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GM Reportedly Planning to File For Bankruptcy on June 1

May 28th, 2009 | Posted in: Financial

The title may be frightening but it shouldn’t come as too much of a surprise. GM’s financial position has been declining for years and despite all efforts to avoid it, a court-mediated process appears to have nearly no alternative.

According to Bloomberg, citing persons familiar with the matter, the 77 year old company plans to file for bankruptcy protection on Monday June 1. That same day will bring with it a press conference by President Obama. If it occurs, this would be the fourth largest bankruptcy in US history and the largest for an industrial company.

GM has been aggressively trying to restructure its massive debt to the UAW and bondholders. They received an agreement from the UAW, but less than 10% of bondholders agreed to swap $27 billion of debt for a 10% stake in the company. It was that failure that triggered the inevitability of bankruptcy.

The bondholders have accepted a “sweetened” deal of warrants to purchase an additional 15% share of the new GM in exchange for not stonewalling the bankruptcy process.

The plan, which has been long known, is to sell off GM’s best assets to a new GM which will be 72.5% owned by the governemnt and 17.5% owned by the UAW. That company will be stripped of its old debt and be sent off with $30 billion in fresh new government funds and hopefully a bright future.

“We intend to get in and out very soon,” said GM vice chairman Bob Lutz to reporters. “The U.S. government wants its money back, and our plan is to pay it back as quickly as possible. The U.S. government doesn’t want to own auto companies.” Lutz also said he would like to see a continued presence of the auto task force in the future, giving GM the same type of continued government support Japanese automakers have long enjoyed. Lutz has not specifically confirmed bankruptcy will occur.

Experts think the GM bankruptcy process may take 60 to 90 days.

Sources have told GM-Volt.com that the Chevy Volt program will not be affected in any way by this process should it occur, and the company as a whole would continue to operate.

Source (Bloomberg)

Posted by: Lyle

103 Responses to “GM Reportedly Planning to File For Bankruptcy on June 1”

solo Says:
May 28th, 2009 at 5:36 pm

FIRST!

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Guy Incognito Says:
May 28th, 2009 at 5:39 pm

The bad news: bankruptcy is inevitable for GM.

The good news: The Chevy Volt program will not be affected in any way by this process.

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solo Says:
May 28th, 2009 at 5:44 pm

The last part of the post reads:

and the company as a whole will continue to operate uninterrupted.

When Chrysler filed Ch11, all suppliers stopped delivering parts and production was shut down. I still don’t know if Chrysler has re-started any production. Why will G.M. be any different than Chrysler? I DO expect a shutdown in production. It may not hurt retail sales much due to the inventory already at the dealerships but it can’t help.

Fleet buyers may be most effected since few retail customers actually order a car anymore. Police agencies, taxi companies, rental car companies, etc., may look elsewhere for vehicles to meet their needs (Ford, Toyota, etc.) until production starts again.

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Gregski Says:
May 28th, 2009 at 5:55 pm

FOURTH!

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solo Says:
May 28th, 2009 at 6:02 pm

On a side note, Visteon declared Ch. 11 today. They are Ford’s biggest parts supplier. http://WWW.VISTEON.COM

I looked at their web sight. I’m amazed at the components they make for the auto industry. Things you would think car companies made in house. HVAC systems, fuel injection systems, including controllers fuel pumps, valves and relays, transmission controllers. COMPLETE DASH ASSEMBLIES, door skins and center consoles, radios, incredible……

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-1 UAW DeadNow Says:
May 28th, 2009 at 6:16 pm

Death to the Union and UAW! All of them deserve nothing but unemployment and loss of their houses. They destroyed the whole industry by Detroit three!

kbigley7@yahoo.com

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statik Says:
May 28th, 2009 at 6:32 pm

“The title may be frightening but it shouldn’t come as too much of a surprise. GM’s financial position has been declining for years and despite all efforts to avoid it, a court-mediated process appears to have no alternative.”

…if only someone could have seen as the only alternative back in november, and we didn’t waste 7 months and 50 billion.

