So all the people that said we should dump Bilions into a bad co what do u have to say now that we pizzed away about 20 bil??
.
.
Well it looks like GM is Done.
- Thread starter redlineguy
- Start date
........ so long suckers???
Thank god the bondholders said enough to this garbage.
BK is now apparently a given. I've read that Chrysler should emerge in a couple of weeks, where GM could take years because they're so screwed up.
The GM dealer in our town is playing the snake in the grass trick. My banker heard they were shutting down and that I would have to drive 3 hours to Salt Lake City in order to get any warranty work done on my new truck (that's if the warranty holes don't get plugged with the shutdown). The dealer is telling everyone that they missed the cut and their not going anywhere because they just got a huge shipment of new vehicles and their trying to offload so the owner isn't stuck with all that money on his lot and nothing in his pocket. Pisses me off and i've thought about going to the papers with it so no one will buy from his snake a$$. I've been a GM man all my life but i'm glad the corrupt suns a b*tches are through to be honest with you
I say it was a drop in the bucket compared to all the rest of the cash being given away like free candy! I had hope that it would work, or at least help. Maybe Bankruptcy is the right thing here... maybe not! I'm just sad to see the demise of the domestic auto industry in general. It had treated me and millions of others well for a long time.
You were whining and crying about being unemployed in another thread, but you're driving a new truck????
You were whining and crying about being unemployed in another thread, but you're driving a new truck????
Whining and crying is an overstatement, i've had the truck for 5 years and only put about 20K miles on it.. I drive my 97 to death just cause i personally like the truck.. I bought the new one for my wife when I was still employed and now i'm stuck making two more years worth of payments on little to no wages.. Can't afford the fuel in the new truck anyway since diesel punishes the price of unlead.. now it sits and just looks pretty.. been trying to get out from under it but even with two years of payments left i'll lose my butt on the resale.. i own my 97 so its alot more feesable to drive anyway and the maintenance is cheap.. read the book before you judge the cover
That's too bad....hope things turn around. GM makes the nicest trucks IMHO. Seems to me the only way to get rid of the money-sucking unions is to actually go T.U. THEN come back and start over with a new force.....which will be the old force, just 50% less of them working a real day's work....NON-UNIONIZED.
I have known that all along as well, The funny thing is the UAW worker is getting the shaft & dont even know it. Ummmm lets see the gov is going to bailout GM & GM will still be allowed to cut 20+k UAW jobs.... errr I ment votes
Daaaa Ok Louie
O
Ollie
ACCOUNT CLOSED
Unfortunetly, the unions and the Feds will own GM and destroy what is left.
So your warranty will be up right away if it's 5 years?
Give the specifics of the truck. I'm in the market for one.
G
GMCRMK
Well-known member
You sure are jumping to a lot of conclusions.
Even if he was cut all it means is that they won't renew his dealer agreement that was set to be renewed October 2010. He's not "closed"
Either way warranties aren't affected but even if he closed, why would you drive all the way to SLC? There are dealers all over Utah.
Evanston wy is exactly 2 1/2 hours from any city.. salt lake is actually 20 miles closer than Rock springs and those are the only other two cities with chevy dealers in my area.. Yeah the warranty is toast in a month, it happens.. truck has low miles though, only good thing about it. No i wasn't speaking GM in general. I used to buy from Gus Paulos in SLC years ago and never had one bad thing to say about the little guy.. this dude Matt here at Castle Rock Chevrolet in Evanston is a crook tho.. my father in law is pretty pissed right now to about his buy. he just got an '09 duramax and just found out as well that the dealer is closing thru the bank were financed with. unfortunately this is here say from the bank manager but the guys at the dealership claim their just fine.. who knows, i don't mean to jump to conclusions but im a little pissed over the whole situation.. i'll have to put another 180 miles on my truck just to go trade it in if I ever decide to.. dunno whats gonna happen.. its all hearsay..
B
B C
Well-known member
Sounds like Chrysler bondholders are taking it in the shorts in Bankruptcy Court today. GM bondholders may want to rethink the deal and take the offer before they get screwed in bankruptcy. The saga continues....
And I see some you fellas are still trying to nail Jello to a tree?
