Govt forces GM Bondholders 10-cents on Dollar-Bankruptcy

2009-05-23 21:04:18

#1

Harmor: Error_Name_Not_Found; +605|6849|San Diego, CA, USA

Tammy Bruce wrote:
The government is reportedly ready to engineer GM's bankruptcy next week if bondholders don't agree to accept 10-cents on the dollar. In that case, the feds will make another large infusion of tax money, around $30 billion, into GM, taking at least 50% ownership and four of the nine seats on the board. Yesterday the UAW announced an agreement reportedly similar to the Chrysler agreement, maneuvering to be in a better position vis-a-vis the bondholders in the event of bankruptcy. The UAW would own 39% of the restructured company. Canada is considering investing $3.5 billion for another one of the board seats if GM promises to maintain GM's production level in Canada and the Canadian union makes concessions.

Source: http://tammybruce.com/2009/05/obama_dri … nkrupt.php

There are alot of pention funds that own GM...

2009-05-23 21:07:34

#2

Catbox: forgiveness; +505|7017

we need to make sure the UAW stays strong... hopefully the free choice act goes through...

Love is the answer

2009-05-23 22:30:28

#3

Karbin: Member; +42|6595

CAW votes, for the fourth time in ten months, this weekend.
Total cuts in the past ten months, 19 bucks an hour.

Ya all happy now?

2009-05-23 22:46:52

#4

Catbox: forgiveness; +505|7017

Karbin wrote:
CAW votes, for the fourth time in ten months, this weekend.
Total cuts in the past ten months, 19 bucks an hour.

Ya all happy now?

I feel bad for the workers... but the unions have ruined the big 3... maybe Obama Motors will fix everything... he owes the UAW big time for helping him get elected... ?

Love is the answer

2009-05-24 01:31:38

#5

Dilbert_X: The X stands for; +1,817|6407|eXtreme to the maX

GM should just be allowed to fold.
Then we could all feel better about our Toyotas and Subarus.

Fuck Israel

2009-05-24 01:32:38

#6

usmarine: Banned; +2,785|7063

[TUF]Catbox wrote:
we need to make sure the UAW stays strong... hopefully the free choice act goes through...

the UAW can go fucking die

2009-05-24 02:24:37

#7

Flecco: iPod is broken.; +1,048|6966|NT, like Mick Dundee

Karbin wrote:
CAW votes, for the fourth time in ten months, this weekend.
Total cuts in the past ten months, 19 bucks an hour.

Ya all happy now?

Better than having no job right at all?

Whoa... Can't believe these forums are still kicking.

2009-05-24 13:18:06

#8

Karbin: Member; +42|6595

Flecco wrote:
Karbin wrote:
CAW votes, for the fourth time in ten months, this weekend.
Total cuts in the past ten months, 19 bucks an hour.

Ya all happy now?
Better than having no job right at all?

Haven't worked for a month.
Have been told there's 168 days of orders to be built for my plant....no parts, engines and trannie's.

And for most,,,, there WILL be no jobs, even with the cuts.

2009-05-24 13:49:22

#9

DrunkFace: Germans did 911; +427|6982|Disaster Free Zone

Karbin wrote:
Flecco wrote:
Karbin wrote:
CAW votes, for the fourth time in ten months, this weekend.
Total cuts in the past ten months, 19 bucks an hour.

Ya all happy now?
Better than having no job right at all?
Haven't worked for a month.
Have been told there's 168 days of orders to be built for my plant....no parts, engines and trannie's.

And for most,,,, there WILL be no jobs, even with the cuts.

Go work for toyota.

2009-05-24 14:05:20

#10

Catbox: forgiveness; +505|7017

Karbin wrote:
Flecco wrote:
Karbin wrote:
CAW votes, for the fourth time in ten months, this weekend.
Total cuts in the past ten months, 19 bucks an hour.

Ya all happy now?
Better than having no job right at all?
Haven't worked for a month.
Have been told there's 168 days of orders to be built for my plant....no parts, engines and trannie's.

