$this->bbcode_second_pass_quote('OutOfGas', 'T')his bail out is insane. I just read that JP Morgan and sone of the other bond holders are going to be paid 100%.
Somthing stinks. All of these companies (including banks) should have been allowed to go under.
Working taxpayers are totally hosed. Obama paid for some very expensive UAW votes.
Yeah, in some countries there would be riots in the streets or punch-ups in the national assembly or new political parties being formed.
PeakOil is You
GM, Ford, and Chrysler Death Watch Thread
Re: GM, Ford, and Chrysler Death Watch Thread
by Keith_McClary » Tue 02 Jun 2009, 00:30:56
But in the "Land of the Free" the sheeple just line up to be sheared every four years. Must be nice to live in such a civilized country.
Facebook knows you're a dog.
-
Keith_McClary - Light Sweet Crude
- Posts: 7344
- Joined: Wed 21 Jul 2004, 03:00:00
- Location: Suburban tar sands
Re: GM, Ford, and Chrysler Death Watch Thread
by Ibon » Wed 03 Jun 2009, 12:41:14
Post at the Michael Moore website. For whatever you think of Michael Moore he is a Flint Michigan native and his Goodbye GM piece is a wonderful read.
http://www.michaelmoore.com/words/messa ... php?id=248
Monday, June 1st, 2009
Goodbye, GM ...by Michael Moore
I write this on the morning of the end of the once-mighty General Motors. By high noon, the President of the United States will have made it official: General Motors, as we know it, has been totaled.
As I sit here in GM's birthplace, Flint, Michigan, I am surrounded by friends and family who are filled with anxiety about what will happen to them and to the town. Forty percent of the homes and businesses in the city have been abandoned. Imagine what it would be like if you lived in a city where almost every other house is empty. What would be your state of mind?
It is with sad irony that the company which invented "planned obsolescence" -- the decision to build cars that would fall apart after a few years so that the customer would then have to buy a new one -- has now made itself obsolete. It refused to build automobiles that the public wanted, cars that got great gas mileage, were as safe as they could be, and were exceedingly comfortable to drive. Oh -- and that wouldn't start falling apart after two years. GM stubbornly fought environmental and safety regulations. Its executives arrogantly ignored the "inferior" Japanese and German cars, cars which would become the gold standard for automobile buyers. And it was hell-bent on punishing its unionized workforce, lopping off thousands of workers for no good reason other than to "improve" the short-term bottom line of the corporation. Beginning in the 1980s, when GM was posting record profits, it moved countless jobs to Mexico and elsewhere, thus destroying the lives of tens of thousands of hard-working Americans. The glaring stupidity of this policy was that, when they eliminated the income of so many middle class families, who did they think was going to be able to afford to buy their cars? History will record this blunder in the same way it now writes about the French building the Maginot Line or how the Romans cluelessly poisoned their own water system with lethal lead in its pipes.
So here we are at the deathbed of General Motors. The company's body not yet cold, and I find myself filled with -- dare I say it -- joy. It is not the joy of revenge against a corporation that ruined my hometown and brought misery, divorce, alcoholism, homelessness, physical and mental debilitation, and drug addiction to the people I grew up with. Nor do I, obviously, claim any joy in knowing that 21,000 more GM workers will be told that they, too, are without a job.
But you and I and the rest of America now own a car company! I know, I know -- who on earth wants to run a car company? Who among us wants $50 billion of our tax dollars thrown down the rat hole of still trying to save GM? Let's be clear about this: The only way to save GM is to kill GM. Saving our precious industrial infrastructure, though, is another matter and must be a top priority. If we allow the shutting down and tearing down of our auto plants, we will sorely wish we still had them when we realize that those factories could have built the alternative energy systems we now desperately need. And when we realize that the best way to transport ourselves is on light rail and bullet trains and cleaner buses, how will we do this if we've allowed our industrial capacity and its skilled workforce to disappear?
Thus, as GM is "reorganized" by the federal government and the bankruptcy court, here is the plan I am asking President Obama to implement for the good of the workers, the GM communities, and the nation as a whole. Twenty years ago when I made "Roger & Me," I tried to warn people about what was ahead for General Motors. Had the power structure and the punditocracy listened, maybe much of this could have been avoided. Based on my track record, I request an honest and sincere consideration of the following suggestions:
1. Just as President Roosevelt did after the attack on Pearl Harbor, the President must tell the nation that we are at war and we must immediately convert our auto factories to factories that build mass transit vehicles and alternative energy devices. Within months in Flint in 1942, GM halted all car production and immediately used the assembly lines to build planes, tanks and machine guns. The conversion took no time at all. Everyone pitched in. The fascists were defeated.
