[Newsbot]

Title: GM bankruptcy: End of an era
Category: Business
Posted By: martin14
Date: 2009-06-01 07:36:39

[martin14]

sad news, but not surprising.

[stemmer]

Yes...sad day... I hate it when we lose our cultural icons...

[Blue_goose80]

Dang it, I have a sierra less than a year old.

[ASLplease]

"GM will shed its Pontiac, Saturn, Hummer and Saab brands and cut loose more than 2,000 of its 6,000 U.S. dealerships by next year."

Do I sense a democratization of the industry? instead of 1 big company, will these divisions be sold off in whole or in part to smaller companies?

[ASLplease]

BTW, what exactly does bankruptsy mean? I have no doubt that GM worldwide will go on to make billions of more dollars. Who is the real losers? and who is the real winner?

[DrCaleb]

ASLplease ASLplease:

"GM will shed its Pontiac, Saturn, Hummer and Saab brands and cut loose more than 2,000 of its 6,000 U.S. dealerships by next year."

Do I sense a democratization of the industry? instead of 1 big company, will these divisions be sold off in whole or in part to smaller companies?

Magna International (Canadian Company!) already has dibs on both GM's Vauxhall U.K. Division, and Opel in Germany.

Magna can already produce licensed versions of many vehicles, such as Chrysler Minivans, and the Mercedes G Wagon.

http://business.timesonline.co.uk/tol/b ... 391072.ece

[xerxes]

ASLplease ASLplease:

BTW, what exactly does bankruptsy mean? I have no doubt that GM worldwide will go on to make billions of more dollars. Who is the real losers? and who is the real winner?

The losers will be the workers who will watch their pensions disappear as a result of the Chapter 11 bankruptcy protection GM will be under.

[stemmer]

xerxes xerxes:

ASLplease ASLplease:

BTW, what exactly does bankruptsy mean? I have no doubt that GM worldwide will go on to make billions of more dollars. Who is the real losers? and who is the real winner?

The losers will be the workers who will watch their pensions disappear as a result of the Chapter 11 bankruptcy protection GM will be under.

So very true.....

[DrCaleb]

xerxes xerxes:

ASLplease ASLplease:

BTW, what exactly does bankruptsy mean? I have no doubt that GM worldwide will go on to make billions of more dollars. Who is the real losers? and who is the real winner?

The losers will be the workers who will watch their pensions disappear as a result of the Chapter 11 bankruptcy protection GM will be under.

And Manufacturers, and their employees who were 90+ days in arrears for parts that have already driven out of the factory as part of a vehicle that Government Motors will get paid for. But the manufacturer will be lucky to see 10 cents on the dollar.

[Lemmy]

So, did the thousands of people with GMAC loans just win the lottery? If I had a GM loan, they'd have a pretty raw time trying to get another nickel out of me.

[CommanderSock]

This is pretty sad to be honest.

For all the hatred against the Unions, GM has produced some brilliant and culturally significant cars over the past 50 years and that achievement alone cannot be ignored.

*Hats off*

[GreenTiger]

PArt of the problem is that for years auto makers would bild cars that they want to sell rather than what people want to buy.

[martin14]

Lemmy Lemmy:

So, did the thousands of people with GMAC loans just win the lottery? If I had a GM loan, they'd have a pretty raw time trying to get another nickel out of me.

you're obviously kidding.
Bankruptcy is protection against creditors, not debtors.

If anything, they will be even more aggressive to make sure
they collect every last penny.

Miss a payment and watch what happens

[Sapio]

I think we all saw this coming. There will be interesting times ahead.