And for most,,,, there WILL be no jobs, even with the cuts.

are you still getting paid? I heard they were going to shut down plants temporarily and still pay the workers?

Love is the answer

2009-05-24 14:15:35

#11

Turquoise: O Canada; +1,596|6706|North Carolina

DrunkFace wrote:
Karbin wrote:
Flecco wrote:

Better than having no job right at all?
Haven't worked for a month.
Have been told there's 168 days of orders to be built for my plant....no parts, engines and trannie's.

And for most,,,, there WILL be no jobs, even with the cuts.
Go work for toyota.

This....

Anyway, the situation we currently face is the result of being both too afraid to completely socialize GM and too afraid to let the market clear itself.

Either option would be better than this bullshit....

2009-05-24 15:46:02

#12

Karbin: Member; +42|6595

[TUF]Catbox wrote:
Karbin wrote:
Flecco wrote:
Better than having no job right at all?
Haven't worked for a month.
Have been told there's 168 days of orders to be built for my plant....no parts, engines and trannie's.

And for most,,,, there WILL be no jobs, even with the cuts.
are you still getting paid? I heard they were going to shut down plants temporarily and still pay the workers?

I get Employment Insurance (the same as anyone else) that covers 65% of my 40 hour pay. I also receive a Supplemental Unemployment Benefit of 20% from my union dues.
No money from the company. Despite what the public is told.
Management is being paid their normal wage, depending on their level. Front line suppers are off.

Last edited by Karbin (2009-05-24 15:48:14)

2009-05-24 18:27:50

#13

ATG: Banned; +5,233|6830|Global Command

National bk is next. Then wat.

2009-05-25 00:54:57

#14

unnamednewbie13: Moderator; +2,060|7073|PNW

McDonald's should step in and save GM. Then each car could come with its own Happy Meal.

2009-05-25 01:12:57

#15

ATG: Banned; +5,233|6830|Global Command

Government Motors.

I have always bought American.
I may have to rethink that after this.

What O should do is go right to the edge, and then announce that GM is stable enough to stay out of bk and urge everyone to buy their product.

Ya know, if that fucker would just start speaking positive, sheesh. Talk about talking down the economy.

2009-05-25 01:22:21

#16

Catbox: forgiveness; +505|7017

He can't get all his crazy programs through... unless he sneaks them in by using the... I need to do this to save the economy spiel...
Without Universal health care... the economy is doomed... luckily people are realizing this guy that they voted for... is not who they thought he was... he campaigned as a liberal moderate... and now he is way left... he says one thing and does the opposite...

Who is going to buy a GM/Chrysler car(good or not... and i do believe they are good)
when the govt is deciding what cars are allowed and how they will be sold and if 3 months from now they decide to shutdown the automakers or some type of bizzare bankruptcy... Obama is in way over his head... i believe he has good intentions... but you know what the road to hell was paved with...

Last edited by [TUF]Catbox (2009-05-25 01:24:03)

Love is the answer

2009-05-25 01:31:19

#17

Reciprocity: Member; +721|6882|the dank(super) side of Oregon

i hope they can keep building their shit cars. keeps me in the black.

2009-05-25 05:02:57

#18

FEOS: Bellicose Yankee Air Pirate; +1,182|6712|'Murka

I wonder how the UAW got 39% of the company...did the union buy the stock? Or was it given to the union by the government?

If it's the former, fine. If it's the latter, that sounds hinky.

But maybe UAW ownership would be good...they would get to see firsthand how their leeching kills companies.

“Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid.”
― Albert Einstein
Doing the popular thing is not always right. Doing the right thing is not always popular

2009-05-25 07:08:55

#19

Karbin: Member; +42|6595

FEOS wrote:
I wonder how the UAW got 39% of the company...did the union buy the stock? Or was it given to the union by the government?

If it's the former, fine. If it's the latter, that sounds hinky.

But maybe UAW ownership would be good...they would get to see firsthand how their leeching kills companies.

