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

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

    Quote Originally Posted by Redress View Post
    Please link to sources you are quoting.


    History of General Motors - Wikipedia, the free encyclopedia

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

    I am fine with them closing saturn but did they have to get ride of poniac

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

    This is another sad day for American automakers.

    I once owned a '95 Saturn SL, manual trans. Except for 3 small problems - a weather stripping over the passenger door went bad, there was a recall on the plug in the engine block and I had a headlight replaced under warranty - I never had a problem with that car in the 10 yrs I owned it. It was the best car I ever had! Sadly, I was rear-ended by a drunk driver 4 yrs ago and the car was totalled.

    Still, I'd always hoped to one day be able to buy another Saturn. I love the style of the Saturn Skye!! But alas, my hope to own another of what I believe is one of America's most under appreciated automobiles is now gone.

    Such a pity.
    Last edited by Objective Voice; 10-01-09 at 04:16 PM.

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

    Quote Originally Posted by Don't Tase Me Bro View Post
    I bought a brand new Saturn in 1997 and I still drive it. They are great cars that last unlike most American made crap. Boneheaded decision by GM.
    Not really. While some years they made decent models, most often than not, they didn't. I researched them because I was looking for a second-hard car and someone was selling a Saturn. Looking through the Lemon Aid Guide (the car buying bible), I saw that many models years had problems with the engine leaking. Not good.

    BTW, I still took the car out for a test drive, and got a mechanic to look at it. He told me the engine was leaking, LOL.
    No men are anywhere, and Im allowed to go in, because Im the owner of the pageant and therefore Im inspecting it, Trump said... Is everyone OK? You know, theyre standing there with no clothes. Is everybody OK? And you see these incredible looking women, and so I sort of get away with things like that.

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

    Quote Originally Posted by Middleground View Post
    Not really. While some years they made decent models, most often than not, they didn't. I researched them because I was looking for a second-hard car and someone was selling a Saturn. Looking through the Lemon Aid Guide (the car buying bible), I saw that many models years had problems with the engine leaking. Not good.

    BTW, I still took the car out for a test drive, and got a mechanic to look at it. He told me the engine was leaking, LOL.
    The problem was probably the result of the plug recall in the engine block. In the 10-yrs I owned my '95 Saturn SL, I never had a problem with the engine leaking oil or coolant. It did tend to run hot if the car sat idle for long periods (i.e., while waiting at a drive-thru window for long periods), but I would switch the temperture guage to "DEFROST" and pull the heat off the engine compartment and presto! Problem solved!!

    The car never overheated, however.

  6. #36
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    Re: GM to Close Saturn as Sale to Penske Falls Through

    Quote Originally Posted by F107HyperSabr View Post
    Unfortuantely it was not. Most of the problem was that people had some false idea that Japanese cars were superior.
    which is a false idea, you're correct.

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


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

    Quote Originally Posted by Objective Voice View Post
    The problem was probably the result of the plug recall in the engine block. In the 10-yrs I owned my '95 Saturn SL, I never had a problem with the engine leaking oil or coolant. It did tend to run hot if the car sat idle for long periods (i.e., while waiting at a drive-thru window for long periods), but I would switch the temperture guage to "DEFROST" and pull the heat off the engine compartment and presto! Problem solved!!

    The car never overheated, however.

    I'm just going by what was written in the Lemon Aid Guide, who really do their homework.
    No men are anywhere, and Im allowed to go in, because Im the owner of the pageant and therefore Im inspecting it, Trump said... Is everyone OK? You know, theyre standing there with no clothes. Is everybody OK? And you see these incredible looking women, and so I sort of get away with things like that.

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

    Quote Originally Posted by F107HyperSabr View Post
    Ya think that maybe the stockholders of GM stock were also bailed out just a little and the mangement except for the poor guy who got picked out of the car pool with his golden parachute!!
    Stock holders didn't even get a kiss...

    By Kevin Krolicki
    DETROIT (Reuters) - General Motors on Tuesday detailed plans to all but wipe out the holdings of remaining shareholders by issuing up to 60 billion new shares in a bid to pay off debt to the U.S. government, bondholders and the United Auto Workers union.

    The unusual plan, which was detailed in a filing with U.S. securities regulators, would only need the approval of the U.S. Treasury to proceed since the U.S. government would be the majority shareholder of a new GM, the company said.

    The flood of new stock issuance that could be unleashed has been widely expected by analysts who have long warned that GM's shares could be worthless whether the company restructures out of court or in bankruptcy.

    The debt-for-equity exchanges detailed in the filing with the Securities and Exchange Commission would leave GM's stock investors with just 1 percent of the equity in a restructured carmaker, ending a long run when the Dow component was seen as a bellwether for the strength of the broader U.S. economy.

    GM shares closed on Tuesday at $1.85 on the New York Stock Exchange. The stock would be worth just over 1 cent if the first phase of GM's restructuring moves forward as described.

    Once GM has issued new shares to pay off its debt to the U.S. government, bondholders and its major union, it said it would then undertake a 1-for-100 reverse stock split.
    GM plans to wipe out current shareholders | Reuters

    For those that don't know what a reverse stock split is..... in this case, you get 1 stock back for every 100 you had....

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

    Quote Originally Posted by liblady View Post
    which is a false idea, you're correct.
    There was a tme when the AMERICAN car companies were very arrogant and they did produce cars that were not up to par. The Japanese were smart enough to see the crack in the American armour and coupled with the 1970's oil crises they pulled off the second Pearl Harbor.

    By the 1980's American auto manufacturers started to wake up and I went back to Ford by buying a second car a Ford Ecort which was cheap yes, and small but it had no problems at all.
    I do not recall the Viet Cong asking me if I was a natural born or Naturalized American before they shot at me, they just shot at all of us f107HyperSabr

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

    Quote Originally Posted by Crunch View Post
    Stock holders didn't even get a kiss...



    GM plans to wipe out current shareholders | Reuters

    For those that don't know what a reverse stock split is..... in this case, you get 1 stock back for every 100 you had....
    What I remeber about their position was that without the bailouts the stock holders would have not gotten even what they did.
    I do not recall the Viet Cong asking me if I was a natural born or Naturalized American before they shot at me, they just shot at all of us f107HyperSabr

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