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Old 03-05-2009, 07:44 AM   #1
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GM: company faces a March 31 deadline

http://finance.yahoo.com/news/GM-aud...-14550933.html

The company faces a March 31 deadline to have signed agreements of concessions from debtholders and the United Auto Workers union to show the government it can become viable again.

How much do you wanna bet ************* the House and Senate decide to pass a bill to take control over GM and the Union close to this deadline?? Since they are already heading to nationalize the private banking industry one by one, and later on the health care industry. It makes sense to take over every large "union controlled" business they can and make Government even more powerful..

Either way we'll get our Camaro's however I sure pray to God that Chapter 11 is filed at this point...
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Old 03-05-2009, 07:47 AM   #2
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I wish they would give the financial institutions, who they continue to throw billions at, and who seem to keep losing it like a burst dam, half the "crap" they're giving the automakers.
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Old 03-05-2009, 07:55 AM   #3
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Old 03-05-2009, 08:00 AM   #4
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Quote:
Originally Posted by Supermans View Post
http://finance.yahoo.com/news/GM-aud...-14550933.html

The company faces a March 31 deadline to have signed agreements of concessions from debtholders and the United Auto Workers union to show the government it can become viable again.

How much do you wanna bet *********team including the House and Senate decide to pass a bill to take control over GM and the Union close to this deadline?? Since they are already heading to nationalize the private banking industry one by one, and later on the health care industry. It makes sense to take over every large "union controlled" business they can and make Government even more powerful..

Either way we'll get our Camaro's however I sure pray to God that Chapter 11 is filed at this point...
I guess if that happens the initials will stay the same "GM" but then it will mean "Government Motors".
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Old 03-05-2009, 08:01 AM   #5
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Say it ain't so
Oh, it is so. And they ALL should have been allowed to fail to the point of Chapter 11. GM will be in Chapter 11. How can they not? They lost 4x per share what the stock is worth last year. The news said it was equivalent to costing them over $3000 per car to make them. Concessions from the UAW (which will amount to nearly NOTHING IMO) isn't going to help that.

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Old 03-05-2009, 08:04 AM   #6
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I wish they would give the financial institutions, who they continue to throw billions at, and who seem to keep losing it like a burst dam, half the "crap" they're giving the automakers.
yeah, that's what's really pissing me off. The banks are getting a freeride while the not-so-big-three, who unlike the banks are actually providing a product, are being raped.
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Old 03-05-2009, 08:07 AM   #7
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Auditors: "Substantial Doubt" GM Can Survive

The first good news about GM in a long time. I hope the Company can go int bankruptcy restructuring to level the playing field with non-union foreign car companies. Read the article before replying.


Auditors: 'Substantial Doubt' GM Can Survive
Thursday, March 05, 2009


Print ShareThisGeneral Motors Corp.'s auditors have raised "substantial doubt" about the troubled automaker's ability to continue operations, and the company said it may have to seek bankruptcy protection if it can't execute a huge restructuring plan.

The automaker revealed the concerns Thursday in an annual report filed with the U.S. Securities and Exchange Commission.

"The corporation's recurring losses from operations, stockholders' deficit, and inability to generate sufficient cash flow to meet its obligations and sustain its operations raise substantial doubt about its ability to continue as a going concern," auditors for the accounting firm Deloitte & Touche LLP wrote in the report.

In pre-market trading, GM shares fell 14 percent from Wednesday's close, to $1.90.

GM has received $13.4 billion in federal loans as it tries to survive the worst auto sales climate in 27 years. It is seeking a total of $30 billion from the government. During the past three years it has piled up $82 billion in losses, including $30.9 billion in 2008.

The company faces a March 31 deadline to have signed agreements of concessions from debtholders and the United Auto Workers union to show the government it can become viable again. On Feb. 17 it submitted the restructuring plan to the Treasury Department that includes laying off 47,000 workers worldwide by the end of the year and closing five more U.S. factories.

GM said in its filing that its future depends on successfully executing the plan.

"If we fail to do so for any reason, we would not be able to continue as a going concern and could potentially be forced to seek relief through a filing under the U.S. Bankruptcy Code," the Detroit-based automaker said in the annual report.

GM, the report said, is highly dependent on auto sales volume, which dropped rapidly last year. "There is no assurance that the global automobile market will recover or that it will not suffer a significant further downturn," the company wrote.

GM has said it wants to avoid bankruptcy protection because it would scare off customers. Car buyers, the company has said, would be reluctant to buy from an automaker in bankruptcy protection due to fears that it wouldn't be around long enough to honor warranties or make replacement parts.

Column Archive2009 Geneva Motor Show
Auditors: 'Substantial Doubt' GM Can Survive
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2009 Ford Escape Hybrid
Full-page FOX Car Report Archive
GM, in its viability plan submitted to the Treasury last month, said it explored three bankruptcy scenarios, all of which would cost the government more than $40 billion.

