Skip to comments.General Motors is Head For Bankruptcy -- Again
Posted on 08/16/2012 3:55:24 PM PDT by Harley
President Obama is proud of his bailout of General Motors. Thats good, because, if he wins a second term, he is probably going to have to bail GM out again. The company is once again losing market share, and it seems unable to develop products that are truly competitive in the U.S. market.
Right now, the federal government owns 500,000,000 shares of GM, or about 26% of the company. It would need to get about $53.00/share for these to break even on the bailout, but the stock closed at only $20.21/share on Tuesday. This left the government holding $10.1 billion worth of stock, and sitting on an unrealized
(Excerpt) Read more at forbes.com ...
Should have been “addressed” as part of any bailout. Of course the purpose of the bailout was to shore up the union.
GM is dead.
This is a duplicate post. Sorry. My GM Bankruptcy search didn’t reveal it to me.
They is be head for that?
You know, sources that fail to master English tend not to get too much credibility.
I be sorry dem suckas be head for dat, eberyone up in de gettho be sorry 2wo yo.
Who dey be head fo up in here?
Whaaaaaaaaaaat? Thought the Chevy Volts were going gangbuster in sales. (”
I think the government is going to do the same thing I did with my GM stock a couple of years ago.
And I think it was part of the plan all along. Basically they will be giving the remainder of the company to the union. I believe the corporation still has value such as real estate, patents, and other items that can be salvaged for the benefit of the union and it's sponsors.
We are watching a great american corporation being cannibalized by looters right before our eyes.
When the government was buying GM I put my money in Ford at the same time for $1.76 a share. It sold on an auto sell order during a particularly volatile day at around $12 a share.
Cheer up sir, we'll give it another try!
Isn't this what the libs accused Romney and Bain of doing?
The management, with the Board of Director's approval, was gutting the company and getting the last penny out of any productive capacity, but it wasn't being added to in any meaningful way.
Finally, it was a marketing division ~ for hire ~ by foreign auto makers.
The proper termination would have involved a sale of the assets and a total dissolution of every aspect of the corporation, right down to busting up the concrete in the parking lots for use in road building projects elsewhere.
Bond holders would still have been shorted because there simply wasn't enough to cover the debt.
The next bankruptcy is the end of the road. No more GM. And yet UAW will probably be sued by everybody and his brother over that multibillion dollar payoff they got.
They'll probably lose that too having obtained it under false pretenses.
GM, Solyndra, high speed rail, etc. All of Obama’s spending is to pad pockets. None of the projects are really planned to succeed. He probably wants them to fail. All part of what has to happen to lead to the big “transformation” of America.
He has to destroy the country before he can transform it. Obama and all of his buddies should be swinging from the yardarm.
QC took a nosedive in the early 70’s that’s for sure .
Why give the sucker a choice? Make them buy Voltz!
With the upcoming war in Iran, it actually makes sense! Stockpile inventory, cause there's gonna be a big demand soon!
My family has always driven GM products. My first vehicle was a GMC 4X4 truck.
No More! I helped put Government Motors down - I'm so proud.
I was expecting a Texas Blogpimp Massacre. And here I find ya moonlighting as a 9th grade English teacher.
What is the world coming to?
I had an 83 K10 4wd that gave me about 212k miles. The 305 3 speed wasn’t a powerhouse but it did ok.
The rear shock mounts on the frame developed cracks and it rode like a covered wagon.
Lack of oversight is the problem.
The blame is firmly landed upon management.
I was on a break, as per the schedule.
Thats because their cars suck!
So those dozens of GM engine and transmission plants were just decoys for Russian bombers?
I can't believe some of the stuff on FR....
The Corvette ZR1, Camaro ZL1 and the Cadillac CTS-V are decent vehicles. I do appreciate the Camaro ZL1 putting the pressure on Ford to produce the 662hp 2013 Shelby GT500.