We are now in a different kind of war -- a war that we have conducted against the ecosystem and has been conducted by our very own corporate leaders. This current war has two fronts. One is headquartered in Detroit. The products built in the factories of GM, Ford and Chrysler are some of the greatest weapons of mass destruction responsible for global warming and the melting of our polar icecaps. The things we call "cars" may have been fun to drive, but they are like a million daggers into the heart of Mother Nature. To continue to build them would only lead to the ruin of our species and much of the planet.
The other front in this war is being waged by the oil companies against you and me. They are committed to fleecing us whenever they can, and they have been reckless stewards of the finite amount of oil that is located under the surface of the earth. They know they are sucking it bone dry. And like the lumber tycoons of the early 20th century who didn't give a damn about future generations as they tore down every forest they could get their hands on, these oil barons are not telling the public what they know to be true -- that there are only a few more decades of useable oil on this planet. And as the end days of oil approach us, get ready for some very desperate people willing to kill and be killed just to get their hands on a gallon can of gasoline.
President Obama, now that he has taken control of GM, needs to convert the factories to new and needed uses immediately.
2. Don't put another $30 billion into the coffers of GM to build cars. Instead, use that money to keep the current workforce -- and most of those who have been laid off -- employed so that they can build the new modes of 21st century transportation. Let them start the conversion work now.
3. Announce that we will have bullet trains criss-crossing this country in the next five years. Japan is celebrating the 45th anniversary of its first bullet train this year. Now they have dozens of them. Average speed: 165 mph. Average time a train is late: under 30 seconds. They have had these high speed trains for nearly five decades -- and we don't even have one! The fact that the technology already exists for us to go from New York to L.A. in 17 hours by train, and that we haven't used it, is criminal. Let's hire the unemployed to build the new high speed lines all over the country. Chicago to Detroit in less than two hours. Miami to DC in under 7 hours. Denver to Dallas in five and a half. This can be done and done now.
4. Initiate a program to put light rail mass transit lines in all our large and medium-sized cities. Build those trains in the GM factories. And hire local people everywhere to install and run this system.
5. For people in rural areas not served by the train lines, have the GM plants produce energy efficient clean buses.
6. For the time being, have some factories build hybrid or all-electric cars (and batteries). It will take a few years for people to get used to the new ways to transport ourselves, so if we're going to have automobiles, let's have kinder, gentler ones. We can be building these next month (do not believe anyone who tells you it will take years to retool the factories -- that simply isn't true).
7. Transform some of the empty GM factories to facilities that build windmills, solar panels and other means of alternate forms of energy. We need tens of millions of solar panels right now. And there is an eager and skilled workforce who can build them.
8. Provide tax incentives for those who travel by hybrid car or bus or train. Also, credits for those who convert their home to alternative energy.
9. To help pay for this, impose a two-dollar tax on every gallon of gasoline. This will get people to switch to more energy saving cars or to use the new rail lines and rail cars the former autoworkers have built for them.
Well, that's a start. Please, please, please don't save GM so that a smaller version of it will simply do nothing more than build Chevys or Cadillacs. This is not a long-term solution. Don't throw bad money into a company whose tailpipe is malfunctioning, causing a strange odor to fill the car.
100 years ago this year, the founders of General Motors convinced the world to give up their horses and saddles and buggy whips to try a new form of transportation. Now it is time for us to say goodbye to the internal combustion engine. It seemed to serve us well for so long. We enjoyed the car hops at the A&W. We made out in the front -- and the back -- seat. We watched movies on large outdoor screens, went to the races at NASCAR tracks across the country, and saw the Pacific Ocean for the first time through the window down Hwy. 1. And now it's over. It's a new day and a new century. The President -- and the UAW -- must seize this moment and create a big batch of lemonade from this very sour and sad lemon.
Yesterday, the last surviving person from the Titanic disaster passed away. She escaped certain death that night and went on to live another 97 years.
So can we survive our own Titanic in all the Flint Michigans of this country. 60% of GM is ours. I think we can do a better job.