Chief Operating Officer Fritz Henderson said at the time that the government would be the only place the company could get financing for bankruptcy reorganization, because the credit markets are frozen. The worst-case bankruptcy scenario would cost the government $100 billion, Henderson said, because revenue would severely drop due to a lack of sales.

He said there is not a lot of research about whether people would buy cars from an automaker in bankruptcy protection, but "that which is there suggests that sales fall off a cliff."

GM warned last month that its auditors may raise the "going concern" doubts, and industry analysts said auditors' statements may trigger clauses in some of GM's loans, placing them in default.

But the company said in its filing that it has received waivers of the clauses for its $4.5 billion secured revolving credit facility, a $1.5 billion term loan and a $125 million secured credit facility.

"Consequently, we are not in default of our covenants," the report said. "If we conclude that there is substantial doubt about our ability to continue as a going concern for the year ending Dec. 31, 2009, we will have to seek similar amendments or waivers at that time."

GM spokeswoman Julie Gibson said there is no clause in the terms of the government loans that places them in default if the auditors raise doubts about GM's ability to keep operating.

"That was not a condition of the loan. It's not in the agreement," she said.
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Old 03-05-2009, 08:07 AM   #8
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AIG is getting the frree ride (and very quietly I might add) because they are the holder of the pension funds for our people in Congress and House of Representatives.

Nice setup huh?
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Old 03-05-2009, 08:14 AM   #9
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Watch those bastards in congress vote themselves a payraise now...Those poor guys are really overworked. Call your congressmen and ask them..."What do you drive?"
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Old 03-05-2009, 08:18 AM   #10
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A bit Concerning

Just read this on Fox News.

"General Motors Corp.'s auditors have raised "substantial doubt" about the troubled automaker's ability to continue operations, and the company said it may have to seek bankruptcy protection if it can't execute a huge restructuring plan."

http://www.foxnews.com/story/0,2933,505130,00.html

Keeping the fingers crossed.
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Old 03-05-2009, 08:23 AM   #11
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This is actually a good thing. Chap 11 will protect the company from the tenacles of Obama and his band of socialists.

It is the only way GM will remain independent.
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Old 03-05-2009, 08:30 AM   #12
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But it will have to be the goverment that gives GM the money to survive. So Obama will have his hands in it either way. That is unless they go chapter 7 then it is game over.

Reason is no banks have money to loan GM to make it thru Chapter 11.
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Old 03-05-2009, 08:35 AM   #13
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I agree with you, Kid, time to stop the bailout, get some protection from creditors and the union, and reorganize.
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Old 03-05-2009, 08:37 AM   #14
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i dont understand you people. Obama doesnt want to touch GM. Theres is no money to be made there. second unions supported him big time so he doesnt want to touch this one. Remember Republican run states dont like unions bc unions make business difficult for the owner. Gm has been hurting since as early as 1999 and this is comming from a person who lived in MI up until a year ago and most of my friends and family work there. NEWS flash GM has got a big choice to make and the gov cant help them.
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Old 03-05-2009, 08:51 AM   #15
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Quote:
Originally Posted by Supermans View Post
First of all, I appreciate your opinion. The current administration would love to take over the car industry so they can dictate "green global warming regulations" directly from the bench. In other words do you really want the Government forcing you to buy cars you don't want? The new administration is planning on taxing carbon dioxide emissions for Pete's sake.. The chemical we exhale and that is food for all plants... As for the nationalization of the banks, printing out money and giving loans to people who can't afford it will lead to massive inflation the likes we have never seen. Do you really think the Government is going to all of a sudden get responsible and fix all the problems when they are the ones that forced Fannie and Freddie to give out 50% of their loans to people who couldn't afford to pay them each month. Heck, one Californian hot dog vendor making 15,000 a year got a loan for a 2.5 million dollar house and is still living in it today...Go figure..
I dont want them to actually do this, but it does piss me off that banks are just hording cash and throwing parties. I think that responsible loans should be given only to those who qualify, but even good and great people arent getting loans so.... As far as driving a green car. No dont want to i like my fast car the kills the enviroment lol jk. i just Love the camaro especially 27 mpgs! I just dont think that the government wants to nationalize GM bc its too much of a pain. I hope and pray that GM continues to thrive besides they are comming out with something like 11 green cars by 2012. Rock on GM and keep making the cars WE want.
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Old 03-05-2009, 08:51 AM   #16
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Quote:
Originally Posted by Miamimatt View Post
i dont understand you people. Obama doesnt want to touch GM. Theres is no money to be made there. second unions supported him big time so he doesnt want to touch this one. Remember Republican run states dont like unions bc unions make business difficult for the owner. Gm has been hurting since as early as 1999 and this is comming from a person who lived in MI up until a year ago and most of my friends and family work there. NEWS flash GM has got a big choice to make and the gov cant help them.
You sir are correct. The choice is Chapter 11 or Chapter 7. That's the choice. They have to void the UAW contract (and do a bunch of other things) to stay afloat. Without major concessions from the UAW, which ain't gonna happen, none of the other cost cutting measures they need to do also won't matter.
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Old 03-05-2009, 08:59 AM   #17
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Old 03-05-2009, 09:18 AM   #18
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Please keep this from getting more political. Ya'll are talking above my simple mind, but let's keep this related, directly, to Camaro and GM. I understand the discussion and it's effects, and it IS VERY DISCOURAGING, but we can't get into a political debate - please.