Thug government + thug unions
What could go wrong?
decades ago. I worked on a line that made PARTS for all the Big Three. transmissions are different. for a very long time the Big Tree made their own transmissions, then gradually phased out of that. even Ford gave up machine screws and began buying them on the world market. I grew up about 3 miles from that factory. today the blocks are rough cast in Brazil and Argentina ~ since they are the world's low cost producer AND they seem to have no clean air laws so you can just blow dust all the time.
you need to keep up on this stuff.
If they all had that as a seat cover they wouldn’t need sales people, just a cash register. LOL !!
At that time there were still several transmission plants in Indianapolis. Chrysler, Allison, Ford ~ still all there and smokin' day and night, and then gradually through the 1970s and 1980s their operations were minimized, work farmed out to newer, smaller, more automated plants, and finally just terminated or REMOVED entirely from building devices used in cars.
Today those plants are targets for ICBMs, just like they were 30 and 40 years ago. More recently - June 2007 in fact GM announced that it was selling Allison Transmission to private equity firms. Still, it'd been a good 25 years since they'd made anything other than top of the line heavy duty commercial transmissions ~ with what looks like a worldwide lock on bus transmissions. They quit making anything for automobiles ages back.
BTW, GM had built a new facility in Indianapolis for transmissions ~ but in the end there were only 2500 employees there. Used to be FAR MORE employees.
American manufacturing has shifted, in general, to top end stuff ~ with a lot more mechanization, automation, computerization and robotics than factories making similar products in other countries. We still have the stuff, but we don't make the more labor intensive small stuff, and we don't need to hire on the employees like the old days.
General Motors was gutted by its management and its value dissipated in dividends.
Possibly the least annoying double-post ever.
So GM isn’t making blocks, heads, transmission housings, etc? These are all decoys for Russian bombers?
Central Foundry Defiance Ohio
Cylinder Blocks, Cylinder Heads and Crankshafts
2010 5.8 million produced
Automatic transmission and converter housings
Bay City Michigan
Saginaw metal casting
Aluminum engine blocks and cylinder heads
2.2L/2.4L L850 I4 blocks
5.3L/6.0L Gen IV V-8 blocks and heads
5.3L/6.2L Gen IV V-8 block pre-machine
2010 2,017,103 castings
You need to get over to Indiana.
The Chrysler transmission plants are in KOKOMO and are going strong.
And btw they make their own die cast cases.
Fords transmission ops have been in Cincy forever, not Indianapolis. Indy was the steering gear plant.
Little you know about the transmission business.
You post gibberish.
I post links to verifiable facts.
Still, during peak operations they contracted with the Big 3 to manufacture PARTS for every part of the drivetrain ~ but the only finished product counts you got out of that plant were ENGINES PRODUCED
Along the way I do believe I visited virtually every major manufacturing facility in Central Indiana and worked in some. The GM question focused on what happened to the company ~ and not it's assets ~ but the company, and the company was busy converting every asset it had into cash to distribute. Eventually (and I think "eventually" was something like 2009) they'd had to dissolve the company and sell most of their industrial base for the value of the land, steel, and reprocessed used brick facades.
Go ahead. Do whatever you want. I have dozens of first cousins ~ and virtually all of them spent years in the automotive manufacturing industry. Those still working are employed by Japanese parts companies. News gets out.
So you’re saying all those GM Powertrain plant links and manufacturing data are bogus?
cause you told us in #15:
“35 years ago ~ from that time onward about all they manufactured were the body shells for several cars and three types of SUV”
During the first GM bankruptcy there was a post comparing the bailout to what happened to British Leyland. The government saved the company only to later see it collapse anyway. The post said this is likely what would happen to GM as well.
Even then, the part's manufacturing is of greater importance than the assembly ~ and what you are giving out are assembly statistics. That's just a shell of the real activity of basic manufacturing parts which can be taking place in Korea, Japan, China, India, MExico ~ and you'd never know it.
The title's correct on Forbes.
I bought ford in 2008 for right around a buck.. I still have the shares. I sure wish I had the big $$ to buy that day. 12 to 1 return on your money is nothing to laugh at.
I hope it’s dead. We can’t afford to prop it or any other crap corporation up anymore.
My pie. Where it be?
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