Yours,
Michael Moore
MMFlint@aol.com
MichaelMoore.com
http://www.michaelmoore.com/words/messa ... php?id=248
Monday, June 1st, 2009
Goodbye, GM ...by Michael Moore
I write this on the morning of the end of the once-mighty General Motors. By high noon, the President of the United States will have made it official: General Motors, as we know it, has been totaled.
As I sit here in GM's birthplace, Flint, Michigan, I am surrounded by friends and family who are filled with anxiety about what will happen to them and to the town. Forty percent of the homes and businesses in the city have been abandoned. Imagine what it would be like if you lived in a city where almost every other house is empty. What would be your state of mind?
It is with sad irony that the company which invented "planned obsolescence" -- the decision to build cars that would fall apart after a few years so that the customer would then have to buy a new one -- has now made itself obsolete. It refused to build automobiles that the public wanted, cars that got great gas mileage, were as safe as they could be, and were exceedingly comfortable to drive. Oh -- and that wouldn't start falling apart after two years. GM stubbornly fought environmental and safety regulations. Its executives arrogantly ignored the "inferior" Japanese and German cars, cars which would become the gold standard for automobile buyers. And it was hell-bent on punishing its unionized workforce, lopping off thousands of workers for no good reason other than to "improve" the short-term bottom line of the corporation. Beginning in the 1980s, when GM was posting record profits, it moved countless jobs to Mexico and elsewhere, thus destroying the lives of tens of thousands of hard-working Americans. The glaring stupidity of this policy was that, when they eliminated the income of so many middle class families, who did they think was going to be able to afford to buy their cars? History will record this blunder in the same way it now writes about the French building the Maginot Line or how the Romans cluelessly poisoned their own water system with lethal lead in its pipes.
So here we are at the deathbed of General Motors. The company's body not yet cold, and I find myself filled with -- dare I say it -- joy. It is not the joy of revenge against a corporation that ruined my hometown and brought misery, divorce, alcoholism, homelessness, physical and mental debilitation, and drug addiction to the people I grew up with. Nor do I, obviously, claim any joy in knowing that 21,000 more GM workers will be told that they, too, are without a job.
But you and I and the rest of America now own a car company! I know, I know -- who on earth wants to run a car company? Who among us wants $50 billion of our tax dollars thrown down the rat hole of still trying to save GM? Let's be clear about this: The only way to save GM is to kill GM. Saving our precious industrial infrastructure, though, is another matter and must be a top priority. If we allow the shutting down and tearing down of our auto plants, we will sorely wish we still had them when we realize that those factories could have built the alternative energy systems we now desperately need. And when we realize that the best way to transport ourselves is on light rail and bullet trains and cleaner buses, how will we do this if we've allowed our industrial capacity and its skilled workforce to disappear?
Thus, as GM is "reorganized" by the federal government and the bankruptcy court, here is the plan I am asking President Obama to implement for the good of the workers, the GM communities, and the nation as a whole. Twenty years ago when I made "Roger & Me," I tried to warn people about what was ahead for General Motors. Had the power structure and the punditocracy listened, maybe much of this could have been avoided. Based on my track record, I request an honest and sincere consideration of the following suggestions:
1. Just as President Roosevelt did after the attack on Pearl Harbor, the President must tell the nation that we are at war and we must immediately convert our auto factories to factories that build mass transit vehicles and alternative energy devices. Within months in Flint in 1942, GM halted all car production and immediately used the assembly lines to build planes, tanks and machine guns. The conversion took no time at all. Everyone pitched in. The fascists were defeated.
We are now in a different kind of war -- a war that we have conducted against the ecosystem and has been conducted by our very own corporate leaders. This current war has two fronts. One is headquartered in Detroit. The products built in the factories of GM, Ford and Chrysler are some of the greatest weapons of mass destruction responsible for global warming and the melting of our polar icecaps. The things we call "cars" may have been fun to drive, but they are like a million daggers into the heart of Mother Nature. To continue to build them would only lead to the ruin of our species and much of the planet.
The other front in this war is being waged by the oil companies against you and me. They are committed to fleecing us whenever they can, and they have been reckless stewards of the finite amount of oil that is located under the surface of the earth. They know they are sucking it bone dry. And like the lumber tycoons of the early 20th century who didn't give a damn about future generations as they tore down every forest they could get their hands on, these oil barons are not telling the public what they know to be true -- that there are only a few more decades of useable oil on this planet. And as the end days of oil approach us, get ready for some very desperate people willing to kill and be killed just to get their hands on a gallon can of gasoline.