“Sources have told GM-Volt.com that the Chevy Volt program will not be affected in any way by this process, and the company as a whole will continue to operate.”

I demand to know your ’sources!’

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carcus1 Says:
May 28th, 2009 at 6:32 pm

I guess all you union people can feel free to email kbigley7 and tell him what you think.

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CorvetteGuy Says:
May 28th, 2009 at 6:34 pm

Lucky 7th !

It will be interesting to see how sales go this summer.

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CorvetteGuy Says:
May 28th, 2009 at 6:37 pm

“That company will be stripped of its old debt and be sent off with fresh new government loans and hopefully a bright future.”

Good for GM. What about the remaining dealers taking a pounding by the public and the new government task force running the show?
Any ‘fresh government loans’ coming our way?

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statik Says:
May 28th, 2009 at 6:39 pm

#9 CorvetteGuy said:

Lucky 7th !

It will be interesting to see how sales go this summer.
=====================
You should take the summer off, lol.

/at least July and August.

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Dave K. Says:
May 28th, 2009 at 6:43 pm

President Obama spends money in places that support his plan.

His plan being: 1> To create (or save) jobs. 2> Assist Detroit in remaining in business. 3> Reducing the nations gasoline addiction by supporting American/Canadian made EV’s and EREV’s and clean coal. Both Obama and McCain are/were bent on this result.

I am happy with the GM ownership percentages mentioned in today’s news. I believe GM will get through this dark period and hold it’s own for many years ahead. There will be a white Volt recharging in my garage.

=D~

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Slave to OPEC Says:
May 28th, 2009 at 6:47 pm

I’m still concerned. I heard GM sent a low level negotiator to the Opel BK hearing whom wasn’t empowered (or was incompetent) to act on GM’s behalf. Again, another embarrassing moment that questions’ management’s judgemental abilities.

(I’m still going to buy the Volt though)

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omnimoeish Says:
May 28th, 2009 at 6:54 pm

The government is going to end up giving GM about $70 billion by the time it’s all done. They could’ve just paid off the $27 billion in debt that GM had and not ruined GM’s credit.

GM’s market cap is only about $3 billion. They could’ve bought all the stock so the shareholders don’t have to take a 100 to 1 reverse split. They could’ve handled that in about a day and there would’ve been $40 billion left for GM to invest in future products, smiles all around.

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Dan Petit Says:
May 28th, 2009 at 6:55 pm

I would like to see the strictest of rules put into place by the Judge, so that everyone comes to the table with their best accommodating position. While there may be a very very extensive and lengthy number of parties involved, I would not mind seeing the Judge take a very highly aggressive approach with the purpose of causing a quick and decisive set of conclusions.
These bondholders have known for many years that GM’s position was increasingly stressed, yet they still kept buying bonds anyway.
So where is there any surprise for them? Let the Judge feel compelled if he/she wishes, to expedite a decision, in part, with that context, and feel comfortable about it. There have not been any surprises here as to risk for anyone, so it would be extremely difficult, it seems to me, that anyone could plead unfairness, given how the different parties are viewed in the context of how close each is to the financial difficulties at hand.

It seems to me that jobs are the category of the very highest of financial loss (union or not, they are still people who work hard at their jobs, and stand to loose the most).
To me, it regards what
**************
people
**************
stand to personally loose, not what an organization collectively stands to loose, or a category of person stands to loose, or a hedge fund itself stands to loose. It seems to me that people count more than all of those other ways media works-up stories to classify how the losses “to investment” are to be partitioned.
Jobs first, people first, not the definitions of any “thing” else first, is how I see there ought to be a viewpoint of the rankings of harshness-of-losses-to-be-suffered at this sad benchmark of change. Media ought not to make this fodder for their political preferences as they so often do.
I have complete confidence to be able to understand what the Judge ultimately rules as being fair.
Dan Petit Austin TX

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Ed M Says:
May 28th, 2009 at 6:56 pm

This is certainly good news for GM fans. For people like myself who are in denial about GM its onwards and upwards. Everyone got a little of GM, the union (workers and retirees) the bondholders and the governments of US and Canada.

I hope this means the Volt will rise from the ashes.

