Posted on 05/19/2009 12:29:20 PM PDT by autumnraine
Edited on 05/19/2009 2:07:32 PM PDT by Admin Moderator. [history]
I am speechless. Are we Russia yet?
NEW YORK, May 19 (Reuters) - General 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. The source, who would not be named because he was not cleared to speak with the media, did not specify a purchase price. The new company is expected to honor the claims of secured lenders, possibly in full, according to the source. The remaining assets of GM would stay in bankruptcy protection to satisfy other outstanding claims. GM has about $6 billion in secured debt, including a secured revolving credit and bank debt. The government's plans include giving stakes in the new company to GM's union and bondholders, although the ownership structure of the company is still being negotiated, said the source who is familiar with the company's plans. In addition, the government would extend a credit line to the new company and forgive the bulk of the $15.4 billion in emergency loans that the U.S. has already provided to GM, the source said.
The government has given GM until June 1 to restructure its operations to lower its debt burden and employee costs.
If those talks failed, the company has said it would follow rival Chrysler LLC into bankruptcy.............
After U.S. taxpayers spend hundreds of billions to “fix” GM - the new owners will be the UAW and Obama’s cronies. It will eventually fail.
Who’s trying to do what to Rush?
Enabled by Notre Dame and the LIBERAL American Catholic Church.
This is not the same church that stood up to the USSR. The church of Catholic heroes like Lech Walensa who stood up to the USSR. The church that saved europe and the west from islam in 1683 AD. The church today fawns over Islamo abortionists. Sick.
The whole “I hope he fails” comment was prefaced by the statement:
Look, what he’s talking about is the absorption of as much of the private sector by the US government as possible, from the banking business, to the mortgage industry, the automobile business, to health care. I do not want the government in charge of all of these things. I don’t want this to work. So I’m thinking of replying to the guy, “Okay, I’ll send you a response, but I don’t need 400 words, I need four:
And look what has happened SINCE the statement.
Right on !!!
We all know "state" cars are crap - how long until we're forced to buy one?
Its not a money pit. It is a fundamental change of American culture towards communism.
I don’t know why people can’t see this.
You are paying for their wasting away.
You’re so wrong! They have been paid with the phony ‘bailout’ to take their business and factories elsewhere. They are being bribed pushed and regulated out of this country on purpose. Don’t think they don’t know or disagree what is going on. The economic blueprint for all this is developed in the unconstitutional secret G20 meetings and the G2 unconstitutional secret meetings our government is having with China.
The automakers are using our tax money to build factories in foreign countries with no risk to their own capital. I’d say they’ve done well, if you’re a “free trader” bent on gutting the American domestic economy and bankrupting the taxpaying citizen.
Total shame on America.
Govt should keep there noses out of it.
The measure of a man is how he uses power when he obtains it.
Obama is using his to take what is not his.
History has a way of repeating itself.
Yeah, Russia backed away from socialism and leaped to fascism; just a different fascist pad than China’s
I am with you. Ready to vote with my pocketbook.
Ditto.
Every single day there is another outrage from this Resident.
General Motors nationalized.
Chrysler nationalized.
Banks. Auto manufacturers.
Health care.
Carbon tax cap trade.
Aborted baby stem cell research.
Federal and international baby murder funding.
Islamofacist terrorists released from Guantanamo.
Veterans from Iraq and Afghanistan on Homeland Security watch list.
Release photos of CIA interrogating enemies.
9000 Earmarks.
Trillions in tarp to bankers.
AIG bonuses.
This sucker is gonna go down. The nation cannot survive a daily dose of this idiocy.
You say you vote with your pocketbook but your taxes are what they are using to bribe manufacturers and take over private industry.
You need to rethink your strategy if you truly mean what you say.
WORKERS OF THE WORLD UNITE!!!
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