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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: autumnraine

For sure sticking with my Fords now. I don’t care if they are GIVING AWAY FREE GM and Chrysler cars.


241 posted on 05/19/2009 9:07:37 PM PDT by Wisconsinlady
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To: Pete
If someone told me that Obama would nationalize the banks and the auto industry in his first 150 days, I would have thought them crazy. This is truly astonishing.

You better brace yourself because he is set to nationalize health care, energy, student loans, mortgages, and talk radio.

242 posted on 05/19/2009 9:20:09 PM PDT by businessprofessor
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To: Candor7

There is no difference between communists and capitalists and you prove it with your comments about China.

Do not applaud chinese ‘capitalism’. It just means wealthy communists instead of communists bankrupt like their ideology.

The chinese do nothing as capitalists, they do what they do as communists. They give the global ‘capitalists’ the slave labor they crave, and obfuscate their communist agenda with ‘capitalism’.

Only “free traders” would find this palatable.


243 posted on 05/19/2009 9:26:40 PM PDT by hedgetrimmer
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To: hedgetrimmer
Its not what you might think. I would love to see the socialist Obama adminsitration have a show down with the Chinese commies. Obama would loose, and thats good enough for me, and the Chinese?

They would be selling us good cars made here in the USA along with all the other products we buy from them now. And thats the price we pay for having elected Obama, either a contining GM under foreign ownership, or one which is doomed.

So you would rather see GM dissappear rather than be controlled by foreigners? Many people don't get it. The era of US pre-eminance in the world economy is over. DONE.At least for the next 40 years.

So you can drive Chinese/Japanese or go back to horse and cart.

Thats just what the Left has done to us, from Carter onwards, thanks to the Fair Housing Act.

We could always go to war.You think we are ready? Buahahahahaha!

In a year the major world trade currency will be the Renmimbi.

Its a done deal.

And I don't like it any more than you do.

But face the facts.

244 posted on 05/19/2009 9:55:03 PM PDT by Candor7 (The weapons of choice against fascism are ridicule ,derision ,truth. (member NRA)
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To: dixiechick2000
Watch for the old" We are desperately running out of time...we have to act...,"bull from the DC thugs.

A whisper about a contested bankruptcy and watch the DC thugs go nuts. This promises to be interesting.

245 posted on 05/19/2009 10:06:22 PM PDT by Candor7 (The weapons of choice against fascism are ridicule ,derision ,truth. (member NRA)
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To: Candor7

No I like it much much less than you do. Your comments about China and globalism reflect a disdain for the American culture and a lack of understanding of our founding.

It is a typical ploy of the “free traders” to try to persuade Americans resign themselves to the loss of everything, while they loot our economy and redistribute our wealth. Of course they want us to remain helpless neo-morts for the global economy.


246 posted on 05/19/2009 10:13:06 PM PDT by hedgetrimmer
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To: autumnraine
Obozo Motors will never sell a wanna-be-car to this household.

Decided to get the hell out of BofA too. I will not support fascism / socialism / communism / Obozoism in any way.

Nam Vet

247 posted on 05/19/2009 10:38:14 PM PDT by Nam Vet ("Any fool can make a rule, and any fool will mind it." .... Henry David Thoreau)
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To: autumnraine
The new company is expected to honor the claims of secured lenders, possibly in full, according to the source.

Based on what they have done with Chrysler, this statement, with the one and only exception being the United Autoworkers Union, is utter BS! They completely screwed the bondholders, who are, or I should say... were, first in line secured..... They overrode U.S. contract laws, State laws, local laws and even the Magna Carta to give the Union the company. Fiat is nuts to have done business with this government. Absolutely nuts.

248 posted on 05/20/2009 12:23:44 AM PDT by Cold Heat
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To: When do we get liberated?
I have owned 27 GM cars, have 2 now. The next one is a Ford, just for them not chasing the carrot.

I must say, that every GM owner should buy a Ford........at least once in a lifetime.

I bought two....Both would never stay in alignment, overheated anytime they were asked to work hard, but they rode nice...........LOL......

249 posted on 05/20/2009 12:30:12 AM PDT by Cold Heat
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To: ElkGroveDan

Do they make that in a 4 door?


250 posted on 05/20/2009 2:23:42 AM PDT by TheErnFormerlyKnownAsBig (There once was a dream called, "Hippy Beat Down." The mere whisper of if caused cops to cry.")
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To: editor-surveyor

BTTT


251 posted on 05/20/2009 2:58:26 AM PDT by E.G.C.
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To: hedgetrimmer

My belief that Chrysler and GM are dead men walking is because I do not believe that a government/union controlled car company can create a viable, competitive product that people would actually want to own.


252 posted on 05/20/2009 3:21:03 AM PDT by AIM-54
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To: AIM-54
Ford stands a chance. Let’s see what Obama comes up with to kill them, too.

It will have to be political and not because of lack of product...

I had the privilege of going to an SAE "presser" intro of the 2010' Taurus SHO last night..

Oh My, is this car going to rock some worlds, it is not what I expected from a "Taurus"....

Spoke to one Ford gent, asked if I had driven it I said no. He said something to the effect of he was taken aback by the constant torque of the acceleration (Eco-Boost) (in a good way), he had never experienced anything like it, the car kept pulling and he looks down and see's 80 on the speedo.

Rumors of a 2010ish F-150 with this engine filled the room.

253 posted on 05/20/2009 3:25:16 AM PDT by taildragger (Palin / Mulally 2012)
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To: HKMk23

He will be fortunate to make it to 2010


254 posted on 05/20/2009 4:21:56 AM PDT by bert (K.E. N.P. +12 . Crucify ! Crucify ! Crucify him!!)
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To: hedgetrimmer

Free traders are good. Isolationists are bad


255 posted on 05/20/2009 4:27:41 AM PDT by bert (K.E. N.P. +12 . Crucify ! Crucify ! Crucify him!!)
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To: HKMk23

“Obama will NOT get a second term;”

You are absolutely correct about that.....and cleaning up his mess is going to be rough!


256 posted on 05/20/2009 4:28:52 AM PDT by SumProVita (Cogito, ergo...Sum Pro Vita. (Modified DeCartes))
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To: Candor7

Wow..... another FReeper that doesn’t bash China.

The word I use is Chicaps..... They are coming on pretty strong pushed by a population waking up to freedoms absent for decades.


257 posted on 05/20/2009 4:29:47 AM PDT by bert (K.E. N.P. +12 . Crucify ! Crucify ! Crucify him!!)
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To: hedgetrimmer

Pure unadulterated drivel.China is alive and becoming part of the world community. The scholars have begun to participate in international efforts of all sorts. they can correspond with their counterparts to as never before.

They have a market for shares in companies that is seeing companies rise and fall as they either do well or fail.


258 posted on 05/20/2009 4:34:58 AM PDT by bert (K.E. N.P. +12 . Crucify ! Crucify ! Crucify him!!)
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To: hedgetrimmer

You definitely need to get out more. There is a big world out there and we as Americans do very well there.

You need to travel some to see what the real world is actually like.


259 posted on 05/20/2009 4:37:51 AM PDT by bert (K.E. N.P. +12 . Crucify ! Crucify ! Crucify him!!)
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To: Candor7

” And it will remain in jeopardy until someone sues the government and takes the case into the Supreme Court.

I mean the government shows up and says: “ You no longer have a contract,” after you invest a few million bucks and have negotiable instruments in hand?”

I don’t understand why no one has fought this in court yet?????


260 posted on 05/20/2009 4:39:33 AM PDT by SumProVita (Cogito, ergo...Sum Pro Vita. (Modified DeCartes))
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