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john1701a Says:
May 28th, 2009 at 6:57 pm

Sources have told GM-Volt.com that the Chevy Volt program will not be affected in any way by this process
__________________________

Volt has some magical immunity, eh?

Reality is, Volt is quite vulnerable. In fact, it looks pretty darn realistic at this point that adjustments will be made to the implementation plan. Volt won’t die. But the justification for such a high price simply isn’t there. Expect reconfiguring to make it profitable much sooner.

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User Name Says:
May 28th, 2009 at 6:57 pm

#6 UAW DeadNow

Are these the same Union/UAW workers that built those same SUV’s that the Big 3 made money hand over fist on?

When the Big 3 were selling those monstrosities like hot cakes, nobody was saying the Unions/UAW were destroying the industry.

In fact just the opposite; the UAW was receiving praise for high efficiency & productivity.

Knuckleheads like you have absolutely no concept of the value of collective bargaining, rather you blame the Unions for everything.

SNAP OUT OF IT!

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JEC Says:
May 28th, 2009 at 7:00 pm

7 Statik
“…if only someone could have seen as the only alternative back in november, and we didn’t waste 7 months and 50 billion.”
=================================================
Hmmmm…who do we know, that predicted this bankruptcy over 7 months ago….Wait for it….Wait for it…

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Ed M Says:
May 28th, 2009 at 7:01 pm

statik

I was told the sources rumor from my second cousin of my third marriage who overhead while standing in line at Mcdonalds, so you know its got to be legit.

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Dave B Says:
May 28th, 2009 at 7:03 pm

And we elected Barack to play with our money gambling on Wall Street…the very Street he bashes as corrupt. Give me a break. The federal government is more than corrupt. Read the Constiution everyone; this President needs to be recalled, impeached, or worse. NO FEDERAL INTERVENTION. And I WILL BE BUYING FORD or TESLA.

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JEC Says:
May 28th, 2009 at 7:04 pm

#6 UAW DeadNow
If that really is your email address, you might want to have someone else check it for you. I hear that they can now send “letter bombs” via email.

Did your mommy beat you as a child? Just askin’

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Vincent Says:
May 28th, 2009 at 7:04 pm

All will be just fine
#22 enjoy your lap top batteries. You might get get 3 or 4 years out of them LOL.

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Xiaowei1 Says:
May 28th, 2009 at 7:10 pm

UAW DeathNow #6

Not being an American, please forgive any ignorance on this topic, but I don’t quite understand the level of power Unions have been claimed to have been given over the auto industry to commit the heinous crime indicated. Surly a union still understands the balance of income vs. remuneration/profit sharing/sundry benefits to encourage work.

Your comments indicate the unions are a sentient parasite solely to blame for killing its host despite knowing this death will also kill itself. At the same time, other auto industries do not seem to suffer the same problem. Should I surmise management were to blame for ceding such powers to unions to begin with, or the statement is somewhat exaggerated to simply vent anger? I’m not trying to be sarcastic, simply trying to understand the dynamics of union power in the US today and your comments regarding same.

On a separate matter, I also find it interesting a union will be granted part ownership over a company, thereby being forced to accept the consequences of any industrial action to profit and loss as indicated in their own balance sheets (keeping in mind the fiduciary duties to a corporation by its new owners and presumably board members). This is a bit of a twist in the Marxist step from capitalism to socialism – granting part ownership to a class of people (union members), whilst also presenting the conflicts of cold corporate interest vs. individual interests of the workers. This is absolutely fascinating and it will be very interesting to see how the US system of governance and corporate regulatory bodies manage this potential conflict of interest.

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CorvetteGuy Says:
May 28th, 2009 at 7:11 pm

Still the top 3 questions by customers on the lot:

1) Have any more of the Camaros arrived yet?
2) Did GM “Cut” your dealership and are you going out of business?
3) What are you going to do after GM goes BK?

Answers:

1) No.
2) No.
3) I don’t know.

