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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.
 
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.
 
talloulou said:
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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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.
 
Kandahar said:
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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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.
 
chevydriver1123 said:
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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They tried this, the plan was to sell it to Penske. The deal fell through.
 
I am fine with them closing saturn but did they have to get ride of poniac
 
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. :(
 
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Don't Tase Me Bro said:
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.
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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.
 
Middleground said:
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.
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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!! :mrgreen:

The car never overheated, however.
 
Objective Voice said:
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!! :mrgreen:

The car never overheated, however.
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I'm just going by what was written in the Lemon Aid Guide, who really do their homework.
 
F107HyperSabr said:
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!!
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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.
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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....
 
liblady said:
which is a false idea, you're correct.
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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 found out this morning that the Pemske deal was not all that good for the Saturn plants here anyway. The deal had to do with Renault making carsfor SATURN and Penske was just buying the the Saturn name and distribution network.

That is not even as "good" as the Chrysler deal.
 
Redress said:
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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Can you make a passenger side mirror for my 79 Toyota Corona?
 
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