Posted on 05/28/2009 5:06:23 AM PDT by libstripper
General Motors Corp. bondholders soundly rejected a debt-swap offer critical to the auto maker's survival, pushing the company closer to a bankruptcy filing that could come in the next few days.
GM's board of directors will meet later this week to decide the ailing company's next move after bondholders dashed its best hope of pulling off an out-of-court restructuring, the company said Wednesday.
(Excerpt) Read more at online.wsj.com ...
Nasty, evil, rich bondholders. What’s the matter with them? Oh yeah, and they’re vicious, too.
Stupid headline.
The WSJ has become NYT lite all too often.
Indeed.It is the equivalent of “Paying taxi passenger leads cabbie to the brink of running out of gas.”
When the alternative is a long slow painful expensive death under the Obama brand...
Bondholders, shareholders, management, the board of directors and taxpayers should be pushing GM to bankruptcy.
I imagine obama will get them fired from their jobs like he fired the CEO of Chrysler, take away their franchises, cancel their health insurance, or whatever it takes to get them to surrender to the Chicago Way. I'll pray for the bondholders.
“Stupid headline.”
Really. It should be “Gov’t, GM and UAW push bondholder’s to the brink of bankruptcy”
This is just the next failure from pushing the bondholders to the end of the line. It was as predictable as the sun rising. Look for more companies that are heavily unionized to share the same fate. Why would anyone lend money to a company, where, if there is any financial problems, the lenders get pushed to the back of the line?
This is just the opposite of normal free market activity where the shareholders take the biggest share of the risk. But now the ‘shareholders’ are the Gov’t and the Unions.
Yeah, can you imagine? Bondholder actually insisting on their legal rights? I declare, some people have all the nerve...
(/sarcasm)
Why should a contract mean anything?? The breaking of an official contract by an overreaching gummit is absurd.
Pray for America
“Organized Labor Costs Push GM to the Brink of Bankruptcy”
there. fixed it.
You forgot “blood sucking pedophiles” in your descriptive.
That’s the headline? Talk about bias.
GM has been on the brink of bankruptcy for a year.
The bondholders (just like the other groups involved: stockholders, union employees, dealers, etc...) are just trying to protect themselves. The bondholders are NOT the bad guys here.
BTW, we should be screaming “I told you so.” Who was saying GM & Chrysler would have been better off going through a managed bankruptcy/reorganization last fall? A lot of people on the right, that’s who. Now after dumping billions of dollars into these companies what is happening? A managed bankruptcy.
I told you so.
So true, just look at my comments from the period. One of the absolutely worst things George W. Bush did was illegally using TARP funds to kick the auto industry bankruptcy can down the road to Obama, who was sure to use it to nationalize and cartelize the auto industry. Indeed, as far as W's economic record is concerned, it's almost on the level of, "Aside from that Mrs. Kennedy, how was your trip to Dallas?"
Wait until the trickle down effect of NObama’s illegal moves in this bankruptcy are fully revealed.
Pension money is being wiped out.
401 k and Keogh money is being wiped out.
Insurance company reserves are being wiped out.
Invested money from colleges and universities is being wiped out.
Companies that planned ahead for future growth are losing their reserves.
Balance sheets across the country are being adjusted in a negative manner by the actions of NObama-—who loudly claims to have a transparent administration that follows the laws, and then he blatantly proceeds to violate every accepted bankruptcy law regarding SECURED BONDHOLDERS.
More states have to follow the example of Indiana and file lawsuits against NObama’s actions.
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