Revenue losses push GM to brink of bankruptcy

texasbill · 05-08-2009, 10:13 AM

This AP article was in my local paper this morning. Hopefully they can restructure out of bankruptcy....either way it may be good for GM to clean up their balance sheets.

http://www.statesman.com/business/co...08/0508gm.html

Hylton · 05-08-2009, 10:15 AM

It's impossible. Brace for it...

trudawg660 · 05-08-2009, 10:16 AM

I feel this thread is going to be moved

trudawg660 · 05-08-2009, 10:20 AM

One guy posted this

GOODBYE GM! No more bailout money.No longer a viable operation.Shut down now! And you can thank the UAW too!! I don't see Honda asking for bailout money....because they weren't cranking out silly SUV'S like GM when gas was $4.00 a gallon.And just how & where is the gov't going to guarantee a usless warranty? Doe's one have to drive to the white house for a transmission problem, or tow it there? Please!!!

Am guessing he doesn’t know what a Bankruptcy does. its going to take more money from the government to fix everything and they won’t be closing their doors. some people are just stupid. The government is more than likely going to pay more money in a bankruptcy than bailout money

MontyCarlo · 05-08-2009, 10:26 AM

Hylton, your new Milkette avatar scares me. The possibility of GM filing for bankruptcy, however, does not.

Hylton · 05-08-2009, 10:28 AM

Quote:

Originally Posted by MontyCarlo

Hylton, your new Milkette avatar scares me. The possibility of GM filing for bankruptcy, however, does not.

Haha! Awesome post dude!

texasbill · 05-08-2009, 10:32 AM

Quote:

Originally Posted by trudawg660

I feel this thread is going to be moved

Didn't know where to post (rookie)...

*Mr. Wyndham* · 05-08-2009, 10:33 AM

They've been at the brink of bankruptcy for...how long, now? I've never seen an entity so big dance such a fine line for so long...it's nuts. One direction or the other, I wish they'd make up their minds, already. (gov't included)

Quote:

Originally Posted by texasbill

Didn't know where to post (rookie)...

No problem.

trudawg660 · 05-08-2009, 10:33 AM

well one of the mod is posting in the thread and they havent moved it yet, so you MIGHT be good.

texasbill · 05-08-2009, 10:33 AM

Quote:

Originally Posted by trudawg660

One guy posted this

GOODBYE GM! No more bailout money.No longer a viable operation.Shut down now! And you can thank the UAW too!! I don't see Honda asking for bailout money....because they weren't cranking out silly SUV'S like GM when gas was $4.00 a gallon.And just how & where is the gov't going to guarantee a usless warranty? Doe's one have to drive to the white house for a transmission problem, or tow it there? Please!!!

Am guessing he doesn’t know what a Bankruptcy does. its going to take more money from the government to fix everything and they won’t be closing their doors. some people are just stupid. The government is more than likely going to pay more money in a bankruptcy than bailout money

I think the majority of people don't understand that Bankruptcy is an avenue to restructure. Most of the comments on that website are written by idiots...too bad it reflects poorly on my community

fdjizm · 05-08-2009, 10:36 AM

So they go bankrupt, and who pays all the debt they owe? and they just start new and clear again?

trudawg660 · 05-08-2009, 10:39 AM

Quote:

Originally Posted by fdjizm

So they go bankrupt, and who pays all the debt they owe? and they just start new and clear again?

The government would and that money comes from the tax payers, a LOT of people would get fired and stuff will change but pretty much yes they will start clear again

texasbill · 05-08-2009, 10:40 AM

Quote:

Originally Posted by fdjizm

So they go bankrupt, and who pays all the debt they owe? and they just start new and clear again?

GM would maintain possession of its assets and would operate under government supervision for benefit of its creditors (govt). The bad news is that restructuring through bankruptcy only works 10% of the time...

fdjizm · 05-08-2009, 10:42 AM

Quote:

Originally Posted by trudawg660

The government would and that money comes from the tax payers, a LOT of people would get fired and stuff will change but pretty much yes they will start clear again

sounds like bankruptcy is not even a bad thing maybe i dont understand fully, sounds messed up to me that it works that way a company can just build up debt and then one day say "umm yea lets erase all thise and start over" lol

05-08-2009, 10:13 AM	#1
texasbill Drives: 2005 Silverado LS 5.3 V8 Join Date: May 2009 Location: Austin, TX Posts: 56	Revenue losses push GM to brink of bankruptcy This AP article was in my local paper this morning. Hopefully they can restructure out of bankruptcy....either way it may be good for GM to clean up their balance sheets. http://www.statesman.com/business/co...08/0508gm.html __________________ Dreaming...

05-08-2009, 10:15 AM	#2
Hylton Drives: fanboys and ass kissers crazy. Join Date: May 2008 Location: Ottawa, Ontario Posts: 7,275	It's impossible. Brace for it... __________________ "BBOMG - More than just a car show.... It's an experience!"

05-08-2009, 10:26 AM	#5
MontyCarlo Drives: 2010 2LT/RS auto IBM Join Date: Mar 2009 Location: Denver, CO Posts: 1,255	Hylton, your new Milkette avatar scares me. The possibility of GM filing for bankruptcy, however, does not. __________________ FAQs: 1. No, I do not have any strong opinions about the Monte Carlo. 2. Yes, I know what my name looks like. 3. Yes, but the medication helps immensely. 2LT/RS IBM/gray #21,895 ordered April 21st, delivered July 3rd

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05-08-2009, 10:16 AM	#3
trudawg660 Drives: 2006 Dodge Charger / 2SS IOM Join Date: Dec 2008 Location: United Kingdom Posts: 1,640	I feel this thread is going to be moved

05-08-2009, 10:20 AM	#4
trudawg660 Drives: 2006 Dodge Charger / 2SS IOM Join Date: Dec 2008 Location: United Kingdom Posts: 1,640	One guy posted this GOODBYE GM! No more bailout money.No longer a viable operation.Shut down now! And you can thank the UAW too!! I don't see Honda asking for bailout money....because they weren't cranking out silly SUV'S like GM when gas was $4.00 a gallon.And just how & where is the gov't going to guarantee a usless warranty? Doe's one have to drive to the white house for a transmission problem, or tow it there? Please!!! Am guessing he doesn’t know what a Bankruptcy does. its going to take more money from the government to fix everything and they won’t be closing their doors. some people are just stupid. The government is more than likely going to pay more money in a bankruptcy than bailout money

05-08-2009, 10:33 AM	#9
trudawg660 Drives: 2006 Dodge Charger / 2SS IOM Join Date: Dec 2008 Location: United Kingdom Posts: 1,640	well one of the mod is posting in the thread and they havent moved it yet, so you MIGHT be good.

05-08-2009, 10:36 AM	#11
fdjizm Account Suspended Drives: 2008 Mustang GT/CS Join Date: Mar 2009 Location: New Jersey Posts: 1,429 View My Garage	So they go bankrupt, and who pays all the debt they owe? and they just start new and clear again?