Quote:
Originally Posted by nova
I've still never seen a good case that being completely done and liquidated was a serious threat. Regardless of their cash situation that forced them into bankruptcy, they still had a significant amount of residual value in their brands, to make no mention of hard assets, value that was simply not going to be tossed in the trash heap by whomever ended up in control.
The "completely done" argument was based on the wierd assumption that some bond holder or someone buying from a bond holder in liquidation would end up with the Chevrolet/GMC/Buick/Caddilac nameplate and all its assets and then do nothing with it, which to me is simply ridiculous....
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I don't like the idea of the government owning companies, and was against the bailout from the beginning. I think they could have gone through bankruptcy without the government taking them over, and still come out as their own independent American company IF IT WAS SET UP RIGHT.
I think what people were worried about was WHO would have ended up with GM in the end. I'm sure China would love to have a mainstream car company and dealer network so they can do to our auto industry what they've done to every other one of our industries. Look what has happened to Jaguar and Aston Martin: England's iconic car companies sold off, and now owned and operated by their former colony is flat out embarrassing, and a perfect example of what American companies need to be careful to avoid.