GM: company faces a March 31 deadline - Page 5

trm0002 · 03-05-2009, 05:38 PM

Quote:

Originally Posted by fastball

The govt. is in the process of formulating a govt. backed bankruptcy plan now. There will be no more straight out loan money from the govt. Congress knows now that no matter how much money they "loan" GM in their current state, they will never get it back, and the company will end up filing for Ch. 11 anyway. So, since they've had $5.6 bil of our tax money since December, Congress is not going to let GM file ch. 11 on their own to protect them from giving that money back.

Congress can't stop a company from declaring bankruptcy. That's handled in the Judicial Branch. The day Congress has or thinks they have that kind of control will be a bad bad bad day...

*GTAHVIT* · 03-05-2009, 05:47 PM

Quote:

Originally Posted by Supermans

Like I said, the O***a adm******ation is going to come fly in like Mighty Mouse to save the day on this one in my opinion last minute and take control..

I appreciate the effort...

Stay on topic everyone.

fastball · 03-05-2009, 05:52 PM

Quote:

Originally Posted by trm0002

Congress can't stop a company from declaring bankruptcy. That's handled in the Judicial Branch. The day Congress has or thinks they have that kind of control will be a bad bad bad day...

You bet your bippy Congress will have a heavy hand in the bankruptcy neggotiations..... GM owes us taxpayers $5.6 bil as we speak, and part of the stipulation for them getting it back in December was they had to prove their viability by the end of this month. Now that they will not be able to do that, Congress is not going to let GM file for Ch. 11, thereby protecting GM from paying back the $5.6 bil they've already borrowed.

Just a few weeks ago the Feds were in contact with the largest and most high profile bankruptcy lawfirms in New York City to discuss the GM situation. Don't you remember that? It was in the news.

trm0002 · 03-05-2009, 06:02 PM

Quote:

Originally Posted by fastball

GM owes us taxpayers $5.6 bil as we speak...

I'd rather write it off as bad debt- hell, everyone else is- and move forward with a company that has a chance of being solvent through CH11. $5.6B is NOTHING compared to the SPENDulous bill and the near $trillion budget proposal that our fearless leader

is shoving down our throats.

fastball · 03-05-2009, 06:10 PM

Quote:

Originally Posted by trm0002

I'd rather write it off as bad debt- hell, everyone else is- and move forward with a company that has a chance of being solvent through CH11. $5.6B is NOTHING compared to the SPENDulous bill and the near $trillion budget proposal that our fearless leader

is shoving down our throats.

Oh, I agree with you 100%. The thing is Rick Wagoner sat there in those hearings and promised to show great viability by the end of March. That there were great plans in store for GM to make them profitable and change the company structure...... but instead they just keep hemoraging cash and fail to change as fast as they should and need to.

Half of me wants to see GM survive this mess, the other half says screw em. Take back our $5.6 bil and let em eat dust.

trm0002 · 03-05-2009, 06:13 PM

Quote:

Originally Posted by fastball

Oh, I agree with you 100%. The thing is Rick Wagoner sat there in those hearings and promised to show great viability by the end of March. That there were great plans in store for GM to make them profitable and change the company structure...... but instead they just keep hemoraging cash and fail to change as fast as they should and need to.

Half of me wants to see GM survive this mess, the other half says screw em. Take back our $5.6 bil and let em eat dust.

As long as they survive another 5 or 6 months (long enough for ALL of us to get our cars) I could care less. I'm sick of being a babysitter that PAYS to watch someone's kids.

CamaroScotty · 03-05-2009, 06:14 PM

Well, if all the banks that DIDN'T ask for a hand out, and got one turns their money back in, we should be ALL SET!

rmyers · 03-05-2009, 07:22 PM

Quote:

Originally Posted by detroitboy

AIG is getting the frree ride (and very quietly I might add) because they are the holder of the pension funds for our people in Congress and House of Representatives.

Nice setup huh?

I did not know that but it would make perfect sense if true. Congress and Federal Employees get their own retirement plan, while the rest of us are stuck in social security.

trm0002 · 03-05-2009, 07:25 PM

Quote:

Originally Posted by rmyers

I did not know that but it would make perfect sense if true. Congress and Federal Employees get their own retirement plan, while the rest of us are stuck in social security.

Difference being that SS was never intended to be "retirement". It was supposed to supplement what WE put away for ourselves. Unfortunately, most people believe it is, piss their money away, and then bitch that it isn't enough to live their lifestyles on. Duh.

rmyers · 03-05-2009, 07:56 PM

Quote:

Originally Posted by trm0002

Difference being that SS was never intended to be "retirement". It was supposed to supplement what WE put away for ourselves. Unfortunately, most people believe it is, piss their money away, and then bitch that it isn't enough to live their lifestyles on. Duh.

I agree 100%. My point however was that they at least have a choice, where as we don't. We are compelled to contribute to SS but they are not.

Supermans · 03-05-2009, 10:14 PM

Quote:

Originally Posted by Silver Streak

I remember a mod coming in here earlier for some reason!

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dayvedayve · 03-06-2009, 07:25 AM

Quote:

Originally Posted by rmyers

I did not know that but it would make perfect sense if true. Congress and Federal Employees get their own retirement plan, while the rest of us are stuck in social security.

Correction. Since the mid 80's federal employees are no longer on civil service retirement. They became FERS's. We pay into social security and the majority of our retirement comes from SS. Congress and the Pres are not included in this. THEY still get the great retirement.

CamaroScotty · 03-06-2009, 08:12 AM

and my post near the top was GM's response, not mine.

*Mr. Wyndham* · 03-06-2009, 10:18 AM

Quote:

Originally Posted by trm0002

The media makes it sound like 10s of thousands of people will lose their job if GM goes chapter 11. Got news for you- they ALREADY have lost their jobs.

If GM goes chapter 11, there is significant risk that they fall right into Chapter 7 liquidation. IF that occurs, then the media has nothing to do with it, because independant studies have confirmed the numbers:

If GM goes down via Chpt 7, 3 MILLION jobs will be lost within the first year and the other two detroit companies will fail soon after. Over the next 2 years, 2 more MILLION jobs will be lost and the import companies will begin to hurt BAD. And those are mid-range expectations. Some estimates have it as high as 11 million total.

Even on the low end, if they go down, it will raise the unemployment rate to 10%+, and analysts fear that number like the plague.

This, of course, is not to mention that America will have lost it's last big manufacturing and innovating sector.

Either through a meticulously structured and guaranteed Chapter 11 filing, or more loans -- GM will not be allowed to fail.

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03-05-2009, 06:14 PM	#63
CamaroScotty Account Suspended Drives: Your new SLP Camaro! Join Date: Jul 2008 Location: Cedarburg, WI Posts: 6,790	Well, if all the banks that DIDN'T ask for a hand out, and got one turns their money back in, we should be ALL SET!

03-06-2009, 08:12 AM	#69
CamaroScotty Account Suspended Drives: Your new SLP Camaro! Join Date: Jul 2008 Location: Cedarburg, WI Posts: 6,790	and my post near the top was GM's response, not mine.