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GM's Path To Leave Bankruptcy Apparently Cleared
wnem.com ^ | : 12:15 pm EDT July 9, 2009 | staff/AP Auto Writer Bree Fowler in New York contributed to this report.

Posted on 07/09/2009 9:45:18 AM PDT by kellynla

Edited on 07/09/2009 10:21:32 AM PDT by Admin Moderator. [history]

DETROIT -- General Motors Corp. appeared headed toward a record-short escape from bankruptcy protection Thursday despite a last-minute appeal that a legal expert said was unlikely to stand in the way.

A bankruptcy judge's order approving the sale of most of GM's assets to a new company was to go into effect at noon. An appeal was filed just before the deadline by plaintiffs in an Arizona product liability lawsuit against the automaker. It was unclear if the appeal delayed the sale approval.


(Excerpt) Read more at wnem.com ...


TOPICS: Breaking News; Business/Economy; Government; US: Michigan
KEYWORDS: automakers; bankruptcy; generalmotors; gm; michigan; pl
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1 posted on 07/09/2009 9:45:18 AM PDT by kellynla
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To: kellynla

What a joke, I can’t wait for every other company in the US to try this. Tons of debt, no problem, just write it off in a quick reorg.


2 posted on 07/09/2009 9:48:01 AM PDT by ClayinVA ("Those who don't remember history are doomed to repeat it")
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Now, I can go buy one of these. BIG SMILE


3 posted on 07/09/2009 9:50:26 AM PDT by kellynla (Freedom of speech makes it easier to spot the idiots! Semper Fi!)
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To: ClayinVA

I will never buy GM or Chrysler EVER. I will ride a bike or a scooter first.


4 posted on 07/09/2009 9:50:49 AM PDT by Frantzie (Remember when Bush was President and Americans had jobs (and ammo)?)
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To: ClayinVA

Yep, the damage is done.....wrongfully appointed owners now are able to transition debt-free to continue to do business under the government’s thumb. Guess what GM? It will be a freezing cold day in hell before I even think about looking at a new GM car, period....all you UAW and government workers can eat the plastic, what little metal, foam and other materials those cars will be made of because you won’t be getting any money for them.


5 posted on 07/09/2009 9:52:51 AM PDT by Gaffer
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To: kellynla

I’ve never bought a “foreign” made car...now I’ll never buy a UAW made car...what a “change”.


6 posted on 07/09/2009 9:53:45 AM PDT by demsux
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To: Gaffer

At first, I was hoping for a drawn out bankruptcy, but I’m glad this is happening, so they can FAIL FASTER.


7 posted on 07/09/2009 9:54:20 AM PDT by Boiling Pots (Barack Obama: The final turd George W. Bush laid on America)
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To: kellynla

Is that a Corvette? If so, why on earth would you go buy a Government Motors car?


8 posted on 07/09/2009 9:55:59 AM PDT by CA Conservative
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To: kellynla
General Motors Corp. appeared headed toward a record-short escape from bankruptcy protection Thursday despite a last-minute appeal that a legal expert said was unlikely to stand in the way."

"He expects GM to close the deal and emerge from bankruptcy on Thursday in 39 days, a record for a company its size, he said.

Oh, what joyful rejoicing! What a miracle! All it took was throwing billions of OUR MONEY at the problem!

Hooray for us.

9 posted on 07/09/2009 9:56:07 AM PDT by Constitution Day (Eschew exclamatory abuse.)
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To: Frantzie
I will ride a bike or a scooter first

I believe that is the long term agenda.

10 posted on 07/09/2009 9:57:58 AM PDT by hattend (Sarah Palin has run a fishing business, a city, and a state. All Obama has done is run his mouth.)
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To: CA Conservative
“Is that a Corvette? If so, why on earth would you go buy a Government Motors car?”

Because I like ‘em...and last I checked, I still live in a free country and I can still buy what I like.

BTW, my neighbors in KY built it, thank you.

11 posted on 07/09/2009 9:58:11 AM PDT by kellynla (Freedom of speech makes it easier to spot the idiots! Semper Fi!)
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To: kellynla

GM should be able to cut the price of a Corvette in half, right ?


12 posted on 07/09/2009 9:59:18 AM PDT by Eric in the Ozarks
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To: kellynla

...from Government Motors.


13 posted on 07/09/2009 10:01:24 AM PDT by dr_who
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To: kellynla

Like the other poster, I won’t buy a UAW car either, but...you are 100% correct.

You will be able to buy what you like, until the government tells you that you can’t, so...do it while you still can.


14 posted on 07/09/2009 10:02:42 AM PDT by rlmorel ("The Road to Serfdom" by F.A.Hayek - Read it...today.)
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To: ClayinVA

The thing is, the ones out here who can’t find a job to pay off their own debt don’t have the bankruptcy option like the corporations do.