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JEC Says:
May 28th, 2009 at 7:11 pm

23 Vincent

Whew! Thanks, I was beginning to worry
http://www.youtube.com/watch?v=l9K4BKkLaCI

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Ed M Says:
May 28th, 2009 at 7:12 pm

I guess this means shareholders are out of luck ?? I know some of you have gambled on GM this spring. Hopefully you haven’t lost too much.

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DonC Says:
May 28th, 2009 at 7:15 pm

Sixty to ninety days is very optimistic. There are a lot of things that could go wrong, and virtually everything has to go right. Then again Chrysler seems to be moving along so perhaps they can pull this off.

Playing hardball with the bondholders and then coming up with a very reasonable offer was a nice touch. Had they offered this early the bondholders would have used the offer as a platform of opportunity and held out for more. It’s hard to see what the complaint would be now.

#7 statik says “…if only someone could have seen as the only alternative back in november, and we didn’t waste 7 months and 50 billion.”

There is no way the Bush Administration could have pulled this off. They just never had the talent on board. It was a miracle of an accident that they managed to have Paulson in place.

As for the Obama Administration, the transition team started planning for a bankruptcy months before the inauguration. But bankruptcy holds many risks and it isn’t surprising that it took them months to come up with a very novel way of potentially avoiding having to spend years in legal proceedings, especially since the 363 sale route really only became viable with the Lehman Brothers filing. But for a 363 sale to work you have to have the union and most bondholders on board. That takes time to work out. And even now only time will tell if it will work for GM.

My guess is that they were hoping to avoid it. In the end the big losers in this process are going to be the dealers who are not going to benefit from all the state law protections they thought they had in place.

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statik Says:
May 28th, 2009 at 7:17 pm

#14 omnimoeish said:

The government is going to end up giving GM about $70 billion by the time it’s all done. They could’ve just paid off the $27 billion in debt that GM had and not ruined GM’s credit.

GM’s market cap is only about $3 billion. They could’ve bought all the stock so the shareholders don’t have to take a 100 to 1 reverse split. They could’ve handled that in about a day and there would’ve been $40 billion left for GM to invest in future products, smiles all around.
===================

That money given (and most of it to be given) goes to just keep the lights on, the suppliers breathing and the worker’s cashing checks. If they would have bought out the debtholders, it would have ended up just been the same 70 billion + 27 billion more, lol. Most of it is ‘operational cash’ as they say.

Also, if they avoided bankruptcy (or at least the threat of it), they would have not been able to do a lot of ‘twirrly’ extras…like obliterate the UAW contracts, VEBA, slashing the dealers, cutting brands and walking away from commitments, etc., etc.

You have to remember that GM is a money losing dog here, it is not like they just pay off GM’s debts and they make money, there are fundamental flaws at play here…and if they are going to do this (try to turn around GM), it is not about spending the least amount of money possible, but rather spending the amount of money that gives GM the best shot (albeit slim) at being profitable and standing on its own in the future.

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carcus1 Says:
May 28th, 2009 at 7:48 pm

“Everybody gets everything they want.” “GM should have been bankrupt a year ago.”

http://www.youtube.com/watch?v=vK4gUspcMcs

.. and while I’m at it,
Torturing the Rule of Law
http://www.campaignforliberty.com/article.php?view=88

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Brian Says:
May 28th, 2009 at 7:51 pm

I’m not buying a car from a bankrupt company. I don’t care what “assurances” are made, just too risky for me.

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bruce g Says:
May 28th, 2009 at 8:00 pm

My sermon for today is “You can change the managers and owners but you cant change the culture.” It will be short.

Ive never seen a corporate culture that is replicable or changeable.
They tend to build their culture up over decades and would take the same length of time to change. What manager has that career life expectancy? What shareholder is prepared to wait that long?
I see GM repeating the path of Chrysler or many airlines, just tottering along. Forget the brave new world.
But its staff will continue to turn out well engineered product while they can and leave when they can’t.
Thanks to Alfred Sloane purported to be the creator of the modern american corporation.

Have a good weekend.
lol

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Adrian Says:
May 28th, 2009 at 8:01 pm

Unions wages and health are a major reason GM is at this point.

Truth is, GM plans to ship a majority of its production to China anyway.

