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GM BANKRUPTCY PLAN CALLS FOR QUICK SALE TO GOV'T
Reuters Via Drudge Report ^ | 05/19/2009 | Chelsea Emery and Tom Hals

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.............


TOPICS: Business/Economy; Constitution/Conservatism; Government; News/Current Events; US: Michigan
KEYWORDS: america2point0; automakers; bho44; commie; communism; cw2; elitism; elitists; facism; fubo; generalmotors; gm; governmentmotors; manufacturing; messiah; nationalization; obama; obamarocks; obamunism; oligarch; paranoidfreepers; reddawn; socialism; socialistblitzkrieg; starkravingsocialism; statism; uaw; uawmotors; youlostgetoverit
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To: HKMk23

... and take back Congress in 2010 to politically neuter him, if enough voters wake up by then.


261 posted on 05/20/2009 4:40:15 AM PDT by RightField (A fine is a tax for doing wrong. A tax is a fine for doing well.)
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To: SumProVita

For GM...

It is not yet time. The current deadline is June 1. Something must happen by then unless that date is pushed out.

Bondholders must accept the deal by May 26. If the reject in sufficient numbers then there must be bankruptcy unless the government back off and they renegotiate.


262 posted on 05/20/2009 4:43:50 AM PDT by bert (K.E. N.P. +12 . Crucify ! Crucify ! Crucify him!!)
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To: AIM-54

Remember, they now operate in foreign countries and have factories and distribution systems outside the US. They are literally handing over the US operation to the government for a soviet style takeover. They are not ‘dead’ , they don’t need the US division anymore.

As for the soviet style car production, in years ago Americans used to marvel that the communist system would force people to wait in line for size 11 shoes. OF course only a few people wore that size, but everyone would line up for them because that was the only shoe available.

This is what Obama is doing to America. We have been so foolish we let the communists eat away our free country. It isn’t so much about the automakers as what the ‘five year plan’ is for America.


263 posted on 05/20/2009 5:52:37 AM PDT by hedgetrimmer
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To: bert

You’re joking, right?


264 posted on 05/20/2009 5:54:01 AM PDT by hedgetrimmer
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To: bert
You need to travel some to see what the real world is actually like.

The "free traders" have brought us 'multiculturalism' so we Americans won't think we are so special and won't defend our own freedom. What need for travel?

Why shill for the global communists? What's in it for you?
265 posted on 05/20/2009 5:56:26 AM PDT by hedgetrimmer
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To: bert
The scholars have begun to participate in international efforts of all sorts. they can correspond with their counterparts to as never before.

Your scholars? You're definitely not a believer in individualism. I suspect you're not an American.
266 posted on 05/20/2009 5:58:55 AM PDT by hedgetrimmer
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To: hedgetrimmer

.....What’s in it for you? ....

Life, liberty and the pursuit of happiness.....the American dream


267 posted on 05/20/2009 6:17:57 AM PDT by bert (K.E. N.P. +12 . Crucify ! Crucify ! Crucify him!!)
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To: hedgetrimmer

.....I suspect you’re not an American. ....

Is it very dark under your rock? You apparently have lost your vision


268 posted on 05/20/2009 6:19:08 AM PDT by bert (K.E. N.P. +12 . Crucify ! Crucify ! Crucify him!!)
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To: freebird5850

LOL!!


269 posted on 05/20/2009 6:53:31 AM PDT by randog (Tap into America!)
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To: TaxMe

I need to buy a car, and had been leaning towards a Chevrolet Envoy, since we rented one and liked it. But, not now.


270 posted on 05/20/2009 6:56:13 AM PDT by Clovis_Skeptic (The answer to 1984 is 1776!)
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To: editor-surveyor
From this day foreward, anyone who buys a GM car is an American Traitor!

I plan on buying a new 2010 Camaro late summer or early fall. Waiting to see if they are going to bring out the Z-28 model. Can't wait.

271 posted on 05/20/2009 7:17:44 AM PDT by tc45a
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To: culpeper

“Where’s the uproar from congress ?”

They are currently being mislead about something or other.


272 posted on 05/20/2009 8:21:41 AM PDT by CSM (Business is too big too fail... Government is too big to succeed... I am too small to matter...)
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To: Gabrial

I refuse to fund socialism. We’re going to forced by law and by the point of a gun to pay taxes, to fund socialism. I’m not going to voluntarily hand over my money to the mongrel Moslem and his cadre of communists. It’s time for revolt!


273 posted on 05/20/2009 8:48:07 AM PDT by BlackjackPershing ("An appeaser is one who feeds a crocodile, hoping it will eat him last." Winston Churchill)
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To: reagan_fanatic

This is wonderful; the boys at lunch and Ollie looking daggers at Stan. Perfect!!!


274 posted on 05/20/2009 9:14:43 AM PDT by RexBeach ("Do your duty in all things." Robert E. Lee)
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To: tc45a

It’ll be a 44 HP hybrid that will look much like a ‘62 Isetta.


275 posted on 05/20/2009 9:17:29 AM PDT by editor-surveyor (The beginning of the O'Bummer administration looks a lot like the end of the Nixon administration)
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To: autumnraine

What we could be witnessing is backdoor reparations well beyond the hence-to-fore imagined.


276 posted on 05/20/2009 10:04:50 AM PDT by takenoprisoner (Freedom Watch: fight for freedom with everything you have.)
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To: hoosier hick
No doubt. My question is: what steps will the government take to force us to buy them? (All in the name of marketing and saving the planet...)

A simple decree, outlawing all cars over 5 years old....don't laugh .. it's not out of the question

277 posted on 05/20/2009 10:10:39 AM PDT by Robe (Rome did not create a great empire by talking, they did it by killing all those who opposed them)
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To: brownsfan

but they haven’t learned the Russian lessons, they Ignore the fact that Reaganomics work every time it’s tried, lets try it one more time!!!


278 posted on 05/20/2009 10:26:00 AM PDT by mtnjimmi (“When you choose the lesser of two evils, always remember that it is still an evil.” Max Lerner)
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To: Robe
“The board of the new company would be established with the tacit approval of the government.”

See.... obama promised new jobs!

279 posted on 05/20/2009 10:45:41 AM PDT by UCANSEE2 (The Last Boy Scout)
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To: editor-surveyor
It’ll be a 44 HP hybrid that will look much like a ‘62 Isetta.

Not quite. The 305 hp V-6 '10 Camaro is already out as well as the 454 hp SS model. I'm kinda partial to Z-28's and can't afford the SS model. Z-28's are going to be approx. 385 hp.

280 posted on 05/20/2009 12:50:07 PM PDT by tc45a
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