The UAW got 55% of GM but, only one seat on the board. There are 9 seats on the board. The stock was inlu of money to the healthcare fund.
The healthcare fund was turned over to the union, about, a year ago. GM was to make two large payments to the fund and then have it off their books. GM made one payment then "ran out of cash".
The government made giving the UAW the stock a condition of the bridge loan.
That answer the question?
As for the union "leeching"......

As of 9 months ago:
GM CEO Wagoners pay 15.7 mill
Chrysler CEO Lasorda pay 15. mill

At the same time:
Toyota CEO 900,000

Hell, the ENTIRE board for Honda came in at 13 mill

Who's the leech?

Last edited by Karbin (2009-05-25 07:22:03)

2009-05-25 07:10:51

#20

usmarine: Banned; +2,785|7063

until unions are completely gone, GM and others will always fail

2009-05-25 08:35:08

#21

Turquoise: O Canada; +1,596|6706|North Carolina

usmarine wrote:
until unions are completely gone, GM and others will always fail

Pretty much. The UAW is bullshit.

Still, another part of the problem is shortsighted stockholders. If they had pushed for fuel efficiency and reliability, they wouldn't be in this mess. Instead, Honda and Toyota kicked their asses in the quality and efficiency departments.

2009-05-25 09:01:23

#22

DrunkFace: Germans did 911; +427|6982|Disaster Free Zone

Turquoise wrote:
usmarine wrote:
until unions are completely gone, GM and others will always fail
Pretty much. The UAW is bullshit.

Still, another part of the problem is shortsighted stockholders. If they had pushed for fuel efficiency and reliability, they wouldn't be in this mess. Instead, Honda and Toyota kicked their asses in the quality and efficiency departments.

Don't forget style. I know Toyota's aren't the prettiest things to look at, but at least they're not fuck ugly like most GM cars.

2009-05-25 09:06:21

#23

Turquoise: O Canada; +1,596|6706|North Carolina

DrunkFace wrote:
Turquoise wrote:
usmarine wrote:
until unions are completely gone, GM and others will always fail
Pretty much. The UAW is bullshit.

Still, another part of the problem is shortsighted stockholders. If they had pushed for fuel efficiency and reliability, they wouldn't be in this mess. Instead, Honda and Toyota kicked their asses in the quality and efficiency departments.
Don't forget style. I know Toyota's aren't the prettiest things to look at, but at least they're not fuck ugly like most GM cars.

True, but style is one of the few things GM has improved on. For example, the new Malibu actually looks good.

Still, Ford has some of the best style now, in my opinion. The Ford Fusion looks great. Also, Mazda's new 3 is pretty nice too.

2009-05-30 05:18:29

#24

usmarine: Banned; +2,785|7063

whats funny is people are always crying "the US govt this and that" and "the US taxpayer owns them blah blah blah." well ladies guess what, Canada forked over a nice sum of money, and is prepared to give some more to GM also.

2009-05-30 06:00:54

#25

Dilbert_X: The X stands for; +1,817|6407|eXtreme to the maX

whats funny is people are always crying "the US govt this and that" and "the US taxpayer owns them blah blah blah." well ladies guess what, Canada forked over a nice sum of money, and is prepared to give some more to GM also.

What is funny is Canada is buying up GM for a pittance, and they're doing it with borrowed money.

Last edited by Dilbert_X (2009-05-30 06:01:44)

Fuck Israel

BF2S Forums Govt forces GM Bondholders 10-cents on Dollar-Bankruptcy

Tammy Bruce wrote:

Karbin wrote:

[TUF]Catbox wrote:

Karbin wrote:

Flecco wrote:

Karbin wrote:

Karbin wrote:

Flecco wrote:

Karbin wrote:

Karbin wrote:

Flecco wrote:

Karbin wrote:

DrunkFace wrote:

Karbin wrote:

Flecco wrote:

[TUF]Catbox wrote:

Karbin wrote:

Flecco wrote:

FEOS wrote:

usmarine wrote:

Turquoise wrote:

usmarine wrote:

DrunkFace wrote:

Turquoise wrote:

usmarine wrote:

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