President Obama, now that he has taken control of GM, needs to convert the factories to new and needed uses immediately.
2. Don't put another $30 billion into the coffers of GM to build cars. Instead, use that money to keep the current workforce -- and most of those who have been laid off -- employed so that they can build the new modes of 21st century transportation. Let them start the conversion work now.
3. Announce that we will have bullet trains criss-crossing this country in the next five years. Japan is celebrating the 45th anniversary of its first bullet train this year. Now they have dozens of them. Average speed: 165 mph. Average time a train is late: under 30 seconds. They have had these high speed trains for nearly five decades -- and we don't even have one! The fact that the technology already exists for us to go from New York to L.A. in 17 hours by train, and that we haven't used it, is criminal. Let's hire the unemployed to build the new high speed lines all over the country. Chicago to Detroit in less than two hours. Miami to DC in under 7 hours. Denver to Dallas in five and a half. This can be done and done now.
4. Initiate a program to put light rail mass transit lines in all our large and medium-sized cities. Build those trains in the GM factories. And hire local people everywhere to install and run this system.
5. For people in rural areas not served by the train lines, have the GM plants produce energy efficient clean buses.
6. For the time being, have some factories build hybrid or all-electric cars (and batteries). It will take a few years for people to get used to the new ways to transport ourselves, so if we're going to have automobiles, let's have kinder, gentler ones. We can be building these next month (do not believe anyone who tells you it will take years to retool the factories -- that simply isn't true).
7. Transform some of the empty GM factories to facilities that build windmills, solar panels and other means of alternate forms of energy. We need tens of millions of solar panels right now. And there is an eager and skilled workforce who can build them.
8. Provide tax incentives for those who travel by hybrid car or bus or train. Also, credits for those who convert their home to alternative energy.
9. To help pay for this, impose a two-dollar tax on every gallon of gasoline. This will get people to switch to more energy saving cars or to use the new rail lines and rail cars the former autoworkers have built for them.
Well, that's a start. Please, please, please don't save GM so that a smaller version of it will simply do nothing more than build Chevys or Cadillacs. This is not a long-term solution. Don't throw bad money into a company whose tailpipe is malfunctioning, causing a strange odor to fill the car.
100 years ago this year, the founders of General Motors convinced the world to give up their horses and saddles and buggy whips to try a new form of transportation. Now it is time for us to say goodbye to the internal combustion engine. It seemed to serve us well for so long. We enjoyed the car hops at the A&W. We made out in the front -- and the back -- seat. We watched movies on large outdoor screens, went to the races at NASCAR tracks across the country, and saw the Pacific Ocean for the first time through the window down Hwy. 1. And now it's over. It's a new day and a new century. The President -- and the UAW -- must seize this moment and create a big batch of lemonade from this very sour and sad lemon.
Yesterday, the last surviving person from the Titanic disaster passed away. She escaped certain death that night and went on to live another 97 years.
So can we survive our own Titanic in all the Flint Michigans of this country. 60% of GM is ours. I think we can do a better job.
Yours,
Michael Moore
MMFlint@aol.com
MichaelMoore.com
Patiently awaiting the pathogens. Our resiliency resembles an invasive weed. We are the Kudzu Ape
blog: http://blog.mounttotumas.com/
website: http://www.mounttotumas.com
blog: http://blog.mounttotumas.com/
website: http://www.mounttotumas.com
-
Ibon - Expert
- Posts: 9572
- Joined: Fri 03 Dec 2004, 04:00:00
- Location: Volcan, Panama
Re: GM, Ford, and Chrysler Death Watch Thread
by Denny » Thu 04 Jun 2009, 21:48:03
Much as I often find Moore to be a self indulgent blowhard, I agree with most of his thoughts expressed.
Didn't Obama talk so much about change? Now is the golden opportunity to remake American manufacturing, not only can it provide a more sustainable lifestyle for all, but that will in itself make the industries providing those goods sustainable. Sorry, GM, more Camaros will not!
PS - With all the bailout money coming from Canada for GM and Chrysler, around $13 billion, has there even been a nickel put up by Mexico? It seems from the Detroit News graphic posted earlier that is where the jobs are going. I don't see why Americans and Canadians should put up their money so jobs can flow southward just that much faster.
