GM pays back US & Canadian loans way early - Page 7 - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

Russell James · 04-22-2010, 08:17 AM

Looking on the bright side, better to be partially/temporarily government owned than the alternative of being done.

Kink of like leaving the hospital with a cast, some stitches, a few parts left behind, some meds, more surguries planned.... vs getting planted 6 ft down.

Sucks to get banged up bad, but at least your still breathing to fight another day.

ihatemystang · 04-22-2010, 08:40 AM

Most of the government and UAW/CAW equity should be paid back when the company starts selling stock again.

*Mr. Wyndham* · 04-22-2010, 08:42 AM

Quote:

Originally Posted by ihatemystang

Most of the government and UAW/CAW equity should be paid back when the company starts selling stock again.

Not immediately, dumping 61% of a company would cripple them...but over time, this is the plan. To completely sell off GM stock and pull in a little profit.

monstertodd · 04-22-2010, 09:23 AM

It's a step in the right direction for GM for sure.

Hopefully they'll buy themselves back from the government at some point.

bkscott · 04-22-2010, 09:23 AM

So what is 61% of GM worth these days? I may need to take some money out of my 401K if the price is right.

jtzako · 04-22-2010, 09:27 AM

The "Loans" are paid off. The Government owned stake in the company (stocks) is not. Its great GM paid off the loans though. That is a big step in the right direction.

vm1971 · 04-22-2010, 10:14 AM

Quote:

Originally Posted by CWIweldace

This may have been mentioned here already, but I saw on a tv commercial last night and an email fron GM this morning, that GM has paid their loan to Uncle Sam back in full. 5 years ahead of scedule. I'm confident the success of the new Camaro played a large part in this.

im proud to own GM cars.
and to be american, and support american car companies.
screw constant negativity!!!!! i be proud when you drive your camaro and support your passion!!! and CHEERS

cybercoaster · 04-22-2010, 10:17 AM

Quote:

Originally Posted by JJ#48Racing

That's great!

I did a seach and found a few articles, but you'd think it'd be plastered all over news websites. Sadly it's not, no mention of it on CNN or Fox News websites.

I watched the nightly news for once and they ran a story on this. It was on CBS or ABC, dont know what I was watching.

v6sonoma · 04-22-2010, 10:23 AM

Technically WE own GM. But once they make their IPO and people can freely buy the stock (which they will, fast) then their will be no attachment to any governments. Any way you slice it this is great news for GM. I'm just happy I could help in some small way by buying my Camaro. They make good products and they keep getting better.

2SSRSB · 04-22-2010, 10:24 AM

Quote:

Originally Posted by vm1971

im proud to own GM cars.
and to be american, and support american car companies.
screw constant negativity!!!!! i be proud when you drive your camaro and support your passion!!! and CHEERS

+1.

chain1 · 04-22-2010, 11:08 AM

Quote:

Originally Posted by CWIweldace

This may have been mentioned here already, but I saw on a tv commercial last night and an email fron GM this morning, that GM has paid their loan to Uncle Sam back in full. 5 years ahead of scedule. I'm confident the success of the new Camaro played a large part in this.

nova · 04-22-2010, 12:45 PM

Quote:

Originally Posted by Russell James

Looking on the bright side, better to be partially/temporarily government owned than the alternative of being done.

I've still never seen a good case that being completely done and liquidated was a serious threat. Regardless of their cash situation that forced them into bankruptcy, they still had a significant amount of residual value in their brands, to make no mention of hard assets, value that was simply not going to be tossed in the trash heap by whomever ended up in control.

The "completely done" argument was based on the wierd assumption that some bond holder or someone buying from a bond holder in liquidation would end up with the Chevrolet/GMC/Buick/Caddilac nameplate and all its assets and then do nothing with it, which to me is simply ridiculous....

Xanthos · 04-22-2010, 01:10 PM

Quote:

Originally Posted by slacker

I agree, it's not true. Well, it's a half truth:

"GM got a total of $52 billion from the U.S. government and $9.5 billion from the Canadian and Ontario governments as it went through bankruptcy protection last year. The U.S. considered as a loan $6.7 billion of the aid, while the Canadian governments held $1.4 billion in loans."

Yeah, 6.7 billion is the US loan part, the rest is the "we own your company" part.

Yep. But now that the loans are paid off, the next step in the bankruptcy plan is for the government to start selling off their stock over time.

GM has held up its end of the bargain.
- X

1bad65 · 04-22-2010, 01:48 PM

Quote:

Originally Posted by Chief Blackhawk

Waiting for that stock to be released.

I believe the plan is to release it when they post a profit.

04-22-2010, 09:23 AM	#89
bkscott Drives: 2010 Camaro 2SS/RS Join Date: Dec 2009 Location: Grand Prairie, Texas Posts: 1,609 View My Garage	So what is 61% of GM worth these days? I may need to take some money out of my 401K if the price is right. __________________ 94 Firebird Formula (Drowned 08/30/05) 2010 IBM 2SS/RS 6M Arrived 3/25/10. ADM CAI, Borla Type S Cat Back, VMAX Ported TB, LG Short Throw Shifter, 1LE Shocks, Hotchkis Sway Bars, Whiteline Cradle Bushing Inserts, Custom Powdercoated ZL1's ,Michelin Pilot Supersports, Stainless Power Headers, Solo J Pipes, AAC LED Sidemarkers, ZL1 Rockers, SLP Splitter, ADM Stage II Cam,ZL1 Diffuser,Vitesse Throttle Controller.

04-22-2010, 10:23 AM	#93
v6sonoma Drives: 2010 SS RS Join Date: Jun 2009 Location: Providence, RI Posts: 8,108 View My Garage	Technically WE own GM. But once they make their IPO and people can freely buy the stock (which they will, fast) then their will be no attachment to any governments. Any way you slice it this is great news for GM. I'm just happy I could help in some small way by buying my Camaro. They make good products and they keep getting better. __________________ Mods: BBK Intake, BBK LT's and High Flow Cats, Corsa Cat-back exhaust, Hurst short throw shifter, SLP skip-shift eliminator. 7/1/09 Placed order for IOM/IO int/ SS/RS 6M 9/26/09 Took delivery!

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04-22-2010, 08:17 AM	#85
Russell James Drives: '15 SS 1LE, '69 Z28 drag car Join Date: Dec 2009 Location: Mich Posts: 4,482	Looking on the bright side, better to be partially/temporarily government owned than the alternative of being done. Kink of like leaving the hospital with a cast, some stitches, a few parts left behind, some meds, more surguries planned.... vs getting planted 6 ft down. Sucks to get banged up bad, but at least your still breathing to fight another day.

04-22-2010, 08:40 AM	#86
ihatemystang Drives: 2006 Mustang GT Convertible Join Date: Jan 2010 Location: MO Posts: 8	Most of the government and UAW/CAW equity should be paid back when the company starts selling stock again.

04-22-2010, 09:23 AM	#88
monstertodd Drives: 2010 Cyber Grey Metallic 2SS/RS M6 Join Date: Nov 2009 Location: Tega Cay, South Carolina Posts: 4,032 View My Garage	It's a step in the right direction for GM for sure. Hopefully they'll buy themselves back from the government at some point.

04-22-2010, 09:27 AM	#90
jtzako Drives: 2010 IBM Camaro SS Join Date: Jun 2007 Location: DFW, Tx Posts: 1,157	The "Loans" are paid off. The Government owned stake in the company (stocks) is not. Its great GM paid off the loans though. That is a big step in the right direction.