15 posted on 07/09/2009 10:02:51 AM PDT by autumnraine (You can't fix stupid, but you can vote it out)
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To: Eric in the Ozarks

The Baraqqis will do whatever it takes to keep GM looking good until November 2012. After that, not so much.

I still can’t understand why no Republican is playing the obvious class warfare card that Joe the Taxpayer is funding $3200 / month pensions and silver plated benefits for 50 yr old UAW retirees.


16 posted on 07/09/2009 10:05:15 AM PDT by nascarnation
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To: Frantzie
I will never buy GM or Chrysler EVER. I will ride a bike or a scooter first.

You should check out the new 2010 Government Motors Crapmobile
before you make any final decisions.

17 posted on 07/09/2009 10:05:46 AM PDT by Zakeet (Obama: Always wrong, never in doubt.)
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To: Boiling Pots
Oh, they won't fail...they are "too big to fail". The owners (government/UAW) will enact laws, fiats, and fees designed to make you buy one (or drive nothing new at all).If that doesn't work, the government will keep pumping good money after bad like AMTRAK and all the other government business ventures

This is one reason why I went out and bought a new Honda - my thinking is that you won't be able to get one in a couple of years because Zer0 will tax them so highly.

18 posted on 07/09/2009 10:06:41 AM PDT by Gaffer
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To: kellynla

“...last I checked, I still live in a free country...”

Um, you may want to “check” a little closer on that
“free country” thing.


19 posted on 07/09/2009 10:09:36 AM PDT by gigster
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To: Frantzie
“I will never buy GM or Chrysler EVER.”

And I will NEVER buy Japanese or German.

My father would roll over in his grave if I did. And ever since FORD started flying the Vietnamese Communist flag at corporate headquarters; they're off the list too!

Ya see, we Marines have LONNNNNNNNNNNNNNG MEMORIES!

Semper Fi,
Kelly

20 posted on 07/09/2009 10:10:10 AM PDT by kellynla (Freedom of speech makes it easier to spot the idiots! Semper Fi!)
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To: kellynla

There is NO LONGER such a thing as secured credit.

Bonds are unbonded.

The seals are breaking on financial armageddon.


21 posted on 07/09/2009 10:12:14 AM PDT by MortMan (Stubbing one's toes is a valid (if painful) way of locating furniture in the dark.)
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To: gigster

I don’t know where you live, but in my neighborhood,
we still “free” to buy what we like, thank you!


22 posted on 07/09/2009 10:12:56 AM PDT by kellynla (Freedom of speech makes it easier to spot the idiots! Semper Fi!)
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To: kellynla
Here's a current pic of Fords headwquarters, I do not see the Viet Nam flag.

Are you sure they fly the flag there, or is that some unfounded internet rumor you are repeating?

23 posted on 07/09/2009 10:14:18 AM PDT by Travis T. OJustice (I can spell just fine, thanks, it's my typing that sucks.)
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To: Eric in the Ozarks
“GM should be able to cut the price of a Corvette in half, right ?”

Well, since the owner of the dealership is a friend of mine,
we Marines get a “discount.” BIG SMILE

Semper Fi,
Kelly

24 posted on 07/09/2009 10:15:56 AM PDT by kellynla (Freedom of speech makes it easier to spot the idiots! Semper Fi!)
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Comment #25 Removed by Moderator

To: kellynla
>last I checked, I still live in a free country and I can still buy what I like.

"denial is the most predictable of all human response"

26 posted on 07/09/2009 10:24:18 AM PDT by bill1952 (Choice is an illusion created between those with power - and those without)
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To: demsux
I’ve never bought a “foreign” made car...now I’ll never buy a UAW made car...what a “change”.

Who is left to buy from? You about eliminated everybody.

27 posted on 07/09/2009 10:32:27 AM PDT by rawhide
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To: Travis T. OJustice

“Are you sure they fly the flag there, or is that some unfounded internet rumor you are repeating?”


Dear XXXXXXXXXXX:

My staff contacted Ford Motor in regard to your e-mail asking if they display
the North Vietnam Flag.

At Ford Corporate Headquarters in Southfield they have 42 flag poles that
display their international holdings — they do business in more than 200
countries. The largest flag pole, 70 ft. high, displays the U.S. flag.

Of the 42 international flags, various methods have decided which are flown.
For a long time, the flags were chosen for the largest producing counties.
Earlier last year, for a short time, flags were chosen based on the opening
of new plants, ventures, etc. The national flag of Vietnam was among these
due to the opening of a new manufacturing facility. Last fall, however, the
company re-examined their policy for choosing the flags, and is again
selecting flags based on market sales ranks. The Vietnam flag did not make
this list, therefore it was removed along with others .

