Thread: Not Good, GM wants another 16 or is it 9 Billion to Survive.
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Old 02-18-2009, 10:56 AM   #155
Hylton


 
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Join Date: May 2008
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Quote:
Originally Posted by UCF w00t View Post
To all of you saying that GM should just file chapter 11...

http://www.washingtonpost.com/wp-dyn...l?hpid=topnews

This is a pretty good article and is what I've been saying. This is basically bankruptcy without the title of it that will lead sales off a cliff.
That's assuming that creditors will accept the entitiy to remain as knowing certain liabilities will be off the table. Not going to happen. If someone owed me a lot of money and had more assets than cash to pay me back, I would not settle for anything less than Ch 11. Why? Because I want everything on the table when discussing how I am going to be compensated. If I have to take a haircut, I want to be sure everyone takes a haircut.
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