Respectfully...
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Old 03-05-2009, 09:22 AM   #19
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This post and most like these are of no use accept to stir. I am getting sick of hearing your political views here. If you don't like this country LEAVE! IF you do, then be part of the solution and not the problem, and if you think you aren't part of the problem, you should think again. Most of us here would have got the crap smacked out of us for talking this way about our own country and gov by our own damn parents when we we were younger. You want to union bash, then you should bash the whole system. The whole system is what went wrong, many factors many faults! If you are so short sighted that you can not see this, please go somewhere else to post this kinda crap. TY!




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Old 03-05-2009, 09:23 AM   #20
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^ I agree
When one bad company goes under, a better stronger one either buys it or takes its place. This is known as capitalism.
The only problem is that when a US company fails it is replaced by a foreign company. If GM collapses completely then Toyota, Hyundai, and Honda will make up the slack.
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Old 03-05-2009, 09:34 AM   #21
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The only problem is that when a US company fails it is replaced by a foreign company. If GM collapses completely then Toyota, Hyundai, and Honda will make up the slack.
OMG a toyota camaro jk. Hey i am going to do my part to help i am going to buy a camaro!!!!
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Old 03-05-2009, 09:35 AM   #22
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GM stock is trading at $1.90 right now and falling.

CNBC said if GM is not infused with massive cash by the end of the month, various vital company operations will be forced to shut down indefinitely.
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Old 03-05-2009, 09:35 AM   #23
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First of all, I appreciate your opinion. The current administration would love to take over the car industry so they can dictate "green global warming regulations" directly from the bench. In other words do you really want the Government forcing you to buy cars you don't want? The new administration is planning on taxing carbon dioxide emissions for Pete's sake.. The chemical we exhale and that is food for all plants... As for the nationalization of the banks, printing out money and giving loans to people who can't afford it will lead to massive inflation the likes we have never seen. Do you really think the Government is going to all of a sudden get responsible and fix all the problems when they are the ones that forced Fannie and Freddie to give out 50% of their loans to people who couldn't afford to pay them each month. Heck, one Californian hot dog vendor making 15,000 a year got a loan for a 2.5 million dollar house and is still living in it today...Go figure..
Everything you've said here is exactly what I've been reading, although you have to seek it out, you won't find it in the mainstream media. I believe the administration would give more money to GM, not to nationalize it, but for the sake of keeping the union in control and strong. He's already said he favors the Employee Free Choice Act, which does away with secret balloting. It's not a pretty future coming, but I don't think we'll see our demise next year as the Russian scholar recently said.
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Old 03-05-2009, 09:39 AM   #24
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thats not their only choices. there is no wayyyyyyyyyyyyyy in hell obama and our government will let gm go under --i repeat noooooo wayyyyyyyyyyyyy!!!!!!!!!!!--you guys do understand we are in a recession dont you????-the reason why bank after bank--wall street -stimulus packasge---etc et ect are being bailed out along with freddie mac and fannie may--some of them more that three times.

theres no way obama will let the worlds second largest auto company to go under

its not a case whether GM can become viable --obama doesnt give a crap about GM---but he does care about his job.

after spending trillions of dollars to get the usa back on its feet hes gonna let gm go under??????? into bancruptcy??? i dont think sooo.

all the billions and billions of dollars to try to right this recession would all be for nothing --stocks would tumble again as fear sets in on wall streets 100.000s of jobs gone a domino affect around the world--prolonging the recession may puting the world into a depression all after spendind trillions will refuse to support GM????and give then how ever much they need---again I dont think sooooooooooooooo!!!!!!! again the affect here in the usa and around the world would be devastating to say the least. an i dont dont think obama wants that for his legacy-----and to say devastating maybe too small a word ---this doesnt just effect GM but the auto industry as a whole-plus their suppliers the suppliers suppliers etc etc the domino affect

after givin out trillions in help-to stop the country from falling into a deeper recession and then depression---hes gonna let 15 billion to GM to defeat all the trillions to attempt to bring us out of the reccesion--thats exactly what that would do fear from wall street -- fear from the american people etc--cars need to be sold--banks need to loan-this is what gets us out

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Old 03-05-2009, 09:44 AM   #25
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GM stock is trading at $1.90 right now and falling.

CNBC said if GM is not infused with massive cash by the end of the month, various vital company operations will be forced to shut down indefinitely.
When we get our hands on our camaros that will be a massive cash infusion!!!!!!! Buy a camaro and help save GM.
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