Everyone put on your golden parachutes, we’re gonna bail like the bankers before this aging blimp crashes!

I saw in magazines number around 70 billions. At this moment GM is in 64 billion hole. And this hole gets bigger by the day. I assume that everyone at GM who can get golden parachute if using one, and those who don’t have parachutes are making them any way they can. This is last last days of any monarchy: everyone grabs whatever they can and drugs home. So by the time 60 days will come up GM will be in for 70 billions. Having said that, lets not forget about the cost of warranties for cars administration already signed for. That cost is unknown, and my guess it will be substantial.

GM is going defunct…brand-by-brand. Or should that be rebadge-by-rebadge?
.
Bankruptcy court will go through the motions twice: once in a vain attempt to salvage; the other to sell.

Need more oil for GM……laughable.

Shane
Everyone grab a shovel because it’s getting pretty deep in here!
DrFill

At least when the lobster hits the pot it’s a surprise.

Just go bankrupt already there’s no reason why GM even exists anymore.

What do you mean no reason to exists? Almost 150 G3 were sold!

tyler_is_aero_tt: if it wasn’t for GM you’d still be handcranking that piece of **** you call a car. Crawl back into the cave where you f*cking came from.

GM is headed towards uncharted waters and I certainly hope they can emerge from it stronger, better organized, and ready to take on the competition. I hope they do pursue the strategy of splitting the company into two halves. A solven half with the brands they intend to keep and a bankrupt one with the brands they plan to kill off or sell.

My hope is to see Chevrolet, Cadillac, Pontiac, and GMC make it. Chevrolet should focus on solid and reliable transportation vehicles. Cadillac should stick with luxury vehicles, Pontiac should rediscover its performance roots and continue in that direction, and GMC can have the van, SUV, and truck market to itself. The others need to go. Some of the really great products headed for Buick showrooms could be reworked and repackaged as either Chevrolet or Pontiac vehicles. The new Lacrosse would make a fantastic Impala. The new Regal should replace the G6 with sedan and coupe variants and perhaps a sport wagon and convertible at some point too.

RIP , GM

I think the bondholders are starting to feel panicked. They see the writing on the wall written in gratitti by Obama. They are getting virtually nothing with his plan in prepackaged bankruptcy. They may yet settle before being forced into it by chapter 11.

On a side note. Because of the down stock market, GM’s pension fund, which was overfunded a year ago is now underfunded by about $20 billion. If GM liquidates (not bankruptcy 11) then the government picks up the tab. Huge incentive for Obama to keep GM going. It’s help them now and save jobs and money or lose the jobs and pay later.

Have y’all noticed that NMOFGM has been slient for the past week. Guess he’s too embarassed.

I think this is really sad news for such a large and important American company, BUT this is no surprise. GM has watched the sales and market share steaduly decline over the past five years in the US. I’d been saying for YEARS that they should dump the frumpy products that they designed in US in favor of their Opel products. They started heading in that direction but apparently not fast enough.

I see signs that the global and US economies are starting to stabilize and maybe even improve but I think GM is too far gone to recapture their original position. I think they might survive but worldwide, Toyota, VW and even Ford will most likely pass them. In US, it’s almost guaranteed that Toyota and Ford will pass them

As far as what GM owes:
$28 billion in UNsecured debt to bondholders
$20 billion to UAW for VEBA (medical insurance coverage for retirees)
$13.4 billion to US government

So with a bankruptcy, or agreement, GM can cut off/minimize the first 2 quickly. GM has not been taking further loans that they said they would need since February.

Also there are no golden parachutes at GM. No bonus’s either.

Just want to make sure the facts are out there.

Great, just what we need a higher unemplyment rate.

Kinda telling that everyone’s ‘buddy’ NMOFG hasn’t been posted much of late on the GM related stories.. Must be out shoveling all that s*%t..

Bankruptcy filing is scheduled for April 30th according to my inside sources.

Tell the fat lady she’s on in 5.

So where deos all the bailout money end up??? was it just flushed down the drain…?
Lord oh mighty what a waste of much needed money for the usa people.
All the head honchos should be accountable for this, but we know they will get away with murder../

so they needed how long to figure out GM was sinking? well, those ivory league degrees in economy must sure be a good thing to have, helping them to figure out something, the public knew months beforehand, from just using common sense…

but dont worry, the clueless will get their golden parachute, plus bonuses, plus 10K $ an hour for lecturing on how to run big business once they retired…

The bankruptcy process works quite well in the U.S. It may be the best of such a system in the world. Thousands of companies have successfully restructured in bankruptcy court, ultimately preserving the company and many jobs. It’s time to let GM go through the process naturally like any other company. This stupid bailout money is only delaying the inevitable, and screwing up the normal bankruptcy process that usually works well by itself with no government intervention. With the media trying to kill GM as quickly as they can by instilling fear into the general public, delaying filing is only making matters much worse.