[mattduke]

$this->bbcode_second_pass_quote('', 'G')eneral Motors Corp's (GM.N) plan for a bankruptcy filing involves a quick sale of the company's healthy assets to a new company initially owned by the U.S. government, a source familiar with the situation said on Tuesday.

[Plantagenet]

Would you buy a slightly used car company from this man?

[Keith_McClary]

$this->bbcode_second_pass_quote('mattduke', '')$this->bbcode_second_pass_quote('', 'G')eneral Motors Corp's (GM.N) plan for a bankruptcy filing involves a quick sale of the company's healthy assets to a new company initially owned by the U.S. government, a source familiar with the situation said on Tuesday.

[Sixstrings]

$this->bbcode_second_pass_quote('Keith_McClary', '')$this->bbcode_second_pass_quote('mattduke', '')$this->bbcode_second_pass_quote('', 'G')eneral Motors Corp's (GM.N) plan for a bankruptcy filing involves a quick sale of the company's healthy assets to a new company initially owned by the U.S. government, a source familiar with the situation said on Tuesday.

[Fishman]

Government Motors, perhaps we'll have cars named after prominent Democrats. The Pelosimobile, sputters, huge headlights, had to tell the front from the back. The Reid vette, saggy looking, not much use, instrument panel very hard to read. And the ultimate, PackardObama, incredible exterior, highly polished, one cylinder engine, steers left off the lot.
Seriously, WHO will buy these vehicles, certainly not the left, and certainly not those gun toting folks Obama mocked during the election, UAW built and UAW owned.

[eXpat]

Next week may be THE week!
GM talks likely to June 1, not past: Obama adviser
$this->bbcode_second_pass_quote('', 'W')ASHINGTON (Reuters) - General Motors Corp restructuring efforts are likely to go right up to the June 1 deadline set by the Obama administration, but not beyond, a White House economic adviser said on Friday.

"I think the government is going to let it play out but not in a passive sense," Austan Goolsbee, a member of the White House Council of Economic Advisers and a member of the autos task force, said in an interview on Reuters Television.

"There's no question that if everybody came to agreement early, they could do something earlier than the deadline but I think the deadline is the last date," he said in an interview on the White House lawn. "I doubt seriously they're going to let it go past the stated deadline."

[Keith_McClary]

$this->bbcode_second_pass_quote('Fishman', 'G')overnment Motors, perhaps we'll have cars named after prominent Democrats. The Pelosimobile, sputters, huge headlights, had to tell the front from the back. The Reid vette, saggy looking, not much use, instrument panel very hard to read. And the ultimate, PackardObama, incredible exterior, highly polished, one cylinder engine, steers left off the lot.
Seriously, WHO will buy these vehicles, certainly not the left, and certainly not those gun toting folks Obama mocked during the election, UAW built and UAW owned.

[eXpat]

GM Said to Plan June 1 Bankruptcy as Debt Plan Gains
$this->bbcode_second_pass_quote('', ' ')May 28 (Bloomberg) -- General Motors Corp., the world’s largest automaker until its 77-year reign ended in 2008, plans to file for bankruptcy protection on June 1 and sell most of its assets to a new company, people familiar with the matter said.

GM’s path will be smoothed by an accord today giving some of its biggest bondholders an equity stake in the reorganized automaker. The U.S. Treasury is requiring that an unspecified percentage of debt holders accept the terms by 5 p.m. New York time on May 30, Detroit-based GM said in a regulatory filing.

“If bondholders agree to this up front, this would essentially be a prepackaged bankruptcy,” said Shelly Lombard, an analyst with New York-based bond-research firm Gimme Credit LLC. “GM could exit Chapter 11 faster.”

Battered by almost $88 billion in losses since 2004, GM fell short in a bid to cut debt by $44 billion under a U.S.-set June 1 deadline to restructure outside court. The 100-year-old automaker seeks to rebuild around assets such as the Cadillac and Chevrolet brands as it follows Chrysler LLC into bankruptcy.

The people familiar with GM’s plans didn’t specify where the automaker might make its Chapter 11 filing. They asked not to be identified because the details aren’t public.

[dukey]

even without an economic disaster
this was pretty much inevitable for GM

[eXpat]

Do you hold GM bonds, or any bond for that matter?
GM bondholders unite for expected battle
$this->bbcode_second_pass_quote('', '&')quot;The latest GM ‘offer' sends a chilling message to all individual bondholders, not just those, like us, holding GM bonds: Contracts in America are no longer worth the paper they are written on," said GM Bondholders Unite, a grassroots group representing individual GM bondholders across the United States.

"The ‘offer' to individual GM bond investors is ridiculously lopsided because it arbitrarily favors other groups, at the expense of the legal rights, under the U.S. Constitution, of hundreds of thousands of individual GM bond investors... We aren't asking for a bailout or a handout, just a fair deal. So we have no plans to back down."

GM, backed by the U.S. Treasury, on Thursday morning boosted an equity offer to bondholders holding US$27-billion worth of debt in the automaker in a move designed to smooth the way for a fast trip through bankruptcy court. It also confirmed the Canadian and Ontario governments could take an unspecified ownership position in GM in exchange for financing it through creditor protection.

[jasonraymondson]

Stocks and Bonds are no different than playing a game of craps. Eventually you lose, and sometimes you lose big.

I use to work in a casino years ago as a dealer and would watch people who would gamble their pay checks away, and then would blame the casino. cussing up storm, trying to start fights... and then the casino called the guards and they would haul them out kicking and screaming.

It is not the casino's fault you lose money... the fault is always on the individuals who have the audacity to believe that they are lucky or who think they can beat the system.

The same for the bond market. I smiled everytime someone went broke at my casino, and I smile everytime some idiot loses everything in stocks and bonds.

[outcast]

Bankruptcy doesn't always mean the company will be wiped out. Before Enron, the then largest corperate bankruptcy in US history was Texaco, but they are still around.

[Maddog78]

Well, sort of.

Merged with Chevron in 2001.

[eastbay]

I have a friend who sells GMC trucks to business and all levels of government. He claims the coming bankruptcy will have no impact whatsoever on his end of the truck business and that sales, at least HIS sales, have been fairly steady through the past year. How about that!

Maybe GMC trucks will continue regardless. He's convinced of it.

[Sixstrings]

GM isn't dead.. it's just cutting losses and selling itself to us, the taxpayers. To the tune of what, 50 billion?

[Cabrone]

Probably no surprise to anyone on here: link

[patience]

So much for my GM pension.

Well, I also have Social Security, for however long THAT lasts. (Due to be in the red next year, maybe is now.)

And my wife took SS at first eligibility to avoid a layoff from her govt job (Census Bureau).

Good thing I have a small business, since the US economy is doing so great!!

[Revi]

GM is in the process of breaking up. I heard that Opel is being sold, along with Vauxall, maybe to Chinese investors. They are moving in and gobbling up the profitable car companies in Europe.

http://www.newser.com/article/d98eltmg0 ... -unit.html

It's going to cost $50 billion just to go bankrupt, and we'll be stuck with a 72.5% stake in GM.

I think they should change the name to Government Motors.

[miraculix]

I believe Opel Vauxhall is going to be pandered to a Canadian-Austrian company called Magna

http://www.upi.com/Business_News/2009/05/29/Magna-GM-reach-tentative-deal-for-Opel/UPI-63461243602478/

[Armageddon]

So they are still trying to restructure ? What part of nobody wants their POS do they not understand ?