Didn't Obama talk so much about change? Now is the golden opportunity to remake American manufacturing, not only can it provide a more sustainable lifestyle for all, but that will in itself make the industries providing those goods sustainable. Sorry, GM, more Camaros will not!
PS - With all the bailout money coming from Canada for GM and Chrysler, around $13 billion, has there even been a nickel put up by Mexico? It seems from the Detroit News graphic posted earlier that is where the jobs are going. I don't see why Americans and Canadians should put up their money so jobs can flow southward just that much faster.
-
Denny - Heavy Crude
- Posts: 1738
- Joined: Sat 10 Jul 2004, 03:00:00
- Location: Canada
Re: GM, Ford, and Chrysler Death Watch Thread
by Revi » Thu 04 Jun 2009, 22:21:45
I agree, Michael Moore is absolutely right. We know about peak oil, and the need to do something. Most people don't. They want us to save GM on the off chance that we can revive the beast. Get back to easy motoring. Bring back the muscle cars.
I was talking about it to some of my colleagues, and they all felt that Chevy makes a good product, and that everyone "should buy one".
None of them were rushing out to do it, however.
It's rally time, America.
Buy one of these things. Please.
GM killed the brand when they went with the Hummer and killed the EV1.
Everything about GM is sad. Even the car names.
The Malibuhoo, the Saab and the Bummer.
I
I was talking about it to some of my colleagues, and they all felt that Chevy makes a good product, and that everyone "should buy one".
None of them were rushing out to do it, however.
It's rally time, America.
Buy one of these things. Please.
GM killed the brand when they went with the Hummer and killed the EV1.
Everything about GM is sad. Even the car names.
The Malibuhoo, the Saab and the Bummer.
I
Deep in the mud and slime of things, even there, something sings.
-
Revi - Light Sweet Crude
- Posts: 7417
- Joined: Mon 25 Apr 2005, 03:00:00
- Location: Maine
Re: GM, Ford, and Chrysler Death Watch Thread
by dohboi » Mon 08 Jun 2009, 14:34:51
Good post, but it's a bit late for "criss-crossing the country with bullet trains."
Power down means much less long distance travel, period. This is and always has been an enormous luxury. It must end now. We can't do all the things we did with cheap fossil fuels just in new ways. It just won't work. We have to look at what is absolutely essential for survival, and where we should give up on trying to survive in large numbers (much of the southwest, for example, low-lying coastal areas, flood plains...).
Power down means much less long distance travel, period. This is and always has been an enormous luxury. It must end now. We can't do all the things we did with cheap fossil fuels just in new ways. It just won't work. We have to look at what is absolutely essential for survival, and where we should give up on trying to survive in large numbers (much of the southwest, for example, low-lying coastal areas, flood plains...).
-
dohboi - Harmless Drudge
- Posts: 19990
- Joined: Mon 05 Dec 2005, 04:00:00
Re: GM, Ford, and Chrysler Death Watch Thread
by eXpat » Wed 01 Jul 2009, 13:07:07
Not good news for the only remaining company of the title of the thread
Ford U.S. sales fall 10.9 percent in June
$this->bbcode_second_pass_quote('', 'D')ETROIT (Reuters) - Ford Motor Co said on Wednesday that U.S. sales fell 10.9 percent in June for all of its brands, at the top of its expectations for the only U.S. automaker not supported by emergency government loans.
Ford sales fell to 155,195 vehicles in June, from 174,091 vehicles a year earlier. For its Ford, Lincoln and Mercury brands, sales fell 11.3 percent to 148,153 vehicles.
Volvo sales rose 0.6 percent to 7,042 vehicles in June from a year earlier.
In the Ford, Lincoln, Mercury brands, car sales fell 17 percent from a year earlier, crossover sales fell 4.3 percent, SUV sales fell 20.4 percent and truck and van sales fell 6.9 percent, Ford said.
Ford expected to post a sales decline in the 10 to 20 percent range in June. It also expects U.S. auto industry sales to be down in the 25 to 30 percent range.
The automaker said on Monday it had increased planned third-quarter production in North America by 5.4 percent to 485,000 vehicles from its initial production plan of 460,000 vehicles.
Ford produced 418,000 vehicles in the third quarter of 2008 and the increase in quarterly production on a year-over-year basis is the first for the automaker in two years.
