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.............
The soft tyranny we are all familiar with is rapidly becoming a true hard tyranny where more and more citizens have reason to fear their government.
With acorn and the marxism, all future "elections" will be as honest as chavez - leader for life unless we stand-up, comrades and our friends smith & wesson lead us to independence!
Wolverines!
I have to try and remember a time (not too long ago) when ALL of what is happening now was unthinkable.
We’re just lucky we have Mercury vehicles, a division of Ford.
As I understand it though, Ford may take government funds in the near future. We can see how well that worked out for GM and Chrysler. Ford executives would have to have their heads examined if they were to follow that model.
Banks, lending institutions... what’s next?
A little more like Germany or Italy from the 1930’s I think. This is a new form of ism Obamunism - Il Duce meets Marx. State ownership without the on-time trains.
And illegal to boot.
Obama can keep his cars!
Aren’t there ANY laws being broken by this dictator?
If so, these companies should be fighting these dictates right up to the supreme court.
What is going on?
Wow. I’ll be taking this link and putting it into every article bashing Rush Limbaugh for his, “I hope he fails,” comment that I can.
Rush predicted this and wanted it to fail. THAT’S why they are attempting to assassinate him. He’s a for-profit prophet.
That’s it!! From discharge from the Navy until now at 74, I’ve owned ONLY GM Oldsmobiles. (Except for a Ford Crown Vic I got from my brother-in-law for $12.50). Never even considered anything else.
That’s it!! Now I find something made in Tennessee, and I do not care where the company is from. So long as Americans are hired to put the thing together, I’m looking at it.
GM now stand for “Gone Manic”.
One consolation...the voter is getting what he voted for, but not quite what was expected.
GM = Government Mafia
“I have always bought GM cars in the past but will no longer do so. I suspect there are a lot of people who feel the way we do.”
Same here. From my first car at 17 y.o. to the present at 43 have had 12 Chevy’s. Not anymore! I’ve been looking for a reason to get that new Lexus.
The Nazis did this with Jewish assets. I guess the executives of these companies are in an analagous situation as the Jews - scapegoats for a government takeover.
Socialism is here!
Not how I would envision a bankrupty proceding. Bond holders get first dibs of course that would require contract law to be upheld.
AHAHAHAHAHAHAHAHAHHAHAHAHHAHAHA!
Yeah. I think he was supposed to show he was a natural citizen of the USA.
What happens to German imports? (Porsche, Benz, BMW)
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