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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Hereford on April 13, 2009, 10:08:28 AM
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2 hrs 59 mins ago
DETROIT (Reuters) – Shares of General Motors Corp plunged 17 percent on Monday after a report that the U.S. Treasury is directing the automaker to lay the groundwork for a bankruptcy filing by June 1.
GM, which is operating under $13.4 billion of emergency government loans, has until June 1 to win sweeping concessions from bondholders and the United Auto Workers union. The Obama administration has warned that the alternative would be bankruptcy.
The New York Times said the government's goal was to prepare for a fast "surgical" bankruptcy, quoting people who had been briefed on the GM plans.
Sources familiar with the situation had told Reuters that GM was in "intense" and "earnest" preparations for a possible bankruptcy filing.
JPMorgan analyst Himanshu Patel said that deep balance sheet restructurings asked for by the U.S. Treasury would be a tough spill to swallow for bondholders and the UAW union, making bankruptcy more likely.
Shares of GM were down 17 percent, or 36 cents, to $1.66 on the New York Stock Exchange.
What is a 'surgical bankruptcy'? Are we going to make sure the UAW gets covered while everyone else gets the finger? If they kill GM, and maintain any union benefits on the taxpayers bill, I will see to it that nobody in my family ever buys an American auto again.
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And why isn't the administration doing this for the banks?
Would it be that Obama was the largest recipient of campaign contributions from AIG? Hmmm...
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I think it's great that the banks are all bankrupt and need billions of public monies to function, yet can make huge political contributions and have 400K dollar parties.
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I would think it would be great, but I didn't get an invite to any of their 400K parties...did you?
Throw in some hookers and I think the billions are A-Ok in my book!
Seriously...I think this reeks like Samson sitting in pluff mud at low tide in the middle of July. ;D The corruption of this administration is no different than the last.
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2 hrs 59 mins ago
DETROIT (Reuters) – Shares of General Motors Corp plunged 17 percent on Monday after a report that the U.S. Treasury is directing the automaker to lay the groundwork for a bankruptcy filing by June 1.
GM, which is operating under $13.4 billion of emergency government loans, has until June 1 to win sweeping concessions from bondholders and the United Auto Workers union. The Obama administration has warned that the alternative would be bankruptcy.
The New York Times said the government's goal was to prepare for a fast "surgical" bankruptcy, quoting people who had been briefed on the GM plans.
Sources familiar with the situation had told Reuters that GM was in "intense" and "earnest" preparations for a possible bankruptcy filing.
JPMorgan analyst Himanshu Patel said that deep balance sheet restructurings asked for by the U.S. Treasury would be a tough spill to swallow for bondholders and the UAW union, making bankruptcy more likely.
Shares of GM were down 17 percent, or 36 cents, to $1.66 on the New York Stock Exchange.
What is a 'surgical bankruptcy'? Are we going to make sure the UAW gets covered while everyone else gets the finger? If they kill GM, and maintain any union benefits on the taxpayers bill, I will see to it that nobody in my family ever buys an American auto again.
They will cut the company into two parts. A good GM made up of strong assets, such as Chevrolet and the auto maker's Chinese operations; and a bad GM of underperforming assets and billions of dollars in obligations that essentially would be wound down in bankruptcy court.
Proceeds from the government's eventual sale of equity in the good company in part would go toward paying parties that have leverage over the auto maker. Those include the United Auto Workers union, which is owed tens of billions in health-care payments; and unsecured bondholders, who hold $29 billion in GM debt.
Even though unsecured bondholders would get stock in the good GM, the people familiar with the matter said bondholders are concerned that GM's so-called 363 sale unnecessarily pushes bondholders to accept hefty losses on their investments
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I am a GM bondholder, and the sale value of that piece of paper is literally down 88%. It makes me F*ing sick to hear about the demands that the union makes, and that they are 'owed' billions. You got yours thru decades of inflated paychecks.
As usual, the investor gets screwed.
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I am a GM bondholder, and the sale value of that piece of paper is literally down 88%. It makes me F*ing sick to hear about the demands that the union makes, and that they are 'owed' billions. You got yours thru decades of inflated paychecks.
As usual, the investor gets screwed.
It looks like the bond holders, creditors, and suppliers are going to get killed in this.
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It looks like the bond holders, creditors, and suppliers are going to get killed in this.
Looks like the creditors and suppliers already go bailed out to me....
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Looks like the creditors and suppliers already go bailed out to me....
Not really. I represent an auto glass mfg who is owed a ton from GM and we have not gotten a dime. They told us we might get paid or everything is going to get liquidated in Bkrputcy.
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Not really. I represent an auto glass mfg who is owed a ton from GM and we have not gotten a dime. They told us we might get paid or everything is going to get liquidated in Bkrputcy.
http://www.businessweek.com/lifestyle/content/mar2009/bw20090319_960219.htm?chan=top+news_top+news+index+-+temp_special+report+--+auto+bailout+2009
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http://www.businessweek.com/lifestyle/content/mar2009/bw20090319_960219.htm?chan=top+news_top+news+index+-+temp_special+report+--+auto+bailout+2009
Thanks, I already filed a suit last week.