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GM bankruptcy seen as all but inevitable

Redress

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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.
 
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".
 
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.
 
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.
 
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.
 
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.
 
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? :roll:

I suppose you'll blame Obama for 9/11 next. That's the next logical step for some radical conservatives.
 
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.
 
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.
 
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 had my own business for five years, operating in the mortgage industry, collecting data and selling insurance. I have a philosophy degree and a Life and Health Insurance License in North Carolina. I was rolling in dough. Housing market crashed. Business gone. :) It does teach you to try to think years ahead of yourself. Not out of a sense of paranoia, but in order to try to make the best decisions you are capable of making.
 
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? :roll:

Wrong. Try re-reading post #6. You see that big union is also the problem. And the fact big leftist gov't thinks it can build a better car. They can't even find their a** with both hands. Go figure. But, no really, most of the problem IS BO's fault, not all of it.

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

A subject for another thread perhaps.
 
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.
So... all that money to save them merely put off the inevitable by what? 6 months at best?

No one in my family will buy a GM or Chrysler product now. As long as Ford remains uncontrolled I'll buy Ford, otherwise I'll go Japanese from now on.
 
Link to the story on the hydrogen fuel cells please.

Department of Energy Proposes Slashing Hydrogen Fuel Cell Budget | GM-VOLT : Chevy Volt Electric Car Site

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.

OK. I have owned many vehicles and drove many other vehicles in my life time. I can say without a doubt, GM produces the best quality vehicles. I have four GM's currently. A 1990 Silverado with 320,000 miles on it. Uses no oil, original tranny. It's the work horse. I have a 1995 Sierra my kids drive, all over hell I might add, a 2003 Cavalier, and a 2009 Silverado three-quarter ton diesel.

The only other vehicle that lasted a long time I had was a 1972 VW Super-Beetle, it had 270,000 miles on it when I traded it off. Worse thing I ever did. :mad:

Screw Ford. I wouldn't own one.
 
I thought the same till I bought this little 2007 Focus. It's a good car and I'm lovin it.

I like the looks of the Focus. What kind of mileage?
 
I can say without a doubt, GM produces the best quality vehicles.

If that were REALLY true, then they wouldn't be in the damned mess they are in now.

And don't give me the bull**** about blaming it all on unions. It was the leadership of GM and the overall POOR quality of their vehicles. The governemnt didn't get involved with them until THEY ASKED for help because they ****ed up.

You can claim otherwise but the FACTS disprove you.
 

President Obama did not kill hydrogen fuel cells, they reduced(but not eliminated) the budget for it.



OK. I have owned many vehicles and drove many other vehicles in my life time. I can say without a doubt, GM produces the best quality vehicles. I have four GM's currently. A 1990 Silverado with 320,000 miles on it. Uses no oil, original tranny. It's the work horse. I have a 1995 Sierra my kids drive, all over hell I might add, a 2003 Cavalier, and a 2009 Silverado three-quarter ton diesel.

The only other vehicle that lasted a long time I had was a 1972 VW Super-Beetle, it had 270,000 miles on it when I traded it off. Worse thing I ever did. :mad:

Screw Ford. I wouldn't own one.

I have never worked on Ford parts oddly enough, so cannot comment on their quality standards. The best example of GM/chrysler quality standards in comparison to Toyota(the three I have made parts for), paint standards for GM and Chrysler allow fisheyes(a paint defect, as long as there is 4 fingers of space between them, depending on the surface in question(that is, how visible that part of the surface is). Toyota does not allow fisheyes.
 
Of all the US car makers, Ford produces great cars.. at least over here. The Fiesta and Focus are relatively big sellers and are good quality and meet the European standards. That means they already have the technology and cars that meet the new US emission standards, since the emission standards are still higher than the European ones.

GM could use Opel and SAAB technology if they had the brains and balls, but sadly they lack that. It is ironic that GM actually has and uses considerable fuel saving technology and safety technology in its European operations but lacks it in the US market... and has been fighting against lower emission standards while accepting them in Europe.. talk about a dual personality.

Only Chrysler is lacking but if it gets bought by FIAT then it also has access to the technology needed.
 
If that were REALLY true, then they wouldn't be in the damned mess they are in now.

And don't give me the bull**** about blaming it all on unions. It was the leadership of GM and the overall POOR quality of their vehicles. The governemnt didn't get involved with them until THEY ASKED for help because they ****ed up.

You can claim otherwise but the FACTS disprove you.

I guess that explains why in my little county ALL the new car dealerships are closing EXCEPT the GM lot. Such sh*tty product an all.

It's big gov't, BO-nomics, and big union there, pal. Everything the leftists touch turns to sh*t. Eventually. Like I'm sure the "leadership" will purposely screw over their own company, screw it right out of business. LOL!!!!

Get real. You leftists take the cake. :lol:
 
As a new owner of GM, I expect a discount when it is time for me to buy my next car. :mrgreen:
 
As a new owner of GM, I expect a discount when it is time for me to buy my next car. :mrgreen:

Chrysler is handing out 1k rebates for owners of a Chrysler auto. I really do not like the new ones though. I wonder if I can get a check on my Tahoe though from GM?
 
President Obama did not kill hydrogen fuel cells, they reduced(but not eliminated) the budget for it.

That's liberal for: It's dead.

I have never worked on Ford parts oddly enough, so cannot comment on their quality standards. The best example of GM/chrysler quality standards in comparison to Toyota(the three I have made parts for), paint standards for GM and Chrysler allow fisheyes(a paint defect, as long as there is 4 fingers of space between them, depending on the surface in question(that is, how visible that part of the surface is). Toyota does not allow fisheyes.

Interesting.

I had a Toyota once. Worse vehicle I ever had. It was constantly in the shop or being worked on. Cracked a light lens once, cost me $60 to replace a 4" x 4" piece of plastic. Needless to say, it was still cracked when I got rid of it. I wouldn't get another one.

They might be cheaper to buy, but try repairing one. You get soaked. Screw that. I'll take GM. Biggest problem I had with any of the GM's I owned, I replaced a fuel filter on one and a fuel pump on the other. Oh, and the brakes (drums on back, disc pads on front) I replaced on my 1990 after about 10 years. And the Allison is wonderful!
 
I guess that explains why in my little county ALL the new car dealerships are closing EXCEPT the GM lot. Such sh*tty product an all.

Yeah Toyota, and all the others are closing, riiiiiiiiiiiiiiiiiiiight. Sell us a new Bull**** story will ya.

It's big gov't, BO-nomics, and big union there, pal. Everything the leftists touch turns to sh*t. Eventually. Like I'm sure the "leadership" will purposely screw over their own company, screw it right out of business. LOL!!!!

Get real. You leftists take the cake. :lol:

Yeah the leadership NEVER makes any financial errors or doesn't make the right kind of cars

And as for your dealership, if they go under it will be CLOSING. So guess the cars they make aren't that good are they?

They can't stay in business so they had to ask for a government bailout.

Your classless remarks are noted as nothing but partisan DRIBBLE absent of facts and full of bile. Say goodbye to your GM dealership soon pal and it ain't Obama's fault it is happening, it is bad business practices of GM.
 
GM's management failed.

Then they begged the government

Since the government loves sticking its fingers in anything they can. They decided to throw money at GM.

Now GM is still failing

and the government now has the precedent they need to stick their hands into more projects.

WTF guys?

Too big to fail?

Kiss my ass.

I want my tax dollars back.
 
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