U.S. rivals General Motors Corp and Chrysler have curtailed production sharply to work through their bankruptcy sale programs.
Ford U.S. sales fall 10.9 percent in June
$this->bbcode_second_pass_quote('', 'D')ETROIT (Reuters) - Ford Motor Co said on Wednesday that U.S. sales fell 10.9 percent in June for all of its brands, at the top of its expectations for the only U.S. automaker not supported by emergency government loans.
Ford sales fell to 155,195 vehicles in June, from 174,091 vehicles a year earlier. For its Ford, Lincoln and Mercury brands, sales fell 11.3 percent to 148,153 vehicles.
Volvo sales rose 0.6 percent to 7,042 vehicles in June from a year earlier.
In the Ford, Lincoln, Mercury brands, car sales fell 17 percent from a year earlier, crossover sales fell 4.3 percent, SUV sales fell 20.4 percent and truck and van sales fell 6.9 percent, Ford said.
Ford expected to post a sales decline in the 10 to 20 percent range in June. It also expects U.S. auto industry sales to be down in the 25 to 30 percent range.
The automaker said on Monday it had increased planned third-quarter production in North America by 5.4 percent to 485,000 vehicles from its initial production plan of 460,000 vehicles.
Ford produced 418,000 vehicles in the third quarter of 2008 and the increase in quarterly production on a year-over-year basis is the first for the automaker in two years.
U.S. rivals General Motors Corp and Chrysler have curtailed production sharply to work through their bankruptcy sale programs.
http://www.reuters.com/article/newsOne/idUSTRE56041E20090701
"I learned long ago, never to wrestle with a pig. You get dirty, and besides, the pig likes it."
George Bernard Shaw
“You can ignore reality, but you can't ignore the consequences of ignoring reality.” Ayn Rand
George Bernard Shaw
“You can ignore reality, but you can't ignore the consequences of ignoring reality.” Ayn Rand
-
eXpat - Intermediate Crude
- Posts: 3801
- Joined: Thu 08 Jun 2006, 03:00:00
Re: GM, Ford, and Chrysler Death Watch Thread
by eastbay » Wed 01 Jul 2009, 19:54:51
The BIG news this week is that GW is quitting participation in the Toyota/GM joint venture called the 'NUMMI' plant in Milpitas, CA.
This will quite possibly lead to the end of this auto plant. I believe this is the auto plant with the highest hourly wage on earth. It's no surprise at all that it's under extreme financial pressure. A friend of mine and former neighbor works there and with OT made $110,000 in '08 screwing basically the same parts together over and over again. Crazy.
http://wheels.blogs.nytimes.com/2009/06 ... utomobiles
This will quite possibly lead to the end of this auto plant. I believe this is the auto plant with the highest hourly wage on earth. It's no surprise at all that it's under extreme financial pressure. A friend of mine and former neighbor works there and with OT made $110,000 in '08 screwing basically the same parts together over and over again. Crazy.
http://wheels.blogs.nytimes.com/2009/06 ... utomobiles
Got Dharma?
Everything is Impermanent. Shakyamuni Buddha
Everything is Impermanent. Shakyamuni Buddha
-
eastbay - Expert
- Posts: 7186
- Joined: Sat 18 Dec 2004, 04:00:00
- Location: One Mile From the Columbia River
Re: GM, Ford, and Chrysler Death Watch Thread
by eXpat » Tue 07 Jul 2009, 15:53:20
This was not small peanuts either.
Auto parts maker Lear Corp. files for Chapter 11
$this->bbcode_second_pass_quote('', 'N')EW YORK – Automotive parts supplier Lear Corp. filed for bankruptcy protection on Tuesday after receiving support it needed from lenders and bondholders to reorganize its struggling business.
The move had been expected from the maker of vehicle seats and electronics, which missed an interest payment on its bond debt last week and revealed its intention to seek Chapter 11 bankruptcy protection from its creditors. The Southfield, Mich.-based company made the filing in the U.S. Bankruptcy Court for the Southern District of New York.
It listed $1.27 billion in assets and $4.54 billion in liabilities. Subsidiaries outside the U.S. and Canada are not part of the filings, the company said.
Auto parts maker Lear Corp. files for Chapter 11
$this->bbcode_second_pass_quote('', 'N')EW YORK – Automotive parts supplier Lear Corp. filed for bankruptcy protection on Tuesday after receiving support it needed from lenders and bondholders to reorganize its struggling business.
