GM bankruptcy countdown

[Cougarpower]

We are 13 days away from GM filling chapter 11 so can someone post a Countdown clock because the writing its in the wall for the company that was for 77 years the annual sales leader and now its in the brink of bankruptcy

[mettech]

There were a lot of people here that thought the world would end if just one of the companies file. :shades:

 

Wish we could do a search and post the names.

[lfeg]

Ah yes, Billy Durant. He put it all together, but nearly ran it into the ground. Twice!

 

What they need today is someone along the lines of Louis Chevrolet.

Edited May 20, 2009 by lfeg

[Ford Jellymoulds]

It's been very very sad to watch it happening to Chrysler & GM from this side of the pond even though they Fords competition l gotta say l absolutely loved a lot of their old cars to bits that they use to make in the past, but their modern boring bland non-entity dull cars lack the buy me factor of the past, gotta say l still love their trucks like the Silverado & Jeep they have not ruined them yet, and you can bet your bottom dollar they won't be left in the Fiat/Government Motors shit part of the company gets closed down paid off over 2 years.

 

Gotta say the US needs to bend the rules, break the rules to suit Chrysler, Ford & GM and not help Honda Toyota and Nissan for a change, because the Japanese car market in Nippon rulebook more or less closes the door makes it impossible to sell not more than a 300 US imports into Nippon they operate a closed door rulebook, its about time the Obama's of this world started to warn them that closed doors won't be tolerated as the US car markets door is WIDE OPEN, may be exclude them from the scrappage scheme until they stop operating a CLOSED DOOR policy.

[Cougarpower]

Is it me or im sleepy

 

Key people Kent Kresa, (Chairman)[1]

Barack Obama, (CEO) [1]

Robert Lutz, (Vice Chairman)

Ray Young, (CFO)

Ed Welburn, (VP Global Design)

http://en.wikipedia.org/wiki/General_Motor...te_note-gmceo-0

[silvrsvt]

Is it me or im sleepy

 

 

http://en.wikipedia.org/wiki/General_Motor...te_note-gmceo-0

 

Wikipedia can be edited by anyone...some joker prob did that....

[Mark B. Morrow]

Ah yes, Billy Durant. He put it all together, but nearly ran it into the ground. Twice!

 

What they need today is someone along the lines of Louis Chevrolet.

 

 

Louis Chevrolet left the company to Durant in 1915 in a fight concerning the future products. Chevrolet wanted to move up-market and Durant wanted to challenge Ford. Chevrolet went on to design race cars including the Frontenac upgrade for Ford engines.

 

Louis Chevrolet ended up working for Chevrolet Division as a consultant. A charity job given to him out of GMs sense of obligation. He worked for GM until 1938 when his health began to fail. He died in 1941, penniless.

 

http://en.wikipedia.org/wiki/Louis_Chevrolet

Edited May 20, 2009 by Mark B. Morrow

[simplesituations]

There were a lot of people here that thought the world would end if just one of the companies file. :shades:

 

Wish we could do a search and post the names.

Back 6 months ago was a different animal compared to now. Now, companies like Ford had a chance to put contingency plans together in the case that one or both went bankrupt where as if they both filed then could have or would have been more disastrous compared to now.

[RichardJensen]

There were a lot of people here that thought the world would end if just one of the companies file. :shades:

 

Wish we could do a search and post the names.

Do that. As long as you post the context: e.g. running out of cash, no DIP financing, straight to liquidation.

[simplesituations]

Do that. As long as you post the context: e.g. running out of cash, no DIP financing, straight to liquidation.

Richard, do you believe things are different now, some companies had time to put in contingency plans in case this has happened. I still believe there is still going to be some fall out

[RichardJensen]

Richard, do you believe things are different now, some companies had time to put in contingency plans in case this has happened. I still believe there is still going to be some fall out

yes, things are different in two ways:

 

1) the gov't will be providing DIP financing, ensuring that suppliers will be paid. Gov't money up to this point has also helped both companies catch up on their current liabilities (although not entirely), this has also helped out suppliers.

 

2) these handicapped entities will survive their filings--they're likely (IMO) to slowly wither away, but the alternative was Ch. 7 liquidation for Chrysler and absent DIP financing, the same thing for GM.

Edited May 20, 2009 by RichardJensen

[simplesituations]

yes, things are different in two ways:

 

1) the gov't will be providing DIP financing, ensuring that suppliers will be paid. Gov't money up to this point has also helped both companies catch up on their current liabilities (although not entirely), this has also helped out suppliers.

 

2) these handicapped entities will survive their filings--they're likely (IMO) to slowly wither away, but the alternative was Ch. 7 liquidation for Chrysler and absent DIP financing, the same thing for GM.

I agree with you where if the filings would have taken place back in Nov or even Jan. this economy would be in way worse shape than it is now. I still think there are going to be some ramifications if they file but now it's a wait and see on what will happen but if people think it's all good are fooling themselves.

[jpd80]

There were a lot of people here that thought the world would end if just one of the companies file. :shades:

 

Wish we could do a search and post the names.

A controlled reduction or exit was always the preferred option because there was no chance of any bank

debtor financing at that time, any filing for bankruptcy would have been straight to CH 7 liquidation.

 

That would have caused untold hard ship on suppliers and communities and the reason why

so many here railed against the heartless few that stuck to a draconian financial model.

Edited May 20, 2009 by jpd80

[Cougarpower]

T-minus 11 hr 45min to chapter 11

[BlueOval5.0]

T-minus 11 hr 45min to chapter 11

 

We'll it is a done deal, GM has filed Chapter 11 as expected. This entire saga with Chrysler and GM going under is sad and made even worse by the Government being involved in the takedown.

