From everything I've heard, this will force Government Motors into bankruptcy, Chapter 11.
1 posted on
04/28/2009 10:48:32 AM PDT by
Kieri
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To: Kieri
There must be a downside.
2 posted on
04/28/2009 10:50:00 AM PDT by
Lonesome in Massachussets
(The age of 0bama: the transient ischemic delusions of adequacy decade.)
To: Kieri
Good. They need the BK for a cram down on the unions which is what killed them. Otherwise, watch tax $$ fund the unions for decades to come...
3 posted on
04/28/2009 10:50:40 AM PDT by
eureka!
(Elections have consequences, boy howdy. *sigh*)
To: Kieri
As GM goes, so goes America - In the current case that direction is socialist.
4 posted on
04/28/2009 10:51:34 AM PDT by
KarlInOhio
(No free man bows to a foreign king.)
To: Kieri
In a real bankruptcy, one where you hope to remain viable and fight another day, bond holders go to the front of the line ... Not first out the rabbit hole
5 posted on
04/28/2009 10:51:45 AM PDT by
Tarpon
(You abolish your responsibilities, your surrender your rights.)
To: Kieri
"GM's offer is inadequate and shows favoritism to the United Auto Workers union"Of course it does, now.
7 posted on
04/28/2009 10:52:13 AM PDT by
Abathar
(Proudly posting without reading the article carefully since 2004)
To: Kieri
Keeping the feds out of GM as much as possible is good for GM and good for america.
8 posted on
04/28/2009 10:53:02 AM PDT by
longtermmemmory
(VOTE! http://www.senate.gov and http://www.house.gov)
To: Kieri
If the government owns the majority stake in
GM it will not go bankrupt. Instead, we, the taxpayers will end up funding a failure.
9 posted on
04/28/2009 10:54:04 AM PDT by
Melchior
To: Kieri
Shouldn’t a judge be presiding over this? The UAW has $10B and gets 39%, whereas bondholders have $27B and get 10%? How is this legal?
To: Kieri
These aren't just bondholders, mind you. Some of them are
secured bondholders.
There's no way in hell they should be forced to settle for 5 or 10 cents on the dollar.
Enough with the fascist bullshit already. Time to file.
13 posted on
04/28/2009 10:57:18 AM PDT by
Petronski
(For the next few years, Gethsemane will not be marginal. We will know that garden. -- Cdl. Stafford)
To: Kieri
The UAW would receive about a 39 percent stake in GM if it agrees to take $10 billion in health care trust payments in stock. Bondholders will get a 10 percent stake in GM if 90 percent of its $27 billion in unsecured debt is swapped for stock. Pretty fuzzy math, wouldn't you say!
16 posted on
04/28/2009 10:58:20 AM PDT by
PDMiller
To: Kieri
Bond holders get 10% for their $27 billion and the left wing who caused it gets 39% for a lie that says they would have gotten $10 billion for health care but when one is bankrupt there is no money to pay for health care. And the socialist get 50% of the company. So the people that have invested in bonds will be eliminated and their retirement money will be gone and given to the anti-American left. And the anti-American left who caused this in the first place will be placed in charge. I do not think that I will ever again buy a GM car.
18 posted on
04/28/2009 10:58:41 AM PDT by
YOUGOTIT
(I will always be a Soldier)
To: Kieri
The offer it made to the bondholders would be an antrocity. It would leave the government and UAW in control of 90% of the stock, plus they would still have some debt claims. The bondholders whould only end up with 10% of the stock and have their debt claims written down to zero. It is hard to find an example of a greater financial injustice.
More than ever, it is absolutely imperative that a bankruptcy court judge resolve GM. Otherwise we will be left with a state and union owned entity permanently sucking the public teat.
To: Kieri
Good on the bond holders. Zero’s sweetheart deal for the unions goes down in flames.
21 posted on
04/28/2009 11:00:55 AM PDT by
edge10
(Obama lied, babies died!)
To: Kieri
Obama is ALREADY paying off the Unions!!!
26 posted on
04/28/2009 11:02:45 AM PDT by
2harddrive
(...House a TOTAL Loss.....)
To: Kieri
This wasn’t an offer, it was an Attempted robbery !!
27 posted on
04/28/2009 11:02:53 AM PDT by
4Speed
To: Kieri
What’s good for GM is good for America...................
31 posted on
04/28/2009 11:06:45 AM PDT by
Red Badger
(If Keynesian economics worked, Zimbabwe would be a superpower.......................)
To: Kieri
Is the Feds total investment in GM at this point $17 billion? I can”t remeber exactly.
At any rate for roughly $17 billion the Feds get 50%, for $10 billion the UAW gets 39%, and for roughly $24.3 billion (90% of $27 billion) the bondholders get 10%???????
Welcome to Amerika, comrade.
The bondholders have no choice but to force GM’s hand. Bankruptcy would be much more equitable. Clearly robbery such as this is but one of the many reasons we can’t allow our benevolent leaders to come to our rescue.
42 posted on
04/28/2009 11:28:39 AM PDT by
bereanway
(Sarah get your gun)
To: Kieri
They need to reject it, it’s a raw deal for them, a sweetheart deal for the UAW!
43 posted on
04/28/2009 11:30:37 AM PDT by
dawn53
To: Kieri
File for bankruptcy or die gm... it matters not... I am through with you after a lifetime of buying your offerings. Never again!
LLS
46 posted on
04/28/2009 11:36:04 AM PDT by
LibLieSlayer
(hussein will NEVER be my President... NEVER!!!)
To: Kieri
The UAW may do well in the final looting, but GM is a corpse going forward. The government is incapable of producing a product that anyone wants, and the UAW has bled it’s host into a coma from which it will not return.
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