'm pissed at the whole country.
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Old 02-24-2009, 01:44 PM   #10
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The ones being shafted right now are those who saved their money and spent responsibly. As a fan of General Motors, I'm happy they are being saved; as a taxpayer, I'm pissed at the whole country.
You got that right!
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Old 02-24-2009, 02:11 PM   #11
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The ones being shafted right now are those who saved their money and spent responsibly. As a fan of General Motors, I'm happy they are being saved; as a taxpayer, I'm pissed at the whole country.
Why? Because they are not buying GM? Want to put a gun to their head and force them to buy GM?
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Old 02-24-2009, 02:14 PM   #12
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Ahh the interwebs... the only place in the world where people miss each others points so hard you hear an audible bang from the post hitting the forum instead of its target.


It almost seems like you have to try to miss a point by that far.
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Old 02-26-2009, 07:38 AM   #13
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GM posts a net 9bil loss in Q4 and burns through their "worst case scenario" loans in less than 3 months. It's time to end this. They have not posted a profit in 4 years.
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Old 02-26-2009, 08:06 AM   #14
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GM posts a net 9bil loss in Q4 and burns through their "worst case scenario" loans in less than 3 months. It's time to end this. They have not posted a profit in 4 years.
http://jalopnik.com/tag/gm-bankruptcy/?id=5160704

hellooooo mr. bankruptcy!
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