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GM's Path To Leave Bankruptcy Apparently Cleared
wnem.com ^ | : 12:15 pm EDT July 9, 2009 | staff/AP Auto Writer Bree Fowler in New York contributed to this report.

Posted on 07/09/2009 9:45:18 AM PDT by kellynla

Edited on 07/09/2009 10:21:32 AM PDT by Admin Moderator. [history]

DETROIT -- General Motors Corp. appeared headed toward a record-short escape from bankruptcy protection Thursday despite a last-minute appeal that a legal expert said was unlikely to stand in the way.

A bankruptcy judge's order approving the sale of most of GM's assets to a new company was to go into effect at noon. An appeal was filed just before the deadline by plaintiffs in an Arizona product liability lawsuit against the automaker. It was unclear if the appeal delayed the sale approval.


(Excerpt) Read more at wnem.com ...


TOPICS: Breaking News; Business/Economy; Government; US: Michigan
KEYWORDS: automakers; bankruptcy; generalmotors; gm; michigan; pl
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1 posted on 07/09/2009 9:45:18 AM PDT by kellynla
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To: kellynla

What a joke, I can’t wait for every other company in the US to try this. Tons of debt, no problem, just write it off in a quick reorg.


2 posted on 07/09/2009 9:48:01 AM PDT by ClayinVA ("Those who don't remember history are doomed to repeat it")
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Now, I can go buy one of these. BIG SMILE


3 posted on 07/09/2009 9:50:26 AM PDT by kellynla (Freedom of speech makes it easier to spot the idiots! Semper Fi!)
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To: ClayinVA

I will never buy GM or Chrysler EVER. I will ride a bike or a scooter first.


4 posted on 07/09/2009 9:50:49 AM PDT by Frantzie (Remember when Bush was President and Americans had jobs (and ammo)?)
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To: ClayinVA

Yep, the damage is done.....wrongfully appointed owners now are able to transition debt-free to continue to do business under the government’s thumb. Guess what GM? It will be a freezing cold day in hell before I even think about looking at a new GM car, period....all you UAW and government workers can eat the plastic, what little metal, foam and other materials those cars will be made of because you won’t be getting any money for them.


5 posted on 07/09/2009 9:52:51 AM PDT by Gaffer
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To: kellynla

I’ve never bought a “foreign” made car...now I’ll never buy a UAW made car...what a “change”.


6 posted on 07/09/2009 9:53:45 AM PDT by demsux
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To: Gaffer

At first, I was hoping for a drawn out bankruptcy, but I’m glad this is happening, so they can FAIL FASTER.


7 posted on 07/09/2009 9:54:20 AM PDT by Boiling Pots (Barack Obama: The final turd George W. Bush laid on America)
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To: kellynla

Is that a Corvette? If so, why on earth would you go buy a Government Motors car?


8 posted on 07/09/2009 9:55:59 AM PDT by CA Conservative
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To: kellynla
General Motors Corp. appeared headed toward a record-short escape from bankruptcy protection Thursday despite a last-minute appeal that a legal expert said was unlikely to stand in the way."

"He expects GM to close the deal and emerge from bankruptcy on Thursday in 39 days, a record for a company its size, he said.

Oh, what joyful rejoicing! What a miracle! All it took was throwing billions of OUR MONEY at the problem!

Hooray for us.

9 posted on 07/09/2009 9:56:07 AM PDT by Constitution Day (Eschew exclamatory abuse.)
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To: Frantzie
I will ride a bike or a scooter first

I believe that is the long term agenda.

10 posted on 07/09/2009 9:57:58 AM PDT by hattend (Sarah Palin has run a fishing business, a city, and a state. All Obama has done is run his mouth.)
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To: CA Conservative
“Is that a Corvette? If so, why on earth would you go buy a Government Motors car?”

Because I like ‘em...and last I checked, I still live in a free country and I can still buy what I like.

BTW, my neighbors in KY built it, thank you.

11 posted on 07/09/2009 9:58:11 AM PDT by kellynla (Freedom of speech makes it easier to spot the idiots! Semper Fi!)
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To: kellynla

GM should be able to cut the price of a Corvette in half, right ?


12 posted on 07/09/2009 9:59:18 AM PDT by Eric in the Ozarks
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To: kellynla

...from Government Motors.


13 posted on 07/09/2009 10:01:24 AM PDT by dr_who
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To: kellynla

Like the other poster, I won’t buy a UAW car either, but...you are 100% correct.

You will be able to buy what you like, until the government tells you that you can’t, so...do it while you still can.


14 posted on 07/09/2009 10:02:42 AM PDT by rlmorel ("The Road to Serfdom" by F.A.Hayek - Read it...today.)
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To: ClayinVA

The thing is, the ones out here who can’t find a job to pay off their own debt don’t have the bankruptcy option like the corporations do.


15 posted on 07/09/2009 10:02:51 AM PDT by autumnraine (You can't fix stupid, but you can vote it out)
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To: Eric in the Ozarks

The Baraqqis will do whatever it takes to keep GM looking good until November 2012. After that, not so much.

I still can’t understand why no Republican is playing the obvious class warfare card that Joe the Taxpayer is funding $3200 / month pensions and silver plated benefits for 50 yr old UAW retirees.


16 posted on 07/09/2009 10:05:15 AM PDT by nascarnation
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To: Frantzie
I will never buy GM or Chrysler EVER. I will ride a bike or a scooter first.

You should check out the new 2010 Government Motors Crapmobile
before you make any final decisions.

17 posted on 07/09/2009 10:05:46 AM PDT by Zakeet (Obama: Always wrong, never in doubt.)
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To: Boiling Pots
Oh, they won't fail...they are "too big to fail". The owners (government/UAW) will enact laws, fiats, and fees designed to make you buy one (or drive nothing new at all).If that doesn't work, the government will keep pumping good money after bad like AMTRAK and all the other government business ventures

This is one reason why I went out and bought a new Honda - my thinking is that you won't be able to get one in a couple of years because Zer0 will tax them so highly.

18 posted on 07/09/2009 10:06:41 AM PDT by Gaffer
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To: kellynla

“...last I checked, I still live in a free country...”

Um, you may want to “check” a little closer on that
“free country” thing.


19 posted on 07/09/2009 10:09:36 AM PDT by gigster
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To: Frantzie
“I will never buy GM or Chrysler EVER.”

And I will NEVER buy Japanese or German.

My father would roll over in his grave if I did. And ever since FORD started flying the Vietnamese Communist flag at corporate headquarters; they're off the list too!

Ya see, we Marines have LONNNNNNNNNNNNNNG MEMORIES!

Semper Fi,
Kelly

20 posted on 07/09/2009 10:10:10 AM PDT by kellynla (Freedom of speech makes it easier to spot the idiots! Semper Fi!)
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