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Tom Harwick Says:
May 28th, 2009 at 8:05 pm

I would like to offer my congratulations to the UAW. After 60 years of effort, they have succeeded in bringing GM to its knees. The union, and its bought and paid for subsidiary, the US government, now own the company.

They can be confident that Obama will funnel billions of dollars every month into GM to continue funding the gold-plated union contract, minus the “concessions” which the union claims it gave, but no wants to itemize.

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Tom Harwick Says:
May 28th, 2009 at 8:07 pm

There is no way the Bush Administration could have pulled this off. They just never had the talent on board. It was a miracle of an accident that they managed to have Paulson in place.
—————————–
You think ti takes talent to throw $50 billion at a problem and not solve it? It does not take talent, just the raw political power to raid the treasury.

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Tom Harwick Says:
May 28th, 2009 at 8:12 pm

Knuckleheads like you have absolutely no concept of the value of collective bargaining, rather you blame the Unions for everything.

Good argument. You have changed my mind. I now feel sorry for the knuckleheads at non-union companies like HP and Microsoft, not to mention the poor Southern autoworkers at Honda, Nissan and Toyota. Imagine being forced to work for a solvent company that is paying its bills.

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kdawg Says:
May 28th, 2009 at 8:15 pm

@ 5 Solo
Auto companies just assemble cars. They dont make the parts. Unless you count sheet metal. My favorite was a car Magna made that was pretty much 100% assembled and it would show up at the car company where they basically put a sticker on it and said it was their car and made by Union labor.

17 John1701
But the justification for such a high price simply isn’t there. Expect reconfiguring to make it profitable much sooner.
————-
As in more/bigger Government rebates…
(yes, i know you want a smaller battery)

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kdawg Says:
May 28th, 2009 at 8:19 pm

@ Corvette guy

Another new Camaro just showed up at our local Chevy dealer.. so they are shipping them.

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Red HHR Says:
May 28th, 2009 at 8:21 pm

Ahem,,,
It is not bankruptcy it is Nationalisation. AKA Government Motors. IMHO most socialist countries nationalise industries for their perceived revenue stream. So this is not entirely normal. Anyway I do applaud the idea that the government can help us get off our addiction to oil! I do hope that it works, it may be Obama’s legacy.

Oh by the way, the HHR got a reprieve, i get to drive it!
/got to love that shifter

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Will Says:
May 28th, 2009 at 8:28 pm

72.5 percent, huh? Government Motors here we come. The post didn’t mention that under the new plan, the OBAMA ADMINISTRATION will have power to appoint 6 seats on the board. This is truly the government running the company, and could quite possibly be the true downfall of GM. With the Feds in the drivers seat, GM will be managed about as responsibly as Social Security, Medicare, and Medicaid. Woe is the next 3 1/2 years. I’m sorry, I know this isn’t a political forum, but this is NOT the change we needed. Get the government out of the economy! This is not Venezuela!

Does anyone know where all the Stimulus money has gone? Exactly. And that’s just how they wanted it.

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Red HHR Says:
May 28th, 2009 at 8:30 pm

So how many folks bought credit default swaps against GM?
I think that should add another 30 billion to the 70 or so billon that this is going to cost the goverment…

Ah, do not ask where them numbers came from. It is not pretty.

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BillR Says:
May 28th, 2009 at 8:30 pm

Wagoner was right, bankruptcy is the last thing GM needs. But in order to get everyone to negotiate, UAW, suppliers, bondholders, etc., there had to be the threat of bankruptcy. Thus Wagoner was asked to step down.

The government had instructed GM to offer the bondholders no more than 10%. They declined. Now that has been sweetened to 15%, but most are still declining the offer.

http://www.bloomberg.com/apps/news?pid=conewsstory&refer=conews&tkr=GM%3AUS&sid=ay2nJrHIYLds

I expect a better deal for the bondholders, perhaps 20 to 30%, with less for the US Guberment. This, along with proposed plant closings and other cuts will hopefully keep GM afloat until the economy recovers.

