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Old 11-15-2008, 10:57 AM   #1 (permalink)
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Filing Chapter 11 bankruptcy to cost tax payers $200 Billion

That's the estimate to reorganize GM under Chapter 11. The process is so expensive, that a bailout would be cheaper. Problem is, a bailout won't make them better, like the pain of bankruptcy will. The assets will have to be listed and the debts paid off at a long drawn out court procedure, where the accountants, appraisers and lawyers make big bucks resolving the matter. GM says, in the mean time, no one would want a GM vehicle, so they probaby would end up in Chapter 7, which is disolution of the company and closing up forever. The lame Duck session of Congress will address the matter, W wants the bailout tied to a Columbian trade agreement he has been pushing, but democrates say no way. The stock is under $3 and if a deal is agreed to bail them out, it should bounce back, if only for a few hours as stocks these days respond to any good news.


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Old 11-15-2008, 02:38 PM   #2 (permalink)
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I could be wrong but I think one of the big 3 will file bankruptcy before this is all over.

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Old 11-15-2008, 04:21 PM   #3 (permalink)
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Quote:
Originally Posted by carcrafter22 View Post
I could be wrong but I think one of the big 3 will file bankruptcy before this is all over.
I agee. There will be one that files. I do not know why they let things get so bad before they started doing something.
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Old 11-15-2008, 04:52 PM   #4 (permalink)
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They tried to do something about it (GM) and the unions walked out on them. Remember the strike not too recently. The unions have screwed them over for too long. The unions are supposedly working with them now, but it may be too little too late.

I had a friend who was GM union and he knew a guy who used to laugh about how he could do anything he wanted and he'd never be fired. He would always get his raises on time whether he did anything to deserve it or not because he was union. Wonder how he's going to enjoy his retirement he was counting on from a company that no longer exists because of people just like him and the unions that allowed it to happen. I guess GM even fired this guy a couple times, but the good ole union kept bringing him back.
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