And I see some you fellas are still trying to nail Jello to a tree?
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DETROIT – General Motors, the company that put tail fins on a Cadillac and was once the nation's largest employer, moved to the edge of bankruptcy Wednesday as debtholders refused a last-ditch deal. Crosstown rival Chrysler hoped to pull off a quick exit from Chapter 11 and prove there is hope yet for a leaner Detroit.
Investors who are owed billions of dollars by GM rebelled against a plan to accept a sliver stake in the company in exchange for their bonds, one of the government-imposed conditions for restructuring out of court.
A bankruptcy filing could come within days — perhaps around Monday, which had been the government deadline for GM to reorganize.
Meanwhile, Chrysler was in a marathon session in federal court in New York, trying to persuade a judge to sign off on its plan to sell most of its assets to Italian automaker Fiat.
Since Chrysler entered bankruptcy protection four weeks ago, its sales have fallen but not tanked, raising hopes that both automakers might be able to shed debts and modify contracts under court protection and emerge leaner, stronger and more competitive.
The U.S. government has pledged to back both companies' warranties to reassure consumers their purchases will be protected no matter what happens. Analysts say that seems to be helping Chrysler, where sales during the first two weeks of May fell at about the same rate as the whole U.S. market.
At the Jack Maxton Chevrolet dealership in the Columbus, Ohio, suburb of Worthington, it appeared to be business as usual Wednesday even as GM contemplated bankruptcy.
One salesman took a family on a test drive, a man put on his glasses to take a closer look at the sticker for a new Camaro, a car was being cleaned by the service department's automatic car wash and the receptionist was busy routing phone calls.
Owner Jeff Mauk said President Barack Obama's pledge to back warranties seems to have erased some of the fear for potential buyers. As for a potential bankruptcy filing, Mauk's sentiment is the sooner the better.
"If they are going to do it," he said, "let's do it and get through it."
Dana Johnson, chief economist at Comerica Inc., the financial services company, said Americans are more accustomed to the bankruptcy process than many people think.
"Banks fail and reopen under new names and that doesn't seem to be much of a problem," Johnson said. "It seems to happen all the time with the airlines and they keep flying."
GM, the century-old American icon that put a V-8 engine in the Chevrolet, was once the symbol of American industry. In 1979, it employed 618,000 Americans, more than any other company. By early this year that figure was just 88,000.
The U.S. government late last year began pouring billions into both troubled automakers, fearing that their failure could push the struggling economy into a full-blown depression.
In the years after World War II, no one would have imagined the collapse of either, but since then there have been so many corporate crises and economic black eyes that people have had time to get used to it, said Robert Thompson, a Syracuse University professor who studies American popular culture.
"It really takes optimistic thinking to think that this country is going to ever get back to that place in its manufacturing history," he said. "It's not just automobiles. You look at manufacturing across the country, it's really grim."
At GM, which has received $19.4 billion in government loans and will need billions more to get through the bankruptcy process, the bond offer's failure kicks a leg from under its out-of-court restructuring effort.
Together GM and Chrysler employ more than 126,000 people in the U.S., and hundreds of thousands of others rely on the companies working for parts suppliers, dealerships and other associated companies.
Some feared that if either company were forced into liquidation, parts makers would go under, too, pulling down Ford Motor Co., the only one of the Detroit Three that hasn't taken government aid.
From the perspective of GM workers, Comerica's Johnson said they probably don't care whether a reorganization takes place in bankruptcy court or not, as long as the company remains viable.
GM has already announced plans to end its relationship with about 1,100 dealers. Chrysler has a similar plan to sever ties with about 800.
"Whether inside or outside of bankruptcy, it seems to be pretty much getting to the same point: fewer brands, fewer jobs, fewer models, but not something that would lead to liquidation," Johnson said.
Under normal circumstances, bankruptcy would be the best avenue for both GM and Chrysler to try to fix their problems, said Daniel Mitchell, an economist at the libertarian Cato Institute in Washington, D.C.
But politics has become key in negotiations, and Mitchell said the Obama administration appears to be trying to appease the United Auto Workers union with little regard to making sure the automakers emerge leaner and more efficient.