As mentioned by others, bankruptcy will be expensive, time consuming, and a long legal battle. Only the lawyers will win (the President’s collegues). A great deal of production will be shut down by suppliers until the mess is complete, and people will not want to buy cars from a bankrupt company.

There are too many reasons not to go the bankruptcy route, and I believe there will ultimately be a resolution that avoids this mess.

But obviously, I am in the minority.

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RB Says:
May 28th, 2009 at 8:31 pm

#28 DonC says
In the end the big losers in this process are going to be the dealers …
——————————–

The really big losers are the tax payers of the USA.
$70B down the drain.
That could have built a lot of schools, power plants, highways that would have had a long and productive lifetime.

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kdawg Says:
May 28th, 2009 at 8:33 pm

Not to harp on the UAW more.. but one of MY biggest problems with them, is the bad apples. There are really great UAW workers that are excellent at what they do and work their a55 off. Then there are some that don’t, that cause a lot of problems in the plant, and i’m sure everyone has heard all of the crazy UAW worker stories, so I wont repeat them. Now the problem is that the contracts and “rules” are set up so that it is impossible to get rid of these bad apples. No matter what they do. They drag the company and everyone else down with them. In any other company they would just be fired.

( I also hated the jobs bank and resistance to automation that would improve quality and create hi-tech jobs, but take away a low skilled UAW job.)

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Richard G Says:
May 28th, 2009 at 8:36 pm

A GM bankruptcy seven months ago may well have brought down some banks and other financial institutions. A GM bankruptcy in June 09 will hardly make a ripple. The financial markets are much better able to handle this and other bankruptcies with much stronger capital bases than just a few months ago. The equity markets are in much better shape also.
$70 Billion or $100 Billion; it is still much less than that extended to AIG and at least GM makes stuff.

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Red HHR Says:
May 28th, 2009 at 8:37 pm

So when do I get my red Volt?

/or at least a picture to hang on the wall?

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Dave K. Says:
May 28th, 2009 at 8:53 pm

“… UAW workers that built those same SUV’s that the Big 3 made money hand over fist.”
___________________

Am surprised at the number NEW large GMC trucks and Chevy SUV’s that on the road. Buyers have taken the discounts of the last two months and forgotten the crushing weight of $4+ per gallon gasoline. The local Chevrolet dealer (Paradise) has moved all of their Escalade stock.

And the Solstice is becoming popular. Looks good in silver, yellow, or white.

I’ll be driving my 2.4 L until it’s traded in on a Volt.

=D~

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kdawg Says:
May 28th, 2009 at 9:14 pm

Red HHR

http://www.gm-volt.com/v/red.jpg

or

http://www.acadiaforum.net/volt/volt_red.jpg

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statik Says:
May 28th, 2009 at 9:15 pm

Geesh, you guys are all so negative.

———
#19 JEC
/oh, the suspense

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LauraM Says:
May 28th, 2009 at 9:26 pm

#17 john1701a

GM will lower the price as soon as it’s technologically feasible to make a profit at a lower price. (And they stop selling out at the higher price.)

Until then, they’ll use it to meet their cafe requirements. And I think any bankruptcy judge will agree that its a better alternative than low-quality small cars.

#18 User Name

Actually, they did. Detroit has been losing market share for more than 30 years. And GM swung to a loss in 2005–before people lost interest in SUVs. And (some)analysts saw it coming long before that.

Admittedly, there wasn’t the outcry then that there is now. But that’s mainly because until the taxpayer started paying the UAW salaries and benefits, no one paid too much attention.

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CorvetteGuy Says:
May 28th, 2009 at 9:29 pm

What we need right now is a DeLorean.
We’ll convert it into a time machine.
Someone find a flux capacitor for that part.
Then we’ll send Marty back in time to point where all the short-sighted buffoons started making bad decisions.
He will knock them out, causing them to rethink their decisions.
Then (possibly) make out with his own mom, then return to 2009 where all will be right with the world and we are all driving VOLTs that cost about $19,995.00 – - –

Who’s with me?!!!!!

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kdawg Says:
May 28th, 2009 at 9:32 pm

But where are we going to get 1.21 GIGAWATTS?

