Sad News, Hopefully its for the better and they can come back stronger.

 

90 days for the aftermarket gm warranty

 

Looks like a bunch of "horse pucky" to me.

I have been watching 3 business stations continually for the past 6 hours. Not one station mentioned anything about GM filing, or getting ready to file, and withdrawing at the last minute.

I really do not believe this could have occurred without ONE of the business channels picking it up. It would be scoop news.....

I did see last night and earlier today that GM MAY be getting ready to file.

 

Hold up on that car wash fellas.

GM has not filed yet. There is a lot going on and several steps that can and will be taken yet.

Here is the last thing from a day ago.

According to an unnamed source speaking with Reuters, General Motors "is in 'intense' and 'earnest' preparations for a possible bankruptcy filing." The report states that GM could be split into two separate entities; one "new" unit consisting of the General's successful brands (read: Chevrolet and Cadillac) and an "old" unit made up of its less-profitable endeavors (Hummer, Saab, Pontiac and Saturn).

If the plan is enacted, the all-new GM would assume some of the debt from the bankruptcy (primarily, unsecured debt) and that GM's bondholders would lose a substantial amount of value if the Chapter 11 filings go through. Naturally, neither source wished to be named, so this is all conjecture at this point, but if GM does declare CH11 within the next month-and-half, expect the Feds to step in to avoid the cataclysmic effect on both suppliers and the economy as a whole.

Bankruptcy is most likely coming but there still is a lot of planning and things that need tied up yet.

If what happens as posted Chevy and Caddy may get off easy and let the rest of the company take the fall. Keep in mind none of this will impact the international division much if at all. Buick is one that can now be considered one of those.

Fact is few outside the GM tower know what is exactly going on. We will just have to wait and see. GM hates Obama's intervention in their buisness and lack of action with one of his largest donors the UAW. To fix this problem it needs to be addressed on all sides not just the ones you want.

GM may file to help remove all the goverment faster.

God knows GM has a hard enough time running things themselves let alone with the help of goverment know nothing adding their two cents.

 

This is not necessarily a bad thing for the future of the company and the cars we will be able to buy. Sometimes it is better to start over with a clean slate. Yes, my GM stock will be worth zero, but I have been prepared for that possibility for a while now.

 

big companies go bankrupt and banks always get seized on the weekends and after the markets close.

it sucks, but bail out now if you hold stock.

I think the gmpp warranties are backed by a different company, there was a big thread on it before.

 

What do they have now? Jr's lemonade stand CEOs?

maybe.

 

GM's system has had many repairs ue to Rick Wagoner. THe problem is one of the systems that needs fixed is the Board of Directors.

They over ruled him and Lutz on many of the changes and plans he wanted and needed to do. Most times it has hurt GM.

The Prex made RW a scapegoat but never made a move against the UAW managment or the board. He removed the one guy that really was trying to do something as a symbolic move. He even stated so.

The problem with banckrupcy is a prepackaged deal is not all that easy, painless or without great risk. The problem is even if all parties agree to a package anyone of the parties can pull out at anytime as a prepackage deal is a handshake agreement. If the economy continues to decline one of the creditors can pull out mid way and crash the whole thing. This was pointed out in the Wall Street Journel buy failed to be told to thepublic by the main media.

If Bankruptcy was that easy and clean it would have been done before.

As it was in July GM if the makets and economy continued as it was Gm would have had a good chance to recover in 12-24 months. They had now delayed new product coming and cash flow coming in to pay for it and their debts.

Gas went up and the economy crash put the brakes on the truck sales that were paying for these changes. As time goes on the auto market is getting worse and worse. Right now GM may be hurting but if it continues Even Toyota, Honda and the others will start to have problems. Layoffs in Toyota City in Japan are at a all time high and inventories for these companies are chocked full and rotting on ships and lots around the world.

It I am affraid will get worse before it gets bettter.

Also Ford is affraid if GM and Chrysler file bankruptcy they will be at a great disadvantage with the UAW and parts suppliers due to GM and Chrysler getting better deals after filing. It would be enough that GM and Chrysler could under cut their prices. So as you can see filing is not as simple as many think. I have only touched on some of the points many have pointed out that often get lost in the news.

 

You know... everyone pulling the plug on their stocks all at once hurts the company just as much as poor management... if not more so... those stocks that people own give credibility to the value and worth of a company... if all the public shares of a company were sold, then that would drive the value and worth of that company into the dirt and which would ultimately cause its emminent demize. What do you think caused the last brick to be thrown in the 'Great' depression??? It was everyone freaking out and 'matressing' their money... which caused the banks to be worthless etc etc.. not saying it was the only reason but it was a major contribution..

So lets say you got rid of all your stocks.. in 2-3 years when the dust settles, lets say GM makes a come back.. now stocks are worth 3-4x's more than what they were and who's the dunce now?

RELAX, if everyone did everything they heard in the news, we would all live in bubbles from all the paranoia.

 

You may as well hang on to your stock now because your not going to get anything back now anyway.