Posted on 04/20/2017 7:52:36 AM PDT by Olog-hai
Not to mention the GM bond holders who lost everything they invested.
It may have been the bond holders I was thinking of.
Allende did the same thing in Chile in the 1970’s, only they paid General Tire $1 for the plant. Years later, as the equipment started to wear out, they tried to buy replacement parts for the factory and were surprised to discover that the companies told him to take a hike.
Cut...nose...spite...face
Ding,ding, ding - we have a thread winnah!
I love it when cheap labor whores get burned.
I guess that means that Trump can seize Citgo’s assets here in the United States
Dear GM,Ford and Chrysler,
Mexico is way overdue for a proletariat “peoples” revolution.
You’ve been warned.
Signed,
Pack sand you Cheap labor whores.
That depends on who files the claim the earliest.
I recently read the Rooskies might be first in line for oil assets in the US by way of overdue loans to Vz...
So after 17 or 18 years of socialist/communist rule in Venezuela, GM still had an operating plant in Venezuela? What the hell was their Board of Directors thinking?
I wonder how much business interruption insurance GM had?
5.56mm
Venezuela — AND AMERICA — are suffering under the “myth” of UNBACKED PAPER FIAT CURRENCY and will continue to suffer until this very profitable — for a SELECT FEW – SCAM is halted!
Lori and I delve into this topic in part 2 of our series at the link below. Listen — if you dare!
1/2 HOUR RADIO SHOW ON MONEY, THE FED, INFLATION, ETC.
As some already know, since mid-2014, we’ve been doing a 30 minute weekly Wednesday
radio show (aka “rant”) with Dr. Lori Wilson out of WLBB in Carrollton, Georgia.
If you have an interest in listening, go to this link http://www.gradickcommunications.com
and the center “PODCASTS” Menu and click on “The Wednesday Show with Dick Bachert” for the current program.
If you want to listen real-time, the show airs between 8:30 to 9:00 AM, Eastern
We continued to consolidate our Venezuelan subsidiaries because of recent favorable election results, settlements of new debt by the Venezuelan government, participation in SIMADI currency exchange and vehicle production in the year ended December 31, 2015. Additionally, we expect to have the ability to continue vehicle production in a limited manner during 2016 and into early 2017. Absent ongoing vehicle production, our Venezuelan subsidiaries may require additional financial support. At this time no decision has been made whether we will provide further financial support if required. Despite the significant challenges in Venezuela, this market continues to be important to us. We will continue to monitor developments in Venezuela to assess whether market restrictions and exchange rate controls evolve such that we no longer maintain a controlling financial interest. If a determination is made in the future that we no longer maintain control we may incur a charge based on exchange rates at December 31, 2015 of approximately $0.2 billion.
Since the taxpayer bailed out GM...was that an asset that the taxpayers owned...if so...let’s fight for it...
Give me superhuman powers and I’ll fight for it single-handed.
Good afternoon.
Thanks for the note to the K. I have to wonder did GM book a contingent liability for $200 million?
5.56mm
In the year ended December 31, 2015 we recorded currency devaluation charges of $0.6 billion and asset impairment charges of $0.1 billion in Venezuela ...
Still, it's real money, and enough to make it worth fighting for. I doubt the board or investors are substantially concerned though. The takeover has been brewing for years, and GM is big enough to absorb the loss. The "nice nice" talk is a reasonable contingency for possible future business.
Ding,ding, ding - we have a thread winnah!
It's called "political risk", part and parcel of doing business anywhere. The U.S. was a magnet for capital when it was perceived as an especially low political risk jurisdiction. Not so much since Obama, and with Granny Warren waiting in the wings to punish investors.
Does Venezuela still own Citgo? Just seize it and give it to GM as compensation.
How about giving GM what's left after reimbursing their bond holders?
That was NOT GM's choice. It was forced upon them by Obama.
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