 

The end result of GM being owned by the Federal Government (60%), Canadian Government, and the UAW is really a complete disgrace. None of these parties has ever run anything efficiently or for profit. The government already dictates CAFE, Emissions, and Safety standards - many of which contributed to the downfall of GM and Chrysler - now they'll likely have a say in the design and production of which models are on the roads. Say goodbye to the Corvette, Camaro and Silverado and hello Volt. They'll force consumers into poorly designed and unsafe vehicles strictly for gas mileage purposes and put the public at risk. Not only that, but you'll pay more for less too I'm certain.

 

The reality is that this doesn't really help Ford. We taxpayers keep dumping more bad tax money after good (what is it now? $50 Billion to GM) to subsidize a government run business. At least Ford took responsible action by mortaging every damn thing they own to survive without government money - it showed some foresight of what was coming. Ford doesn't get any credit though, they're an afterthought and forgotten when all this Chapter 11 stuff is brought up.

 

Hopefully Ford will be able to seize some market share that will be lost by GM and Chrysler. Ford's competition is mainly Honda and Toyota now - that's who you have to shoot for at least. I'm not sure if they can ramp up production enough to grab the market share opportunity but I'm wishing they can.

 

The products this Company puts out are on par with their new competition. I believe GM and Chrysler were very slow to make the changes that were needed while Ford was able to take action more quickly. I'll put my Fusion up against a Camry, Accord, or Sonata any day - notice I didn't say Malibu or Stratus, they were never in the same league.

 

Here's to Ford Management. Yes, you've made some mistakes over the recent years but you were able to stave off the bankruptcy that the others could not. I'm proud to say that I'm a Ford owner and even more proud of you for not taking the handouts from the Government. Make the most of this opportunity while it exists because you're not going to have it again. Get our superior products out there and market them well. Reach out to the folks that might be hesitant to buy another GM or Chrysler and show what Ford/Lincoln/Mercury can do for them. Push the new technology hard - why are we not hearing more about the EcoBoost engines, SYNC 911 Assist, etc., etc.?

 

<rant over> back to the regularly scheduled program.

[Anthony]

The reality is that this doesn't really help Ford. We taxpayers keep dumping more bad tax money after good (what is it now? $50 Billion to GM) to subsidize a government run business. At least Ford took responsible action by mortaging every damn thing they own to survive without government money - it showed some foresight of what was coming. Ford doesn't get any credit though, they're an afterthought and forgotten when all this Chapter 11 stuff is brought up.

 

Take a look at Ford, GM's and Chrysler's sales numbers this month. They get credit alright, from the buying public.

[mettech]

We'll it is a done deal, GM has filed Chapter 11 as expected. This entire saga with Chrysler and GM going under is sad and made even worse by the Government being involved in the takedown.

 

The end result of GM being owned by the Federal Government (60%), Canadian Government, and the UAW is really a complete disgrace. None of these parties has ever run anything efficiently or for profit. The government already dictates CAFE, Emissions, and Safety standards - many of which contributed to the downfall of GM and Chrysler - now they'll likely have a say in the design and production of which models are on the roads. Say goodbye to the Corvette, Camaro and Silverado and hello Volt. They'll force consumers into poorly designed and unsafe vehicles strictly for gas mileage purposes and put the public at risk. Not only that, but you'll pay more for less too I'm certain.

 

The reality is that this doesn't really help Ford. We taxpayers keep dumping more bad tax money after good (what is it now? $50 Billion to GM) to subsidize a government run business. At least Ford took responsible action by mortaging every damn thing they own to survive without government money - it showed some foresight of what was coming. Ford doesn't get any credit though, they're an afterthought and forgotten when all this Chapter 11 stuff is brought up.

 

Hopefully Ford will be able to seize some market share that will be lost by GM and Chrysler. Ford's competition is mainly Honda and Toyota now - that's who you have to shoot for at least. I'm not sure if they can ramp up production enough to grab the market share opportunity but I'm wishing they can.

 

The products this Company puts out are on par with their new competition. I believe GM and Chrysler were very slow to make the changes that were needed while Ford was able to take action more quickly. I'll put my Fusion up against a Camry, Accord, or Sonata any day - notice I didn't say Malibu or Stratus, they were never in the same league.

 

Here's to Ford Management. Yes, you've made some mistakes over the recent years but you were able to stave off the bankruptcy that the others could not. I'm proud to say that I'm a Ford owner and even more proud of you for not taking the handouts from the Government. Make the most of this opportunity while it exists because you're not going to have it again. Get our superior products out there and market them well. Reach out to the folks that might be hesitant to buy another GM or Chrysler and show what Ford/Lincoln/Mercury can do for them. Push the new technology hard - why are we not hearing more about the EcoBoost engines, SYNC 911 Assist, etc., etc.?

 

<rant over> back to the regularly scheduled program.

 

And the sun came up today. The USA industrial engine didn't come to a halt. The sky did not fall. :stats:

The only thing that happened is the USA taxpayer just lost $20 billion that they will never get back.

 

And that is the crime.

 

I wonder how much that is per job?

[mettech]

The market could give a shit about the biggest of the Detroit 3. GM and Chrysler never made a ripple in the DOW.

 

It went up 220+ points today.

 

 

I did lose two of my biggest buys two years go. I really thought that GM was a good buy at $32 after it come from $60+.

 

 

GM and C will be dropped from the DOW tomorrow