Re: GM to get final $20 billion in bungling this year
Canuck57
I give GM 6 months from the time they are out of bankruptcy to when they are
back in.
This time they have a sub-zero credit rating, the rich with influence are
out of the game thanks to Obama, and no one in their right mind would lend
GM a thin dime.
Next time they go down for real.
Over $100B into this turkey, for what?
"Democratic Disorganizer" <dummy...@gmail.com> wrote in message
news:030c25fcfef37dd7...@msgid.frell.theremailer.net...
> http://www.reuters.com/article/innovationNews/idUSN0627076320090
> 706
>
> WASHINGTON (Reuters) - General Motors Corp has been given about
> a third of the bankruptcy financing promised by the U.S.
> Treasury and will get the remaining $20 billion over the
> remainder of the year, a senior U.S. official said on Monday.
>
> "We want them to be able to spend the whole day without looking
> at the bank balance and wondering if their check is going to
> clear," said Steve Rattner, the former investment banker who
> heads the Obama administration's autos task force.
>
> "We want to get them out of that rut that they were in and
> really be able to focus on making cars," he said.
>
> The comments in a conference call with reporters were the first
> from the White House after a federal judge approved a plan
> brokered by the Obama administration that would create a new GM
> by selling the automaker's best assets out of bankruptcy.
>
> Absent a successful appeal of that decision, the deal to create
> a reorganized GM under the 60 percent ownership of the U.S.
> government could close as soon as this week.
>
> Rattner said that a priority for the Obama administration was to
> sell its equity interest in the largest U.S. automaker as soon
> as possible.
>
> The U.S. government has provided about $60 billion in financing
> to support GM's turnaround, including $30 billion in bankruptcy
> financing. About $50 billion of the U.S. government financing
> will be converted into stock in the reorganized company.
>
> An initial public offering that would take the newly private and
> reorganized GM back into public ownership could happen as soon
> as the first half of 2010 if the stock market is "decently
> robust," Rattner said.
>
> "I believe that will be sometime next year. I would like to
> believe and hope it will be in the first half of next year but I
> would not want to predict anything specific," he said.
>
edi...@netpath.net
indefinitely as a subsidized company on continuing indefinite big
infusions of cash from D.C. - or whether it just plans on a "soft
landing" for the company. Realistically - at current unemployment
rates in the general economy outside the auto industry, even Toyota
sales way down, even Toyota losing money - General Motors isn't going
to recover if only the regime helps it for a short while.
http://www.Internet-Gun-Show.com - your source for hard-to-find stuff!
Mike
along, that you were WRONG?
"Canuck57" <fr...@nospam.com> wrote in message
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Canuck57
"Mike" <mike...@lycos.com> wrote in message
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> But, but, but you said GM was finished now, are you saying, what we knew
> al along, that you were WRONG?
Do you think buyers of GM wrangling with warranty issues are going to buy
another GM? Not only the warranty issues, but the safety ones are now no
longer Government Motors responsibility!!!
Do you think everyone is happy about the over $85B out of taxpayers pockets
for littery squat? Ok, it sponsors corruption and losers. It encourages
screwups like GM. Rewards them for living high on the hog on other peoples
money.
Do you think the Government Motors products have high quality, adding issues
like part shortages, part substitutions, union unrest, corruption, suppliers
going belly up? Numbers don't say so and neither do the customers.
With sub-zero credit, what will GM do when it's next round of blood sucking
runs out? Would you would lend them money? I am sure they will oblige. No
one else will.
And if they do move them off the lot, 50% off of MSRP is going rate. GM's
brand damages are so severe that not only do they have to stop screwing
around and become productive, they will have to be twice as good as the
competition. And fat lazy union with retarted dysfuntional management --
you think GM is going to come back?
Hahahaha. I have $10,000 for anyone that thinks in 5 years that GM is
solvant, making money and has a valuation more than today. Most likely they
will spin out, get bought out and disassembled for it's assets. Losers tend
to be losers.
Mike
"Canuck57" <fr...@nospam.com> wrote in message
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>
> "Mike" <mike...@lycos.com> wrote in message
> news:4a53d802$0$25009$ce5e...@news-radius.ptd.net...
>
>> But, but, but you said GM was finished now, are you saying, what we knew
>> al along, that you were WRONG?
>
> Hahahaha. I have $10,000 for anyone that thinks in 5 years that GM is