Bond holders reject debt for stock swap

[McGruff]

http://money.cnn.com/2009/05/26/news...ion=2009052618

This all but guarantees bankruptcy...

But hey, I'm going to stay on the GM train and ride it to the promise land or off a cliff, whichever happens. I just hope the general public doesn't look at this as the nail in the coffin for GM.

[CamaroDan]

No they are not dead im on board with ya. They are going to reorganize the company and come out on top. People will still buy cars.

[songsj]

This is getting scary, the government cannot continue to bail these companies out.
And bankruptcy is not going to help sales any, I don't care who is backing the warranty.

[Indpowr]

That is why I bought an LS3 motor, I have enough shops that can work on the car.......who knows...

[DkknightX]

Originally Posted by Indpowr

That is why I bought an LS3 motor, I have enough shops that can work on the car.......who knows...

Well good for you. Doesn't really help the rest of us now does it?

[modiecast]

Originally Posted by Indpowr

That is why I bought an LS3 motor, I have enough shops that can work on the car.......who knows...

A ton more can go wrong with your car than just the motor and without a warranty all may be very costly to repair.

[SummoneR]

Originally Posted by songsj

This is getting scary, the government cannot continue to bail these companies out.
And bankruptcy is not going to help sales any, I don't care who is backing the warranty.

from what I understand GM plans to pay the Gov't. the money back...

And most likely GM will be stronger than ever pulling out of the dust of a BK...

If people would stop being ignorant thinking a BK will be the death of GM and run off and buy some other car and support GM they could pull through faster.

[orange_5thgen]

Originally Posted by SummoneR

from what I understand GM plans to pay the Gov't. the money back...

And most likely GM will be stronger than ever pulling out of the dust of a BK...

If people would stop being ignorant thinking a BK will be the death of GM and run off and buy some other car and support GM they could pull through faster.

I agree! Bankruptcy does not mean the end or death of GM. It will just help them to reorganize and come out cleaner on the other side. There are a lot of big companies that have filed and come out just fine.

Plus, in my opinion I think the government is going to do whatever they can to help GM survive. I mean that is going to look bad if one of the top american car manufacturers goes under. Again, just my humble opinion and some how or some way I think we would still have our warranties covered even if they did go out of business.

In another thread I had mentioned that the goverment will honor the warranties and someone responded saying "great goverment honored warranties", but I think that is better than nothing.

Hell, I don't know what's going to happen, but as long as I still have a job I am still buying my Camaro.

The way I look at it there is going to be more and more pressure to cut down on emissions in the years to come and I want to have fun in my V8 while I can!

[CWI]

Originally Posted by DkknightX

Well good for you. Doesn't really help the rest of us now does it?

Just put a cam in it and void the warranty and get it worked on anywhere you want like many of us will. Warranty won't be an issue. Just kidding

Originally Posted by SummoneR

from what I understand GM plans to pay the Gov't. the money back...

And most likely GM will be stronger than ever pulling out of the dust of a BK...

If people would stop being ignorant thinking a BK will be the death of GM and run off and buy some other car and support GM they could pull through faster.

Just the word bankruptcy sets people into panic mode, they obviously don't understand what a bankruptcy is. IT IS NOT HTE DEATH OF ANYTHING PEOPLE. It is simply restructuring the company and how it pays its bills.
I'm not so proud that i won't say i have filed bankruptcy twice in my life and I am doing just fine, better than ever actually. Before any of you spoiled kids with rich mommies and daddies start trying to criticise me because tax payers bailed me out just consider that when i do work as a contractor, i probably pay more in taxes every week than you make in a month for many years to come. I earned every penny I have ever gotten out of this government so don't go there.

As for GM, they will be back and stronger than ever at some point, no reason to jump out of the pan into the fire.

[CurtG]

All they did was drag out the bankruptcy with those bailouts for all the companies. They won't be the last ones to go bankrupt with the current economy.

The dealers aren't helping gm sell any cars though. Went to look at a 09 Silver Chevy Traverse (LT with a dvd/leather installed) yesterday and decided I liked it a lot and was ready to spend 38k to buy it and they jacked me around on my 2 trade ins. The best they would offer was around 8k under blue book value and both cars are pristine (my 07 350z and 05 VW Jetta). So I had to walk away.

[fdjizm]

Originally Posted by SummoneR

from what I understand GM plans to pay the Gov't. the money back...

And most likely GM will be stronger than ever pulling out of the dust of a BK...

If people would stop being ignorant thinking a BK will be the death of GM and run off and buy some other car and support GM they could pull through faster.

i heard GM is not paying the government back at all 15.4 of our free tax money and they can't even buy books for some schools how nice. free ride for GM they get away with our tax money and u guys cheer? beloved car company or not , this is ridiculous.

[rphtx]

The US Treasury will own 70% of GM (government motors) and will likely do whatever it wishes with it. They could easily turn it into whatever they want. Can you say no more gas guzzling vehicles or anything close to them..like the camaro. Regardless, it will not be the same GM.

[Whitten]

Originally Posted by fdjizm

i heard GM is not paying the government back at all 15.4 of our free tax money and they can't even buy books for some schools how nice. free ride for GM they get away with our tax money and u guys cheer? beloved car company or not , this is ridiculous.

One does need to consider that the UAW was more than likely the architect for the money not being paid back. They were initially against loans and scoffed at the idea that the loans would indeed go into repayment.

At any rate maybe bankruptcy will allow GM to restructure, offer better benefits to their employees all the while dissolving their need for the use of Union labor...just a thought.

[nards444]

as others said bankruptcy is not going to shut down GM, so people need to stop worrying. production will not stop of the camaro, its the hottest thing Gm has going. And if you think the government will let GM or any of the big three fail or clost doors your insane. The auto companies account for such a big peice of the national GDP/GNP whatever you call it, you pull one company out you lost a lot of money, not to mention the tax dollars the govt collects off them. Sure you might see the slowing of some lines and the closure of some lines like saturn or pontiac, but trucks and camaros will keep going. it doesnt make sense to stop production of their sellers.