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Old 05-10-2009, 06:04 PM   #1
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Unhappy I hope this is NOT true!!

I just saw this on the MSN homepage.
I really hope it is not true.
http://www.msnbc.msn.com/id/30648961
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Old 05-10-2009, 06:13 PM   #2
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Its nothing to worry about..all the moneymakers such as the Camaro and the Corvette would be safe from chapter 11. Chapter 11 is basically a restructuring of a company and getting rid of excessive debt. Most non money makers are eliminated and the company is just watched with a close eye. However if a company files chapter 13 we would really have to start worrying because all assets are liquidated and the company is dissolved completely. We are cool...relax
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Old 05-10-2009, 06:15 PM   #3
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Chapter 11 is not as bad as everyone makes it out to be...Chrysler is going to be freaking amazing in a few years as long as they get their act together...

It's happened before. It'll happen again.

Now might be a good time to buy GM stock...
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Old 05-10-2009, 06:58 PM   #4
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Going Chapter 11 has it's challenges but I believe it's the only avenue at this point in time. As far as buying GM stock, don't go near it - it will be worthless the moment the company declares bankruptcy. The post GM will be owned by the govt., the UAW and the bond holders. Everyone else will be out of luck. Wait for the issuance of a new class of common shares after the bankruptcy and buy a shitload!
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Last edited by Hylton; 05-10-2009 at 07:47 PM. Reason: typo
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Old 05-10-2009, 07:05 PM   #5
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Only worry I have is if they stop production for 30-60 days during the paperwork.

-bobby
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Old 05-10-2009, 07:09 PM   #6
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^you definitely want to reduce your exposure to the bankruptcy by getting your car built before July.
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Old 05-10-2009, 07:32 PM   #7
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They should have all of the preorders built by then.
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Old 05-11-2009, 10:14 AM   #8
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Quote:
Originally Posted by FenwickHockey65 View Post
Chapter 11 is not as bad as everyone makes it out to be...Chrysler is going to be freaking amazing in a few years as long as they get their act together...

It's happened before. It'll happen again.

Now might be a good time to buy GM stock...
Bankruptcy is a double edged sword. While it has the potential to drastically change things that would otherwise be either difficult or impossible to change, the fate of the company depends on a judges decision, more or less. The company could be forced to liquidate, I'm not comfortable with that risk. I'm surprised that so many are. We will soon see how the buying public reacts to Chryslers bankruptcy, if their May sales figures are down 60-70% I can't see GM (or Chrysler) being able to actually survive the bankruptcy process unless its very quick.

Now, as for the stock ... as I recall they were going to issue huge amounts of stock to sell to the UAW and US government. Which means value will drop to nearly nothing -and thus it would be a good time to buy. Buy stock at $0.05/share ... and when GM starts reaping the benefits of the restructuring (Ch11 or not) and buying themselves back from, share prices will climb again.

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They should have all of the preorders built by then.
It'll be close, but I don't think they'll have all of them done simply because of the dealers that took more pre-orders than their allocation. Besides, the deadline isn't July ... its June. They have 3 weeks and I'm pretty sure that its impossible for them to get all the pre-orders done in that time.
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Old 05-11-2009, 10:18 AM   #9
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I think there will be a bit of time in between the deadline and the filing. Everyone will want to get all their ducks in order before the big show starts.
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Old 05-11-2009, 10:21 AM   #10
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http://www.google.com/finance?q=NYSE:GM

GM 1.46 -0.15 (-9.32%) 891.34M

market cap under 1B, first time i've seen that for GM. uuuh.


*edit*
btw, soon there might be no more "detroit" muscle, but maybe "insert city here"-muscle (article).

Last edited by diddiyo; 05-11-2009 at 10:47 AM.
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Old 05-11-2009, 10:59 AM   #11
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You gotta also be careful on the common shares of the stock during Chapter 11 proceedings for any company.

Sometimes, they issue brand new stock following a restructuring, and don't buy back the old common shares.....then you're really hosed because the shares you used to own are worth 0.
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Old 05-11-2009, 11:00 AM   #12
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Quote:
Originally Posted by Rock36 View Post
You gotta also be careful on the common shares of the stock during Chapter 11 proceedings for any company.

Sometimes, they issue brand new stock following a restructuring, and don't buy back the old common shares.....then you're really hosed because the shares you used to own are worth 0.
+1,000,000
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Old 05-11-2009, 11:07 AM   #13
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They're talking about a reverse split of 100 to 1 for the new issuance of stock. The investment I made 3 months ago is trash.
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Old 05-11-2009, 11:15 AM   #14
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Old 05-11-2009, 08:06 PM   #15
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in regards to GM stock:

Quote:
One important distinction between GM stock and casino gambling is at a casino, if the player loses, the dealer still wins. Nobody wins with GM stock.
(source: jalopnik.com)
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Old 05-12-2009, 08:36 AM   #16
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well, wel, well, what do we have here?

Execs including Bob Lutz, Troy Clarke dump GM stock
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Old 05-12-2009, 08:42 AM   #17
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Quote:
Originally Posted by DGthe3 View Post
It'll be close, but I don't think they'll have all of them done simply because of the dealers that took more pre-orders than their allocation. Besides, the deadline isn't July ... its June. They have 3 weeks and I'm pretty sure that its impossible for them to get all the pre-orders done in that time.
I have always been saying July 1st but after yesterdays news, your June 1st is probably more realistic. GM senior executives sold all their shares last Friday.....
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Old 05-12-2009, 02:19 PM   #18
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With the amount of debt that GM has right now, and the upcoming massive dillution of commom stock GM is worth ZERO. Sure there could be a few spikes on news, but the end result will be the same, your shares will be worth nothing after bankruptcy.
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Old 05-12-2009, 04:58 PM   #19
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Quote:
Originally Posted by FenwickHockey65 View Post
Chapter 11 is not as bad as everyone makes it out to be...Chrysler is going to be freaking amazing in a few years as long as they get their act together...

It's happened before. It'll happen again.

Now might be a good time to buy GM stock...
I'm buying late June. Let the bottom fall out from the announcment then jump on it.
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