Ford informed my office that some rumors had started that the flag was the
Viet Cong battle flag, or something other than the national flag of Vietnam.
This was not the case, but I’m sure you are more interested to hear that the
flag was removed.

If you need more information, Ford’s public relations office is very willing
to talk with you. Lydia Sisaruk at 313-323-0646 offered to speak with you
further.

Thank you for your e-mail.

Sincerely,

MIKE ROGERS
Majority Floor Leader
26th Senate District


You can apologize to me at any time, Newbie.


28 posted on 07/09/2009 10:34:03 AM PDT by kellynla (Freedom of speech makes it easier to spot the idiots! Semper Fi!)
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To: kellynla

So, on which side of the ledger is the taxpayers’ current share of GM to fall - the new side, new company, that’s shedding all the liabilities or the old side, the original GM that’s being left with most the debt?


29 posted on 07/09/2009 10:34:55 AM PDT by Wuli
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To: rawhide

Toyotas are Amercian made, and non-union.


30 posted on 07/09/2009 10:35:17 AM PDT by Travis T. OJustice (I can spell just fine, thanks, it's my typing that sucks.)
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To: Travis T. OJustice

I love my Toyota.....I want to upgrade to something newer but the dang thing runs perfectly.


31 posted on 07/09/2009 10:36:00 AM PDT by tioga
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To: Zakeet

Beautiful. Not only is it small and a gas sipper, but it has three tiny wheels to reduce the chance of killing insects on the road, with “autoprompters” on the left and right to tell you which way to turn, how fast to drive, why you are about to be stopped by the authorities, and who gets to use your car next. It is super unsafe, creating more health-care jobs, and made of cheap material, ensuring more repair jobs and more manufacturing work to produce replacements.

The plastic dome gives it that space-age, ultra-modern look that is an excellent stand-in for the genuine technological progress we must squash so that more resources can be allocated toward helping the underprivileged reach material parity with the overprivileged. The dome also destroys all bourgeois sense of privacy, allowing authorities and keen citizens alike to keep an eye out for counterrevolutionary activities. Putting the steering wheel on the right makes us more like our romantic left-wing visions of Europeans. No room for more than one passenger dissuades irresponsible reproduction, as well as buying stuff and other capitalist activities. The seats are low, uncomfortable, and tiny, ensuring that few will drive more than 10 miles at a time, and certainly none will be invited to surpass their monthly mileage quota, nor attempt to use such a vehicle to travel to another city or state without registration, letter of approval, and subsequent entry into federal database.

Some quibbles. The Obama sticker could be larger. I cannot tell if that is an opening to the gas tank or the battery - there should be a clear graphical mark as to make transparent smugness a more streamlined endeavor. As an advertisement, this image is disgustingly heteronormative and ethnocentric. Both people in the vehicle should be of ambiguous gender and ethnicity, so as to appeal to the broadest social sentiments of government purchasers.


32 posted on 07/09/2009 10:36:36 AM PDT by M203M4 (A rainbow-excreting government-cheese-pie-eating unicorn in every pot.)
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To: kellynla

Two words:

Buy Used.


33 posted on 07/09/2009 10:37:58 AM PDT by Zechariah_8_13 ("If we give the bureaucrats our children, we may as well give them everything else." - J. G. Machen)
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To: M203M4

Nicely done.


34 posted on 07/09/2009 10:38:16 AM PDT by EyeGuy
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To: kellynla

According to YOUR post, they do not fly the flag, therefore YOU owe ME the apology.

Nice fake letter, btw.


35 posted on 07/09/2009 10:39:39 AM PDT by Travis T. OJustice (I can spell just fine, thanks, it's my typing that sucks.)
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To: tioga

I had one. I have never owned a better, more reliable vehicle.


36 posted on 07/09/2009 10:40:54 AM PDT by Travis T. OJustice (I can spell just fine, thanks, it's my typing that sucks.)
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To: bill1952
last I checked, I still live in a free country and I can still buy what I like.

“denial is the most predictable of all human response”

“denial?”

who's “denying” anything.

Sounds like my affirmation to me.

37 posted on 07/09/2009 10:41:40 AM PDT by kellynla (Freedom of speech makes it easier to spot the idiots! Semper Fi!)
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To: Travis T. OJustice; kellynla

The Corvette that kellynla displayed is the 638 hp ZR1, GM’s fastest production car ever built. It has beat the Nissan GTR, the Ferrari 599, and the Porsche GT2 in a straight line run, and officially posted a 7:26.4 at the Nurburgring.

http://www.youtube.com/watch?v=k6mEirkQN8o

For $105,000...that’s way more bang-for-your-buck than a Porsche or Ferrari.