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carcus1 Says:
May 28th, 2009 at 9:37 pm

Want to get away?

Treetop Flyer
http://www.youtube.com/watch?v=o40_MzuKIGA&feature=related

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LauraM Says:
May 28th, 2009 at 9:37 pm

#24 Xiaowei1 says:

“Surly a union still understands the balance of income vs. remuneration/profit sharing/sundry benefits to encourage work.”

That’s kind of the problem. The UAW doesn’t understand that. I believe there are unions that do understand it. (Although Americans tend to be rather shortsighted.) But not the UAW.

Part of the problem is that Detroit was so strong for so long that many people had difficulty believing that this could actually happen. When they had a virtual monopoly, Detroit could get away with giving these insane benefits and work rules. (And they kept the bulk of the pension costs off their balance sheets during the good years–a transfer of wealth from the present to the past.) But then foreign competition entered the market and found a way around using UAW labor. And the rest is history.

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Ron Says:
May 28th, 2009 at 9:41 pm

Thank goodness for rising gas prices. We need ‘em to make sure Chevy can sell lots of high-efficiency cars after the bankruptcy is over. Now if only I could think of a suitable Chevy car that would be worth buying…

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nataraj Says:
May 28th, 2009 at 10:00 pm

UAW DeadNow
—–

Let me guess – you take your orders from Wal*Mart ….

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Preseli Says:
May 28th, 2009 at 10:04 pm

We could have had…
We could have had…
We could have had bankruptcy last fall.
But so that we could prolong the agony…
We gave BIG BUSINESS lots of cash.

So that the State…
So that the State…
So that the State came traipsing in.
They sold their souls, to Barack Obama…
So that the State came traipsing in.

Oh when the State…
Oh when the State…
Oh when the State comes marching in.
You’d better appease Barack Obama…
Or he will take your jobs away.

So you’d better pay…
So you’d better pay…
So you’d better pay your congressman off.
So that he votes to keep your money…
And leave your place of work intact!

http://en.wikipedia.org/wiki/When_the_Saints_Go_Marching_In

Feel free to add more verses.

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LauraM Says:
May 28th, 2009 at 10:05 pm

#42 BillR

Those pesky private bondholders can be a political nightmare for Obama. (And IMHO, deservedly so. He’s really screwing them in favor of the UAW.) But they don’t have too much leverage in an actual bankruptcy proceeding if the other parties agree. Collectively, they control a relatively small percentage of the debt. And the other bondholders are genuinely disinterested. As in, most of them aren’t TARP recipients.

Bankruptcy is happening whether we like it or not. I agree that it’s risky–for more reasons than one. But at this point, I don’t see an alternative.

And, yes, it will enrich a bunch of lawyers at the public’s expense. But they are also a politically well-connected group. (This is completely off-topic, but I still can’t believe that with all the discussion on cutting health care costs no one’s talking about medical malpractice insurance.)

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ccombs Says:
May 28th, 2009 at 10:16 pm

#47 DaveK … Paradise Chevy????? Are you from Temecula?

I’m from there but living in Silicon Valley presently. I remember last summer trying to buy a small car at all the dealers and hardly being able to find one, while there was a huge SUV backlog. Don’t tell me they’re selling again

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Mitch Says:
May 28th, 2009 at 10:43 pm

SIXTIETH!!!

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john1701a Says:
May 28th, 2009 at 10:56 pm

GM will lower the price as soon as it’s technologically feasible to make a profit at a lower price. (And they stop selling out at the higher price.)

Until then, they’ll use it to meet their cafe requirements. And I think any bankruptcy judge will agree that its a better alternative than low-quality small cars.
___________________________

GM also has BAS.

GM also has Two-Mode.

GM also has the option of reducing the battery-pack size of Volt. Or is that 50 MPG claim just hype?

Sorry, but the 56.2 MPG average after 216 miles in my 2010 Prius makes the argument for the current configuration of Volt being the only option… especially when taxpayer loans must be paid back… absurd to accept.

