GM's Chapter 11 is inevitable

**exdetroiter** · May-21-09, 09:53 AM

How do you think this will effect, North America, since GM has facilities through the U.S.?

**GREENTROIT** · May-21-09, 10:10 AM

It's gonna be a bloodbath.

**Danny** · May-21-09, 11:58 AM

I smell a Michael Moore documentary coming. He will call it the Roger and Me 2, The End of Detroit!

**daddeeo** · May-21-09, 12:01 PM

Funny how guys from GM are dumping stock but say they have confidence in GM. Who's kidding who?

**Crumbled_pavement** · May-21-09, 12:05 PM

Actually, I'm amazed. I thought for sure GM would have gone bankrupt back in December. In fact, Bush [[to my surprise) and Obama threw everything and the kitchen sink at GM to help them survive and it only added 5 months to their life. I agree with Greentroit, it's going to be a bloodbath that will make Saw X look like a birthday party.

**East Detroit** · May-21-09, 12:16 PM

Who cares? It's all about ME and MY!

Time to go to Walmart so I can load up my Honda with cheap lead toys and food!

**Sstashmoo** · May-21-09, 12:23 PM

Some good news:

DETROIT [[AP) -- The United Auto Workers union has reached a tentative deal with the government and General Motors Corp. that would cut labor costs and change the way a union-run trust for retiree health care is funded.

The move is a key step toward GM's efforts to restructure outside of bankruptcy court.

http://finance.yahoo.com/news/UAW-sa...&asset=&ccode=

**East Detroit** · May-21-09, 12:26 PM

Great job!

The threats worked!

**Sstashmoo** · May-21-09, 01:22 PM

Every time

**Cincinnati_Kid** · May-22-09, 04:38 AM

Doesn't matter that the UAW reached a agreement. It's just been reported that Obama is steering GM into Bankruptcy as early as next week, whether the bondholders get a deal or not.

Angry Dad · May-22-09, 06:30 AM

Basically GM is going to file because bondholders who have not all paid a dollar on the dollar for bonds [[in fact the vast majority have not) are trying to suck more cash out of their "investment". They bought the bonds for pennies of the face. Saw the "great" returns because the leeches on Wall Street destroyed corporate credit. Now they want the courts to "save" the small investors [[watch the parade of stories planted in the news about old ladies losing nets eggs on GM bonds over the next few weeks) while these slimeballs try to suck bigger returns out of GM bankruptcy caused by the same slimeballs. Isn't Wall Street "capitalism" great? Who cares how many people lose as long as these guys keep their country club membership up to date?

**Sstashmoo** · May-22-09, 08:26 AM

Quote: "It's just been reported that Obama is steering GM into Bankruptcy as early as next week, whether the bondholders get a deal or not."

Now they're saying they won't.

"WASHINGTON [[Reuters) - The Obama administration has no plans to push General Motors Corp into bankruptcy next week and the outcome of the automaker's restructuring efforts may not be known until a June 1 deadline, a source familiar with the situation said early on Friday."

http://finance.yahoo.com/news/US-to-...&asset=&ccode=

**darwinism** · May-22-09, 10:29 AM

Bankruptcy is bankruptcy is bankruptcy.

Whether it is next Tuesday, or the Tuesday after next, if GM owes you anything or if GM supports you financially in any way, shape, or form, you will have to eat that up.

The books will be wiped completely clean, and that in essence, will have thousands or even hundreds of thousands of businesses, partners, individuals and etc eat their losses.

lilpup · May-22-09, 10:40 AM

Once again it's up to the bondholders. Have they learned anything from the Chrysler bankruptcy? We'll see.

**Cincinnati_Kid** · May-22-09, 01:04 PM

Boy, this Country is going to sh-t. What next?? What't the next major catastrophe?

lilpup · May-22-09, 01:38 PM

I don't know, but we certainly need to thin the herd.

**MoparDan** · May-22-09, 01:55 PM

Originally Posted by lilpup

Once again it's up to the bondholders. Have they learned anything from the Chrysler bankruptcy? We'll see.

Do what they did in the Chrysler case: Make the names of these funds public & slap them around a bit. A law firm who originally represented these guys is trying to tie things up even more.
http://www.allpar.com/news/index.php...chrysler-sale/

**313WX** · May-22-09, 05:17 PM

Originally Posted by Sstashmoo

Quote: "It's just been reported that Obama is steering GM into Bankruptcy as early as next week, whether the bondholders get a deal or not."

Now they're saying they won't.

"WASHINGTON [[Reuters) - The Obama administration has no plans to push General Motors Corp into bankruptcy next week and the outcome of the automaker's restructuring efforts may not be known until a June 1 deadline, a source familiar with the situation said early on Friday."

http://finance.yahoo.com/news/US-to-...&asset=&ccode=

They're 2 different newspapers [[Washington Post & Reuters) with different opinions. Though I've heard the former would happen from most places.