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Thread: GM bankruptcy seen as all but inevitable

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    GM bankruptcy seen as all but inevitable

    From Reuters dated 5-18 at 6:19 pm EDT

    GM bankruptcy seen as all but inevitable

    The points that caught my eye:

    ...The battery of problems to have hit GM range from plunging sales and declining share to a line-up that has seen more misses than hits over the past decade and that trails engineering leaders like Toyota Motor Corp and Honda Motor Co in hybrid technology....

    ...GM's offer to its bondholders would give them only a 10 percent equity stake in a reorganized company. Representatives of a committee representing major bondholders have called that offer unfair given the payout being offered to the UAW.

    In a sign of how far apart the sides remain, bondholders have sought a majority stake in the new GM, the controlling position in a new and smaller auto company GM has offered to the U.S. Treasury...

    ...Underscoring the divisions between GM and stakeholders, the UAW on Monday repeated its opposition to a GM restructuring plan that includes closing 16 U.S. plants...

    ...But Chrysler was helped by having Fiat as a buyer waiting on the other side of its reorganization. It is unclear what entity would buy GM's assets if U.S. officials run its reorganization by the Chrysler play book, analysts said.
    It really looks like to me that no one that GM needs to have work with them is willing to. The UAW is playing a game of chicken with GM that is going to have a major negative impact. Bondholders I think are hoping for a better deal from bankruptcy court than GM can give them outside it.

    I think it might be time to think about moving out of Michigan, because I think things are going to get really bad here.

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    Re: GM bankruptcy seen as all but inevitable

    Quote Originally Posted by Redress View Post
    From Reuters dated 5-18 at 6:19 pm EDT

    GM bankruptcy seen as all but inevitable

    The points that caught my eye:



    It really looks like to me that no one that GM needs to have work with them is willing to. The UAW is playing a game of chicken with GM that is going to have a major negative impact. Bondholders I think are hoping for a better deal from bankruptcy court than GM can give them outside it.

    I think it might be time to think about moving out of Michigan, because I think things are going to get really bad here.
    I think you are dead on. Of course, the time to leave Michigan was 10 or 15 years ago, when things actually did begin getting "really bad".
    There is nothing more dangerous to the liberty of Man than a Government or a Religion seizing upon the strings of an overdeveloped herd instinct amongst the people.

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    Re: GM bankruptcy seen as all but inevitable

    Quote Originally Posted by Burning Giraffe View Post
    I think you are dead on. Of course, the time to leave Michigan was 10 or 15 years ago, when things actually did begin getting "really bad".
    10 to 15 years ago I was working so many hours I could barely stand it. Five 12 hour days, 10 on Saturday, 8 on Sunday, and we were behind.

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    Re: GM bankruptcy seen as all but inevitable

    Quote Originally Posted by Redress View Post
    10 to 15 years ago I was working so many hours I could barely stand it. Five 12 hour days, 10 on Saturday, 8 on Sunday, and we were behind.
    Yes, but the taxes were increasing and the government was getting bogged down in its own spending. Once the state government goes to pot, its time to get out. I'm trying to sell my house right now to get the hell out of North Carolina. Every month or so we find another politician being indicted. The political culture here is a mess. Ten years from now, I suspect I will be quite pleased with my decision to leave.

    My hope for Michigan is that it will return to its industrial roots by making it easier for companies to do business there. There is still a great deal of "know how" and human ability in Michigan and it is a shame so much of it goes to waste.
    There is nothing more dangerous to the liberty of Man than a Government or a Religion seizing upon the strings of an overdeveloped herd instinct amongst the people.

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    Re: GM bankruptcy seen as all but inevitable

    Quote Originally Posted by Burning Giraffe View Post
    Yes, but the taxes were increasing and the government was getting bogged down in its own spending. Once the state government goes to pot, its time to get out. I'm trying to sell my house right now to get the hell out of North Carolina. Every month or so we find another politician being indicted. The political culture here is a mess. Ten years from now, I suspect I will be quite pleased with my decision to leave.