38 posted on 07/09/2009 10:41:50 AM PDT by Zeppelin (Where have you gone, Joe McCarthy, oh? A nation turns illiberel eyes to you...oo oo oo...)
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To: bill1952
last I checked, I still live in a free country and I can still buy what I like.

“denial is the most predictable of all human response”

“denial?”

who's “denying” anything.

Sounds like my affirmation to me.

39 posted on 07/09/2009 10:42:51 AM PDT by kellynla (Freedom of speech makes it easier to spot the idiots! Semper Fi!)
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To: kellynla
Because I like ‘em...and last I checked, I still live in a free country and I can still buy what I like.

No one implied that you couldn't buy whatever you want. I'm just surprised that any conservative would be supporting a socialist endeavor such as Government Motors. But maybe that's just me.

40 posted on 07/09/2009 10:49:31 AM PDT by CA Conservative
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To: Travis T. OJustice
“According to YOUR post, they do not fly the flag”

BECAUSE WE COMPLAINED AND THEY TOOK IT DOWN, GENIUS!

"Nice fake letter, btw.”

“fake?”

you calling me a liar?It was an email,genius.

And you can call the state representative who made the inquiry and called FORD or you can call FORD...their number is in the email.

shezzzzzzzzzzzzz...another asshat Newbie

41 posted on 07/09/2009 10:54:44 AM PDT by kellynla (Freedom of speech makes it easier to spot the idiots! Semper Fi!)
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To: rawhide

BMW


42 posted on 07/09/2009 10:56:52 AM PDT by demsux
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To: CA Conservative
“would be supporting a socialist endeavor”

and just what brand do you buy that isn't supported by their government or as you put it “socialist endeavor”....this I gotta see. LOL

43 posted on 07/09/2009 10:57:07 AM PDT by kellynla (Freedom of speech makes it easier to spot the idiots! Semper Fi!)
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To: kellynla

There is a difference between “supported by their government” and “owned by their government”.

To answer your question, if I were to buy a new vehicle right now, I would probably go with a Ford. At least they had the gumption to refuse the government bailout and avoid bankruptcy on their own.

My, my, you are a bit touchy for a Marine....


44 posted on 07/09/2009 10:59:53 AM PDT by CA Conservative
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To: CA Conservative

” you are a bit touchy for a Marine”

It’s my right. I fought for that “right”

You gotta problem with that?

too bad!

Now, go bother someone else with your Bravo Sierra, missy.


45 posted on 07/09/2009 11:03:07 AM PDT by kellynla (Freedom of speech makes it easier to spot the idiots! Semper Fi!)
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To: kellynla
...and last I checked, I still live in a free country,...

Well, no you don't. This country is far from free, and has been for years.

Nevertheless, let it be known that any GM or Chrysler product parked on my property that was manufactured on or after June 1, 2009 will be heavily damaged. I will NOT allow a fascist-mobile to sit in my driveway.

46 posted on 07/09/2009 11:03:10 AM PDT by meyer ( "The world is a beautiful place and worth fighting for. But not without Freedom.")
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To: CA Conservative
FORD?

Yea, well we Viet Nam combat veterans quit buying new FORD’s when they opened a plant in Nam and FORD started flying the Vietnamese Communist flag at corporate headquarters.

Semper Fi,
Kelly

47 posted on 07/09/2009 11:05:53 AM PDT by kellynla (Freedom of speech makes it easier to spot the idiots! Semper Fi!)
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To: meyer

“Well, no you don’t. This country is far from free, and has been for years.”

I don’t know where you live but where I live;
I do as I damn please. LMAO


48 posted on 07/09/2009 11:07:29 AM PDT by kellynla (Freedom of speech makes it easier to spot the idiots! Semper Fi!)
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To: Gaffer
Yep, the damage is done.....wrongfully appointed owners now are able to transition debt-free to continue to do business under the government’s thumb. Guess what GM? It will be a freezing cold day in hell before I even think about looking at a new GM car, period....all you UAW and government workers can eat the plastic, what little metal, foam and other materials those cars will be made of because you won’t be getting any money for them.

I am retired from Hughes Aircraft Company. Hughes was owned by GM and I am eligible for the employee discount. I have bought my last GM car. From now on it is non-UAW for me.

49 posted on 07/09/2009 11:07:54 AM PDT by saminfl ( FUBO)
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To: kellynla

Why not, they now have the deepest pocket backing them.


50 posted on 07/09/2009 11:08:36 AM PDT by razorback-bert (We used to call them astronomical numbers. Now we should call them economical numbers.)
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