RIP GM

[pbadad]

GEN MOTORS

this may be the last day of GM as we know it ... a sad day as a once proud American icon will most likely go bankrupt this weekend ...j
GEN MOTORS

(NYSE: GM)
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0.32 (28.90%) 2:00pm ET

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[Baldilocks]

Maybe, but I am hoping they come out better in the end. This time around maybe they will start listening to the customers instead of worrying about the bottom line.

 

[pbadad]

looks like it's happening

End of an Era: GM Going Bankrupt on Monday

<cite> Posted May 29, 2009 12:20pm EDT by Henry Blodget</cite> Related: GM, F, HMC, TM, TTM, GT, AN

From TheBusinessInsider.com, May 29, 2009
GM will file for bankruptcy on Monday, Bloomberg says. It will then split into a "good GM, bad GM," with the good GM looking to be profitable within 60-90 days. In a change from the previous plan, current shareholders will get nothing.
When General Motors Corp. files for bankruptcy protection next week, a Dickensian tale of two legal processes will unfold, according to Bloomberg:

• In one, a judge will be told that a new entity will emerge within three months with prized assets and a plan to revisit the best of times when GM was the world’s largest carmaker. In the other, Bleak House comes to bankruptcy court as creditors shut out of the new entity will be told to argue for perhaps years about who gets company properties the new GM doesn’t want.
• In the rosy scenario, the new company, armed with vehicles from GM’s Cadillac, Chevrolet, Buick and GMC divisions, plans to begin making money again within 60 to 90 days, while a bankruptcy court sells or liquidates unprofitable brands such as Saturn and Hummer. Saab already is in bankruptcy.

Here's who gets what:

• The new GM will take some liabilities with it such as an auto supplier financing program and warranty obligations. Detroit-based GM had global liabilities of $176.4 billion as of Dec. 31, 2008.
• Pontiac models will be scrapped, along with as many as 16 factories, some of which may involve massive cleanup costs. GM must also try to find buyers for its Hummer and Saturn units after not finding any takers so far.
• Given the planned stakes, the new GM will be controlled by the U.S. government, with the Canadian government possibly owning a small share. A union health-care trust will own 17.5 percent and 10 percent will be given to the old GM to hand to creditors to resolve claims, according to GM’s filing.
• The Treasury plans to allocate that 10 percent stake to bondholders, plus offer warrants to buy an additional 15 percent of equity, provided a “satisfactory” number of holders agree to go along with GM’s restructuring program, according to the filing. Bondholders may get nothing if they don’t satisfy the Treasury by 5 p.m. New York time tomorrow, GM said...
• GM’s current stockholders would get no recovery from the new-entity asset sale, according to the filing, a change from an earlier plan to give them 1 percent of the new company.

 

[jrose7004]

Maybe, but I am hoping they come out better in the end. This time around maybe they will start listening to the customers instead of worrying about the bottom line.

There is absolutely no chance that they'll come out better! With the Federal Government in control there's just no way that they'll build anything you'll want to buy!

 

[Rob]

FOR RELEASE: 2009-05-29

Advisory: GM President and CEO Fritz Henderson to Hold Media Briefing

Detroit, Mich: (NYSE: GM) - General Motors President and CEO Fritz Henderson will host a press conference on Monday, June 1. The conference will be around mid-day at the GM Building, 767 Fifth Avenue, in New York. We expect to provide a final time, satellite feed, conference call number, and other details in a subsequent Media Advisory early Monday morning.

CONTACT(S):
Tom Wilkinson
313-667-0366 (o)
313-378-6233 (c)
tom.wilkinson@gm.com

 

[Baldilocks]

There is absolutely no chance that they'll come out better! With the Federal Government in control there's just no way that they'll build anything you'll want to buy!

Building things people don't want to buy is the reason they are in the shape they are currently in.
Certainly has more to do with corporate greed, bad designs, quality control, etc more than it does with anything else.

They are going to HAVE to build cars that people will buy or they will go the way of AMC, Packard, etc....

 

[jrose7004]

The people wanted SUV's and that's what they got. They sold great up until gas got to $4.00 a gallon.

 

[U.P. John]

Gee, I have a great NEW idea. Sell a good product at a price people can afford. Sell more, make more. Versus having 6 months' inventory sitting on the lot, collecting dust, waiting for the next sucker...

 

[killain]

Future GM products

I have been following the chevy 'Volt' progress. I'm interested in the car. When I saw the concept car at the Philly auto show I was really impressed. But now that perticular model is gone and a more 'Malibu' look alike is planned. But the most troubling thing to me at least, is the projected price. At first they said it'd come in under $26K, but things have changed and now the rethinking people say that it'll cost around $40K !

That ain't gonna works folks. If the car is going to be a success it has to be priced closer to Toyota's prius and the Honda insite. For it to sell well it has to be able to do everthing people want it to do and most of the people who will be interested in buying one are going to be looking closely at the price, and Toyota and Honda has the price quotes to draw off any prospective customers ! I'm sure the government will have some sort of discounted prices or tax reductions for people who buy one, but the car has to go on after the price breaks and that is going to be back to the 40K ? Imho

 

[KANE]

Maybe, but I am hoping they come out better in the end. This time around maybe they will start listening to the customers instead of worrying about the bottom line.

Baldie- the only "customer" they will listen to will be the government. When Obama fired the most senior GM executive... it showed who really owns GM.

Expect to see the Vette, Camaro, and CTS dead. Bureaucrats have no use for anything that isn't a Smart car. IIHRC- government will own 70% of GM when the bankruptcy is done.


:ugh