    My hope for Michigan is that it will return to its industrial roots by making it easier for companies to do business there. There is still a great deal of "know how" and human ability in Michigan and it is a shame so much of it goes to waste.
    I dunno. In hindsight that might be the case, but when you are making the money I was making, it's hard to say it's time to leave. Was great too, lots of money coming in, no time to spend it, built a nice savings. With the shortage of workers, factories where doing everything in their power to make workers happy as well then. Not so much now.

    I don't think any state is going to have great success as an industrial state going forward though. I think we have to find new businesses, which we are in the process of doing. We are drawing the movie industry to our state with some great success, and green energy businesses. Hopefully down the road these initiatives will pay off, but things are going to be really bad for awhile. The need to balance the state budget, combined with a dwindling revenue pool, means that the state is really limited in what it can do to draw businesses here.

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    Re: GM bankruptcy seen as all but inevitable

    The BO regime killed the hydrogen fuel cell vehicle that GM was working on. It might have helped the company. Unfortunately BO-nomics, big union, and the gov't thinking that they are better at making cars than the professionals, have essentially destroyed the auto industry.

    I just bought a 2009 Chev Silverado 6.6L Duramax with an Allison tranny. I don't buy anything other than GM. Beats the competition hands down. With BO taking over, I'm sure the quality will take a crap.

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    Re: GM bankruptcy seen as all but inevitable

    Quote Originally Posted by DamnYankee View Post
    The BO regime killed the hydrogen fuel cell vehicle that GM was working on. It might have helped the company. Unfortunately BO-nomics, big union, and the gov't thinking that they are better at making cars than the professionals, have essentially destroyed the auto industry.

    I just bought a 2009 Chev Silverado 6.6L Duramax with an Allison tranny. I don't buy anything other than GM. Beats the competition hands down. With BO taking over, I'm sure the quality will take a crap.
    Yes, it's All Obama's fault, NONE of it is with the car companies though and how they got in the situation in the first place though right?

    I suppose you'll blame Obama for 9/11 next. That's the next logical step for some radical conservatives.

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    Re: GM bankruptcy seen as all but inevitable

    Quote Originally Posted by DamnYankee View Post
    The BO regime killed the hydrogen fuel cell vehicle that GM was working on. It might have helped the company. Unfortunately BO-nomics, big union, and the gov't thinking that they are better at making cars than the professionals, have essentially destroyed the auto industry.

    I just bought a 2009 Chev Silverado 6.6L Duramax with an Allison tranny. I don't buy anything other than GM. Beats the competition hands down. With BO taking over, I'm sure the quality will take a crap.
    Link to the story on the hydrogen fuel cells please.

    Also, as some one who works in the auto industry, GM and Chrysler have the lowest quality standards of the auto makers I have made parts for.

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    Re: GM bankruptcy seen as all but inevitable

    hmm... maybe time to upgrade the Vette to a new one.
    Let evil swiftly befall those who have wrongly condemned us

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    Re: GM bankruptcy seen as all but inevitable

    To be frank, GM deserves as a company to go bankrupt and be split up. Sadly this would have serious consquences for many normal people, but despite the government bridging loans, it seems to me that the GM leadership is not only slow, but standing in the way of actually fixing their company.

    GM has consistantly choosen the wrong path for the last few decades. They have been at the forefront of fighting off higher fuel efficiency laws, they consistently bought up technology to only mothball it it. GM has far to many brands that people actually dont link with the parent company. GM has far to many dealerships compared to sales and especially compared to other companies. Toyota has sold near as much and more than GM for many many years with half the dealerships.

    What is needed in GM is a total firing of all the top management and hiring of new management that understand the reality of the times we live in. Pushing new leadership up from the same old swamp of brain-dead executives will not save the company.

    But on the bright side, it seems the US is finally joining the western world in fuel efficiency standards.. granted still far too little too late, but at least it is a start.
    PeteEU

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