The move had been expected from the maker of vehicle seats and electronics, which missed an interest payment on its bond debt last week and revealed its intention to seek Chapter 11 bankruptcy protection from its creditors. The Southfield, Mich.-based company made the filing in the U.S. Bankruptcy Court for the Southern District of New York.
It listed $1.27 billion in assets and $4.54 billion in liabilities. Subsidiaries outside the U.S. and Canada are not part of the filings, the company said.
http://www.google.com/hostednews/ap/article/ALeqM5gQg78Lh18noT5SR56gOA5se8a97AD999Q5KO0
"I learned long ago, never to wrestle with a pig. You get dirty, and besides, the pig likes it."
George Bernard Shaw
“You can ignore reality, but you can't ignore the consequences of ignoring reality.” Ayn Rand
George Bernard Shaw
“You can ignore reality, but you can't ignore the consequences of ignoring reality.” Ayn Rand
-
eXpat - Intermediate Crude
- Posts: 3801
- Joined: Thu 08 Jun 2006, 03:00:00
Re: GM, Ford, and Chrysler Death Watch Thread
by Denny » Wed 22 Jul 2009, 21:06:21
Cadillac Fragrance?
Saw this on the morning news, a new scent for men, and thought it was too funny. Then I checked out a website and its even funnier. See http://lastheplace.com/2008/12/04/cadillac-fragrance-for-men-set-to-debut-worldwide/
Yes, hard to believe but some equate the name "Cadillac" with sexy. The only women who seem to think so, (see the article) are Jackie Collins and Cloris Leachman.
It seems appropriate somehow that the kind of babes who think highly of Cadillac are one step short of the geriatric ward.
Saw this on the morning news, a new scent for men, and thought it was too funny. Then I checked out a website and its even funnier. See http://lastheplace.com/2008/12/04/cadillac-fragrance-for-men-set-to-debut-worldwide/
Yes, hard to believe but some equate the name "Cadillac" with sexy. The only women who seem to think so, (see the article) are Jackie Collins and Cloris Leachman.
It seems appropriate somehow that the kind of babes who think highly of Cadillac are one step short of the geriatric ward.
-
Denny - Heavy Crude
- Posts: 1738
- Joined: Sat 10 Jul 2004, 03:00:00
- Location: Canada
Re: GM, Ford, and Chrysler Death Watch Thread
by Keith_McClary » Thu 23 Jul 2009, 01:55:56
$this->bbcode_second_pass_quote('Denny', '[')b]Cadillac Fragrance?
Saw this on the morning news, a new scent for men, and thought it was too funny. Then I checked out a website and its even funnier. See http://lastheplace.com/2008/12/04/cadillac-fragrance-for-men-set-to-debut-worldwide/
Yes, hard to believe but some equate the name "Cadillac" with sexy. The only women who seem to think so, (see the article) are Jackie Collins and Cloris Leachman.
It seems appropriate somehow that the kind of babes who think highly of Cadillac are one step short of the geriatric ward.
Saw this on the morning news, a new scent for men, and thought it was too funny. Then I checked out a website and its even funnier. See http://lastheplace.com/2008/12/04/cadillac-fragrance-for-men-set-to-debut-worldwide/
Yes, hard to believe but some equate the name "Cadillac" with sexy. The only women who seem to think so, (see the article) are Jackie Collins and Cloris Leachman.
It seems appropriate somehow that the kind of babes who think highly of Cadillac are one step short of the geriatric ward.
It doesn't seem to be authorized by GM, they would own the TradeMark rights to use the name "Cadillac" for cars ( and pickup trucks
) but not per-fumes.I've noticed that "iconic" companies like "Bell and Howell" and Polaroid seem to be selling their brand names for silly products like lava-lamp night-lights or key-chain flashlights.
Will failed car companies get into this game? Perhaps we will be able to buy an Oldsmobile talking beer opener or a Chrysler Imperial lawn dwarf.
Facebook knows you're a dog.
-
Keith_McClary - Light Sweet Crude
- Posts: 7344
- Joined: Wed 21 Jul 2004, 03:00:00
- Location: Suburban tar sands
![[smilie=eusa_clap.gif]](https://udev.peakoil.com/forums/images/smilies/eusa_clap.gif "eusa_clap")
paying back debt as soon as possible.
