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GM BANKRUPTCY PLAN CALLS FOR QUICK SALE TO GOV'T
Reuters Via Drudge Report ^ | 05/19/2009 | Chelsea Emery and Tom Hals

Posted on 05/19/2009 12:29:20 PM PDT by autumnraine

Edited on 05/19/2009 2:07:32 PM PDT by Admin Moderator. [history]

I am speechless. Are we Russia yet?

NEW YORK, May 19 (Reuters) - General Motors Corp's (GM.N) plan for a bankruptcy filing involves a quick sale of the company's healthy assets to a new company initially owned by the U.S. government, a source familiar with the situation said on Tuesday. The source, who would not be named because he was not cleared to speak with the media, did not specify a purchase price. The new company is expected to honor the claims of secured lenders, possibly in full, according to the source. The remaining assets of GM would stay in bankruptcy protection to satisfy other outstanding claims. GM has about $6 billion in secured debt, including a secured revolving credit and bank debt. The government's plans include giving stakes in the new company to GM's union and bondholders, although the ownership structure of the company is still being negotiated, said the source who is familiar with the company's plans. In addition, the government would extend a credit line to the new company and forgive the bulk of the $15.4 billion in emergency loans that the U.S. has already provided to GM, the source said.

The government has given GM until June 1 to restructure its operations to lower its debt burden and employee costs.

If those talks failed, the company has said it would follow rival Chrysler LLC into bankruptcy.............


TOPICS: Business/Economy; Constitution/Conservatism; Government; News/Current Events; US: Michigan
KEYWORDS: america2point0; automakers; bho44; commie; communism; cw2; elitism; elitists; facism; fubo; generalmotors; gm; governmentmotors; manufacturing; messiah; nationalization; obama; obamarocks; obamunism; oligarch; paranoidfreepers; reddawn; socialism; socialistblitzkrieg; starkravingsocialism; statism; uaw; uawmotors; youlostgetoverit
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To: Pete

Marxism is one the move.


61 posted on 05/19/2009 12:50:41 PM PDT by Tarpon (You abolish your responsibilities, you surrender your rights.)
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To: diverteach

Suburban, Tahoe, Cadillac, Silverado pickup.. I will move to Toyota (Highlander) (Lexus) and/or Ford. No way in hell will I ever support GM/UAW again!


62 posted on 05/19/2009 12:52:08 PM PDT by TaxMe
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To: autumnraine
" The government's plans include giving stakes in the new company to GM's union and bondholders, although the ownership structure of the company is still being negotiated, said the source who is familiar with the company's plans.

In addition, the government would extend a credit line to the new company and forgive the bulk of the $15.4 billion in emergency loans that the U.S. has already provided to GM, the source said."

Arrrrrrrrggghhhhhhhhhhhhhhh!!!

63 posted on 05/19/2009 12:53:49 PM PDT by avacado
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To: VanillaBlizzard

Actually, I believe Putin himself warned us that we were going socialist too fast and that it wouldn’t work.

http://www.freerepublic.com/focus/f-news/2187964/posts


64 posted on 05/19/2009 12:54:12 PM PDT by MrB (Go Galt now, Bowman later)
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To: TaxMe

That may be good for now but after the government nationalizes all of the car companies that is going to be a little hard to do.

And you know it’s coming.


65 posted on 05/19/2009 12:55:27 PM PDT by Netheo
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To: jpl

I wouldnt move to Russia but I would buy a Russian car before I would buy a GM.


66 posted on 05/19/2009 12:55:41 PM PDT by DogBarkTree (Support The American Tea Party)
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To: jpl

I remember British Leyland, a/k/a British Motors, maker of the Triumph Spitfire and other fine pieces of junk.


67 posted on 05/19/2009 12:55:51 PM PDT by henkster (The GOP is housebroken window-dressing displayed to portray the fiction of a Republic.)
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To: TaxMe

Took ya long enough


68 posted on 05/19/2009 12:56:03 PM PDT by RedhairRedhair (I love my Toyota - I don't wanna 42 mpg-er)
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To: greyfoxx39

LOL! Good one!


69 posted on 05/19/2009 12:56:11 PM PDT by silverleaf ("Never forget that everything Hitler did in Germany was legal ( Martin Luther King))
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To: autumnraine
Well at least Joe Biden will have a job fitting his abilities:

Joe Biden Isuzu

Seriously, I will miss owning GM cars.

70 posted on 05/19/2009 12:56:14 PM PDT by keepitreal (Obama brings change: an international crisis (terrorism) within 6 months)
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To: Never on my watch
Ya’ know, I am becoming numb to all of the outrages.

That's what the outrage-a-day strategy is designed to do.

71 posted on 05/19/2009 12:57:56 PM PDT by WhistlingPastTheGraveyard
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To: jpl
Best of luck to Government Motors.


72 posted on 05/19/2009 12:57:58 PM PDT by Red Steel
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To: Pete

Yeah, we were assured repeatedly by Bill O’Reilly and some other conservative talking heads tht Odumbo is way too smart and pragmatic to go this route. Why, he is just a moderate pretending to be liberal. I knew that these people were wrong and am waiting for them to admit it.


73 posted on 05/19/2009 12:58:06 PM PDT by PLKIng
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To: TaxMe

I’m sick because I just bought a Chevy back in Sept. after owning a Ford. If I had known then what I know now!


74 posted on 05/19/2009 12:58:35 PM PDT by bushfamfan (United States of America: July 4, 1776-November 4, 2008)
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To: YankeeReb
So if we didn’t pass 0bama’s stimulus package in order to save GM, what would have been different?

There would be about a billion dollars less Federal debit.

75 posted on 05/19/2009 12:59:31 PM PDT by Pontiac (Your message here.)
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To: silverleaf

;)


76 posted on 05/19/2009 12:59:48 PM PDT by greyfoxx39 (If Pelosi knew of torture and did nothing to stop she is admitting to being W's accomplice.)
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To: autumnraine
COMING SOON TO THE DETROIT CHAMBER OF COMMERCE WEBSITE


77 posted on 05/19/2009 1:00:39 PM PDT by doug from upland (10 million views of .HILLARY! UNCENSORED - put some ice on it, witch)
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To: Winstons Julia

Well said. I, like many others, will not buy one of these govenment motors vehicles. I will pay more if I have to to make this stand. I can not support with my money (any more thatn I am forced to) this socialist crap.


78 posted on 05/19/2009 1:01:44 PM PDT by PLKIng
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To: madinmadtown
most of the goods come from China and very little is produced within Russia.

Right there told me they are moving more capitalist if they are importing more than they produce. Although they have a long way to go, that is a really good sign. Even nowadays I feel safer with Russia on this planet then Iran. My grandpa still talks about how much Russia has changed compared to the cold war.

Good info though thanks FRiend.

79 posted on 05/19/2009 1:02:06 PM PDT by VanillaBlizzard
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To: autumnraine

Since we’ll be owning the company, where’s that Tahoe I’ve always wanted?


80 posted on 05/19/2009 1:02:07 PM PDT by wolfcreek ("unnamed "right-wing extremist")
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