Friday Excuse to Go Home Early and Drink: GM Considering Bankruptcy

[min301]

Re: Friday Excuse to Go Home Early and Drink: GM Considering Bankruptcy

And still way too many chief's, getting paid
mongo money, to do nothing but hold down a desk.

[SuperBuickGuy]

Re: Friday Excuse to Go Home Early and Drink: GM Considering Bankruptcy

GM was opposed to a bankruptcy filing last year because the thought was that it would scare off too many potential customers. The customers have responded by saying that they?re scared shitless anyway as sales continue to plummet by massive amounts month after month.

I always thought their refusal to consider Chapter 11 last year was downright idiotic. They were trying to convince the government they'd go belly up without a bailout while thinking that if they declared bankruptcy customers would be convinced they were in danger of not surviving. It was painfully obvious that would work about as well as Saddam trying to convince the UN he'd scrapped all his nukes while trying to give his neighbors hints that he had them. As far as I'm concerned, Chapter 11 is a sign that someone in their management finally gets it and more likely for me to believe they'll be around for some time.

I don't get it..
wallstreet f's over everyones retirement accounts..
some stealing billions..
and thats bad..
g.m. try'n it's damest not to file chapt 11 .
to save the retired workers retirement..
is stupid, and "management finally get it"

g.m. is in the same boat as the govenment (i.e. us)
they have to much retirement baggage..
and we do to.. with S.s. for the retired..
only difference is, the govenment can keep going farther into the red..
and no one questions it.. or fixes it..
if you think g.m. got retire pension issues..
look at your town/state/fed. governments..

You're right.... so what is the solution? tell the retirees to f off and die? Bankruptcy presumes that there will be someone to buy the goods at the end. But if the retirees are concerned (and they are the ones with the most disposable income) that they will have to fund their retirement from what's under the mattress - then who's left to buy? They still make up an ever increasing percentage of our population.

[Matt Cramer]

Re: Friday Excuse to Go Home Early and Drink: GM Considering Bankruptcy

I don't get it..
wallstreet f's over everyones retirement accounts..
some stealing billions..
and thats bad..
g.m. try'n it's damest not to file chapt 11 .
to save the retired workers retirement..
is stupid, and "management finally get it"

Reason I said that was that I don't think GM has a choice between filing Chapter 11 and not filing for bankruptcy. I think they have a choice between filing Chapter 11 now and preserving some of the workers' retirement, or Chapter 7 later and everyone gets the shaft. The impression I got was that their reason for not filing bankruptcy was not to preserve retirement accounts, but because they thought people would lose confidence in them and not buy their cars if they did.

[SuperBuickGuy]

Re: Friday Excuse to Go Home Early and Drink: GM Considering Bankruptcy

I don't get it..
wallstreet f's over everyones retirement accounts..
some stealing billions..
and thats bad..
g.m. try'n it's damest not to file chapt 11 .
to save the retired workers retirement..
is stupid, and "management finally get it"

Reason I said that was that I don't think GM has a choice between filing Chapter 11 and not filing for bankruptcy. I think they have a choice between filing Chapter 11 now and preserving some of the workers' retirement, or Chapter 7 later and everyone gets the shaft. The impression I got was that their reason for not filing bankruptcy was not to preserve retirement accounts, but because they thought people would lose confidence in them and not buy their cars if they did.

.... and they would be unable to pay the retirement they promised because they have no sales. I'm a bit skeptical about their reason (lost customer confidence).... Really, by going to BR court they could make a solid argument that goodwill is only preserved by honoring their warranties - thus confidence is preserved and (the warranties) are actually better protected if the Court buys the argument.

I wonder if the real reason is losing control; and to some extent pride - because GM went bankrupt twice in their past.... and they came out bigger and better then ever. (Early 1900s - I think 1911; and once again ~ late 30s).

I'm also curious (professional curiosity) about the state laws and dealerships - the specific laws they are running afoul of....