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Thread: GM to Close Saturn as Sale to Penske Falls Through

  1. #21
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    Re: GM to Close Saturn as Sale to Penske Falls Through

    But. . .but the administration and the Unions keep holding up the Saturn brand as a sucess story. Well, I'm sure we can find some money to bail them out.
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    Re: GM to Close Saturn as Sale to Penske Falls Through

    Quote Originally Posted by Oftencold View Post
    But. . .but the administration and the Unions keep holding up the Saturn brand as a sucess story. Well, I'm sure we can find some money to bail them out.
    They where in alot of ways. It did not last. I linked to a story on the first page of this thread about how GM planned to base alot of it's growth in profits around Saturn as recently as feb of 2008.

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    Re: GM to Close Saturn as Sale to Penske Falls Through

    GM shareholders were not bailed out:

    The "new GM," is formed from the purchase of the desirable assets of "old GM" by an entity called "NGMCO Inc." via the bankruptcy process.[48] NGMCO Inc. was renamed to "General Motors Company" upon purchase of the assets and trade name from "old GM," with the claims of former stakeholders to be handled by the "Motors Liquidation Company."[49][50] The purchase was supported by $50 billion in U.S. Treasury loans, giving the U.S. government a 60.8% stake. The Queen of Canada, in right of both Canada and Ontario, holds 11.7% and the United Auto Workers, through its health-care trust (VEBA), holds a further 17.5%. The remaining 10% is held by unsecured creditors.[51] On July 10, 2009, GM reported 88,000 U.S. employees, and announced plans to reduce its U.S. workforce to 68,000 by the end of 2009 after filing for bankruptcy

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    Re: GM to Close Saturn as Sale to Penske Falls Through

    I don't understand why so many people are mourning the loss of Saturn. GM needs to focus on the things it actually does well: Cadillac, Chevrolet, Buick, and GMC.

    And honestly, Buick and GMC could probably be incorporated into Chevrolet.
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    Re: GM to Close Saturn as Sale to Penske Falls Through

    Quote Originally Posted by underdog334 View Post
    GM shareholders were not bailed out:

    The "new GM," is formed from the purchase of the desirable assets of "old GM" by an entity called "NGMCO Inc." via the bankruptcy process.[48] NGMCO Inc. was renamed to "General Motors Company" upon purchase of the assets and trade name from "old GM," with the claims of former stakeholders to be handled by the "Motors Liquidation Company."[49][50] The purchase was supported by $50 billion in U.S. Treasury loans, giving the U.S. government a 60.8% stake. The Queen of Canada, in right of both Canada and Ontario, holds 11.7% and the United Auto Workers, through its health-care trust (VEBA), holds a further 17.5%. The remaining 10% is held by unsecured creditors.[51] On July 10, 2009, GM reported 88,000 U.S. employees, and announced plans to reduce its U.S. workforce to 68,000 by the end of 2009 after filing for bankruptcy
    Please link to sources you are quoting.

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    Re: GM to Close Saturn as Sale to Penske Falls Through

    Crap I will never again get parts for my car. Tried to get a rack put on it over the summer. Was a big no can do. I was hoping this deal would go through and all that would change.

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    Re: GM to Close Saturn as Sale to Penske Falls Through

    Restrictions on consumer choice in conflict with the desires of the majority will be the necessary consequence of the maintenance of an economic structure that is both de jure and de facto flatly undemocratic. It's unfortunate that the spectrum of acceptable public policy in this country is so limited as to silence even the suggestion of the adoption of a model of public ownership and democratic management of industry, when we've seen the efficiency benefits of worker-owned enterprises and labor cooperatives already.

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    Re: GM to Close Saturn as Sale to Penske Falls Through

    Quote Originally Posted by talloulou View Post
    Crap I will never again get parts for my car. Tried to get a rack put on it over the summer. Was a big no can do. I was hoping this deal would go through and all that would change.
    Where I work, we make exterior mirrors for cars. Since this was brought up today(well yesterday now, I need to get to bed), our contract to make replacement parts is good for 5 years yet.

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    Re: GM to Close Saturn as Sale to Penske Falls Through

    Quote Originally Posted by Kandahar View Post
    I don't understand why so many people are mourning the loss of Saturn. GM needs to focus on the things it actually does well: Cadillac, Chevrolet, Buick, and GMC.

    And honestly, Buick and GMC could probably be incorporated into Chevrolet.
    Or they could do the smart thing a let Saturn break off, if GM cant handle to load of this brand, sell it and let someone else run it.
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    Re: GM to Close Saturn as Sale to Penske Falls Through

    Quote Originally Posted by chevydriver1123 View Post
    Or they could do the smart thing a let Saturn break off, if GM cant handle to load of this brand, sell it and let someone else run it.
    They tried this, the plan was to sell it to Penske. The deal fell through.

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