[Denny]

GM's down to their last coins in the drawer, relatively speaking, they are drawing down $3.5 billion of their $4.5 billion line of credit.

I think the next trip for GM execs will be to Washington, hat in hand.

Its too bad, they were such a force for so long, but they blew it.

See CNN Money

[Niagara]

$this->bbcode_second_pass_quote('Denny', 'G')M's down to their last coins in the drawer, relatively speaking, they are drawing down $3.5 billion of their $4.5 billion line of credit.

I think the next trip for GM execs will be to Washington, hat in hand.

Its too bad, they were such a force for so long, but they blew it.

See CNN Money

[Revi]

I just heard that congress has already passed a bill to give the big three a 25 billion dollar "loan". They say they need it to retool and build more fuel efficient cars. Here's an old story on the bailout:

http://www.cnbc.com/id/26626544

Ford just might make it, however. Their new CEO is working to make small cars again. A dealer told me that they are retooling the expedition plant to make mondeos.

http://www.thetruthaboutcars.com/the-to ... n-of-ford/

[mos6507]

Time to bump up this thread. GM and Ford are both on the ropes now.

LINK

[Keith_McClary]

$this->bbcode_second_pass_quote('mos6507', 'T')ime to bump up this thread. GM and Ford are both on the ropes now.

LINK

[TreebeardsUncle]

Well, the DOW tested 7800 today after hitting 8500 or so on Thursday due to the credit downgrade GM is facing from the S&P. I would like to see all three go down, particularly GM, as they deserve it. Am guessing Toyota might merge with GM. The government can't carry all these dead-weight dishonest exploitative no-good rip-off artists indefinitely.

[Minvaren]

BBC News : "GM and Chrysler 'in merger talks'"

If bankruptcy isn't an option, I suppose merger is...

[Niagara]

I actually think the big 3 will survive somehow.

I covered my GM short yesterday and went long. Man, what a ride that was from the low 30's.

(DISCLAIMER: don't take investment advice from some guy on the internet)

[pedalling_faster]

Are Ford & GM about to go Bankrupt ?

Their stocks are behaving like Wamu's did.

what was the last company that had $300 billion in liabilities and a stock market capitalization of $4 billion ? WaMu.

GM balance sheet, 190 billion in liabilities, market value of $3 billion.
http://quote.yahoo.com/q/bs?s=GM

Ford balance sheet, 260 billion in liabilities, market value of $5 billion
http://finance.yahoo.com/q/bs?s=F

(those pages have links to the income statements.)

Europe WAS
one of GM's bright spots.

i watched WaMu fall from a market cap of about $8 billion 6 months ago to the recent $4-$5 billion, before it got assigned to - whoever. final sale price - $1.8 or 1.9 billion.

i think GM maybe Ford are about to go BK. what banks would be most impacted by GM or Ford defaulting on their debt ?

one look at GM's income statement - 4 consecutive quarters losing billions & then tens of billions of $. the stock market knows something. Ford has alternating quarters of billion dollar losses, and then some (limited) profits.

[Denny]

$this->bbcode_second_pass_quote('Minvaren', '[')url=http://news.bbc.co.uk/2/hi/business/7664866.stm]BBC News[/url] : "GM and Chrysler 'in merger talks'"

If bankruptcy isn't an option, I suppose merger is...

[mos6507]

$this->bbcode_second_pass_quote('Denny', '
')I think its kind of cute of GM and Chrysler to pair up, like two elderly folks who fall in love at shady acres retirement home. They may not live longer but they'll have a bit of new spice in their lives.

[pup55]

Laurence J. Peter discussed this sort of thing in his famous work on organizational behavior. For whatever reason, people think that two incompetently run organizations, merged into one, will suddenly become competent. We have reason to be skeptical.

The only thing it will accomplish is further pressure on the upstream supply chain (most of which is at or near bankruptcy already). Oh, yeah, that, plus the layoff of even more of the overhead, especially the R and D people, whose job it is to develop products that people will like.

[dunewalker]

The best thing GM could hope for is to be bought by Toyota. The worst thing Toyota could do is buy GM.

[Niagara]

$this->bbcode_second_pass_quote('dunewalker', 'T')he best thing GM could hope for is to be bought by Toyota. The worst thing Toyota could do is buy GM.

[Duende]

Denny wrote:
$this->bbcode_second_pass_quote('', 'I') think its kind of cute of GM and Chrysler to pair up, like two elderly folks who fall in love at shady acres retirement home. They may not live longer but they'll have a bit of new spice in their lives.

[pup55]

$this->bbcode_second_pass_quote('', 'T')he best thing GM could hope for is to be bought by Toyota. The worst thing Toyota could do is buy GM.

[Niagara]

$this->bbcode_second_pass_quote('pup55', 'L')et's see....

There are 566 million shares of GM oustanding. At the current price of about $5 per share, this means you would only need about $1.4B to buy 50% of GM......

[pup55]

I suppose you're right. On the other hand, perhaps there are enough people around that are afraid it will go to "zero" that they can come up with 250 million shares. Even at 15, you are only talking about $5B, which is about how much they will lose in the next two months.

At this point is GM worth more split into parts than it is as a entity? It appears so.

[Denny]

$this->bbcode_second_pass_quote('Hogan', '[')b]GM Survival Questioned as SUV's End Chills Ohio Town

$this->bbcode_second_pass_quote('', '
')Gloom is spreading across Moraine, Ohio, as General Motors Corp. prepares to shut a sport-utility vehicle plant two days before Christmas, abandoning a factory in the Dayton suburb of 7,000 that stretches back to making refrigerators in 1921.

``The whole town is going to be devastated,'' said Cathy Miller, 51, who pours drinks at the Upper Deck sports bar across the street from the plant, where employment has fallen from 4,200 to 1,200 in two years.

Sales of Moraine's truck-based Chevy TrailBlazer, GMC and Saab SUVs have skidded in a U.S. economy whipsawed by a credit crunch and $4-a-gallon gasoline. While the Detroit-based automaker said in June it would close the factory in two years, the company said on Oct. 3 the last day would be Dec. 23.