I hope this is NOT true!! - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

tones2SS · 05-10-2009, 07:04 PM

I just saw this on the MSN homepage.
I really hope it is not true.
http://www.msnbc.msn.com/id/30648961

Kwaz1335 · 05-10-2009, 07:13 PM

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

FenwickHockey65 · 05-10-2009, 07:15 PM

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...

Hylton · 05-10-2009, 07:58 PM

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!

bobby35ny · 05-10-2009, 08:05 PM

Only worry I have is if they stop production for 30-60 days during the paperwork.

-bobby

Hylton · 05-10-2009, 08:09 PM

^you definitely want to reduce your exposure to the bankruptcy by getting your car built before July.

PQ · 05-10-2009, 08:32 PM

They should have all of the preorders built by then.

*DGthe3* · 05-11-2009, 11:14 AM

Quote:

Originally Posted by FenwickHockey65

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.

Quote:

Originally Posted by irpq11

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.

Hylton · 05-11-2009, 11:18 AM

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.

diddiyo · 05-11-2009, 11:21 AM

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).

Rock36 · 05-11-2009, 11:59 AM

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.

Hylton · 05-11-2009, 12:00 PM

Quote:

Originally Posted by Rock36

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

CatiaJockey · 05-11-2009, 12:07 PM

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.

franknbeans · 05-11-2009, 12:15 PM

05-10-2009, 07:04 PM	#1
tones2SS Drives: '13 Roush S3 '16 Ram Sport 4X4 Join Date: Apr 2009 Location: Massachusetts Posts: 3,096	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

05-10-2009, 07:13 PM	#2
Kwaz1335 The Kwaz Drives: Black 2010 Camaro 2SS/RS Join Date: Mar 2009 Location: Long Island NY Posts: 259 View My Garage	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 __________________ Ordered:3/13/09 1100: 3/13/09 3300: 5/12/09 Picked up and brought home 6/26/2009 2010 Black on Black SS/RS Camaro Silver stripe package Ground effects package 6 Speed Manual Transmission with Hurst short throw, Magnuson Supercharger, SLP loudmouth 1 kit.

05-10-2009, 07:15 PM	#3
FenwickHockey65 General Motors Aficionado Drives: 2023 GMC Canyon, 2023 Expedition Join Date: Aug 2008 Location: Florida Posts: 37,375 View My Garage	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... __________________ 2023 GMC Canyon Elevation 2023 Ford Expedition SSV (State-Issued)

05-10-2009, 07:58 PM	#4
Hylton Drives: fanboys and ass kissers crazy. Join Date: May 2008 Location: Ottawa, Ontario Posts: 7,275	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! __________________ "BBOMG - More than just a car show.... It's an experience!" Last edited by Hylton; 05-10-2009 at 08:47 PM. Reason: typo

05-10-2009, 08:05 PM	#5
bobby35ny Drives: 18 ZL1 A10 Join Date: Nov 2008 Location: South East, FL Posts: 3,023	Only worry I have is if they stop production for 30-60 days during the paperwork. -bobby __________________ 2017 ZL1 M6 Bog City, 2013 ZL1 M6, 2010 2SS M6 ZL1::J-E-T-S JETS JETS JETS

05-10-2009, 08:09 PM	#6
Hylton Drives: fanboys and ass kissers crazy. Join Date: May 2008 Location: Ottawa, Ontario Posts: 7,275	^you definitely want to reduce your exposure to the bankruptcy by getting your car built before July. __________________ "BBOMG - More than just a car show.... It's an experience!"

05-10-2009, 08:32 PM	#7
PQ Booooosted. Drives: 2010 Supercharged SS Join Date: Apr 2008 Location: Mobile, AL Posts: 36,717 View My Garage	They should have all of the preorders built by then. __________________

05-11-2009, 11:18 AM	#9
Hylton Drives: fanboys and ass kissers crazy. Join Date: May 2008 Location: Ottawa, Ontario Posts: 7,275	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. __________________ "BBOMG - More than just a car show.... It's an experience!"

05-11-2009, 11:21 AM	#10
diddiyo Drives: . Join Date: Jun 2008 Location: . Posts: 3,048	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 11:47 AM.

05-11-2009, 11:59 AM	#11
Rock36 I just like V8s Drives: 2007 Corvette Z06 Join Date: Mar 2007 Location: Stuttgart, Germany Posts: 919	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.

05-11-2009, 12:07 PM	#13
CatiaJockey Drives: 2010 2LT RS Join Date: Mar 2008 Location: Ocean Springs, Ms Posts: 2,799 View My Garage	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. __________________

05-11-2009, 12:15 PM	#14
franknbeans Whipped Drives: 2010 CAMARO Join Date: Sep 2008 Location: Pittsburgh-ish - PA Posts: 4,216 View My Garage	__________________ Car of the week 7/7/14

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