"It's a rather sad thing because at the end of the day there's no way GM or Chrysler come out of this as successful companies," he said. "You're going to wind up with basically hollow shells that are going to slowly die."
Investors who are owed billions of dollars by GM rebelled against a plan to accept a sliver stake in the company in exchange for their bonds, one of the government-imposed conditions for restructuring out of court.
A bankruptcy filing could come within days — perhaps around Monday, which had been the government deadline for GM to reorganize.
Meanwhile, Chrysler was in a marathon session in federal court in New York, trying to persuade a judge to sign off on its plan to sell most of its assets to Italian automaker Fiat.
Since Chrysler entered bankruptcy protection four weeks ago, its sales have fallen but not tanked, raising hopes that both automakers might be able to shed debts and modify contracts under court protection and emerge leaner, stronger and more competitive.
The U.S. government has pledged to back both companies' warranties to reassure consumers their purchases will be protected no matter what happens. Analysts say that seems to be helping Chrysler, where sales during the first two weeks of May fell at about the same rate as the whole U.S. market.
At the Jack Maxton Chevrolet dealership in the Columbus, Ohio, suburb of Worthington, it appeared to be business as usual Wednesday even as GM contemplated bankruptcy.
One salesman took a family on a test drive, a man put on his glasses to take a closer look at the sticker for a new Camaro, a car was being cleaned by the service department's automatic car wash and the receptionist was busy routing phone calls.
Owner Jeff Mauk said President Barack Obama's pledge to back warranties seems to have erased some of the fear for potential buyers. As for a potential bankruptcy filing, Mauk's sentiment is the sooner the better.
"If they are going to do it," he said, "let's do it and get through it."
Dana Johnson, chief economist at Comerica Inc., the financial services company, said Americans are more accustomed to the bankruptcy process than many people think.
"Banks fail and reopen under new names and that doesn't seem to be much of a problem," Johnson said. "It seems to happen all the time with the airlines and they keep flying."
GM, the century-old American icon that put a V-8 engine in the Chevrolet, was once the symbol of American industry. In 1979, it employed 618,000 Americans, more than any other company. By early this year that figure was just 88,000.
The U.S. government late last year began pouring billions into both troubled automakers, fearing that their failure could push the struggling economy into a full-blown depression.
In the years after World War II, no one would have imagined the collapse of either, but since then there have been so many corporate crises and economic black eyes that people have had time to get used to it, said Robert Thompson, a Syracuse University professor who studies American popular culture.
"It really takes optimistic thinking to think that this country is going to ever get back to that place in its manufacturing history," he said. "It's not just automobiles. You look at manufacturing across the country, it's really grim."
At GM, which has received $19.4 billion in government loans and will need billions more to get through the bankruptcy process, the bond offer's failure kicks a leg from under its out-of-court restructuring effort.
Together GM and Chrysler employ more than 126,000 people in the U.S., and hundreds of thousands of others rely on the companies working for parts suppliers, dealerships and other associated companies.
Some feared that if either company were forced into liquidation, parts makers would go under, too, pulling down Ford Motor Co., the only one of the Detroit Three that hasn't taken government aid.
From the perspective of GM workers, Comerica's Johnson said they probably don't care whether a reorganization takes place in bankruptcy court or not, as long as the company remains viable.
GM has already announced plans to end its relationship with about 1,100 dealers. Chrysler has a similar plan to sever ties with about 800.
"Whether inside or outside of bankruptcy, it seems to be pretty much getting to the same point: fewer brands, fewer jobs, fewer models, but not something that would lead to liquidation," Johnson said.
Under normal circumstances, bankruptcy would be the best avenue for both GM and Chrysler to try to fix their problems, said Daniel Mitchell, an economist at the libertarian Cato Institute in Washington, D.C.
But politics has become key in negotiations, and Mitchell said the Obama administration appears to be trying to appease the United Auto Workers union with little regard to making sure the automakers emerge leaner and more efficient.
"It's a rather sad thing because at the end of the day there's no way GM or Chrysler come out of this as successful companies," he said. "You're going to wind up with basically hollow shells that are going to slowly die."
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