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jeffhre Says:
May 28th, 2009 at 11:06 pm

john1701a

Sorry, but the 56.2 MPG average after 216 miles in my 2010 Prius makes the argument for the current configuration of Volt being the only option… especially when taxpayer loans must be paid back… absurd to accept
_____________________
If GM and the Volt survive there should be other battery options available depending on customers needs and desires. Just like 4 bangers, sixes, turbocharging and various V-8’s are available as drivetrain options today.

Perhaps it would be better to get the Volts on the road before the final arguments are made about the drive train option will be the be all, to end all version for the Volt.

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jeffhre Says:
May 28th, 2009 at 11:08 pm

78% of all passenger vehicle trips taken without using any gasoline is a pretty good argument too!

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James K Says:
May 28th, 2009 at 11:08 pm

A 40K car will make no difference in the big picture for GM. Anyone that says otherwise is just kidding themselves. 99% of people can’t afford it, so its a niche vehicle.

If GM wants to change the world make a car for the masses. 20K, 70mpg+. That would save the company and the world. The Volt is no different than the Tesla at the current price point.

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jeffhre Says:
May 28th, 2009 at 11:15 pm

#64

A 40K car will make no difference in the big picture for GM.
_________________________
I don’t see how one product will save any major car company or the world. The Volt is a start. If anyone thinks the Volt is the same as a $110,000.00 car they need to look not only at NA demographics and earnings but at the relative rate of sale commitments for the Tesla Roadster v. the Tesla Model S, which is nearly $18,000.00 more that the Volt.

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Peter M Says:
May 28th, 2009 at 11:20 pm

The Bondholders

I keep hearing the Bondholders have $27 Billion in bonds, and they are getting 10% of the company. Ask yourself why? Because the bonds are worthless that is why. If the bonds were worth anything, the bondholders would have sold them for 15 cents on the dollar.

I don’t feel sorry for the bondholders, they bought the bonds knowing the risk. What’s next, if I bought GM stock for $30/ share and now it is worth $2 per share, I wouldn’t go around spewing that I’m only getting pennies for my $30 investment. I took a risk and I lost. The $27 Billion in bonds (which is really worth about $3 Billion) is now worthless and that is why they are ending up with 10% of the company.

The government invested there money much later, so that is why the government get’s much more of the company. Think of it this way, you have $1,000 to invest. if you buy in at $30 per share, you have 33 shares, if you buy in at $2 per share you have 500 shares or about 150 times more of the company.

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CDAVIS Says:
May 29th, 2009 at 12:15 am

______________________________________________________
Tesla Valuation at 47% of GM’s:

“Daimler agreed this week to invest $50 million, according to a filing yesterday from closely held Tesla. That values the San Carlos, California-based company at $550 million, or 47 percent as much as GM based on today’s stock price as the automaker faces a probable June 1 bankruptcy.”

Source:
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aTnfh2iJ0TBA
______________________________________________________

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Dave K. Says:
May 29th, 2009 at 5:41 am

ccombs 59,

No, not Temecula, closer to Ventura. Their internet site offers a full look at vehicle inventory. Last I checked, there were more Malibu and Cobalt on the lot than heavy trucks. And, as I mentioned, the local streets have a surprisingly large number of NEW heavier vehicles cruising around.

I recently heard, from a coworker, that the car “deals” have been good but not great. Only small discounts on this months stock. Premium gasoline cost $2.88 at the local Arco. The local Motel 6 charges $79 on weekends. Ten minutes away, in Santa Barbara, premium is about $3. Prices are high here on the coast.

=D~

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RB Says:
May 29th, 2009 at 6:39 am

#66 Peter M said
I don’t feel sorry for the bondholders, they bought the bonds knowing the risk.
——————————————-

You seem to be confusing stockholders with bondholders. Stockholders become part owners of the company. Their value goes up and down with the company’s successes and failures.

Bondholders are simply people who buy bonds in return for a promise to get their money back, plus interest. The company asks them to buy the bonds and makes a promise to repay. Bonds from big companies like GM have historically been considered pretty safe insofar as being paid back, so many of the bondholders are ordinary people, and beyond that funds of retirement money.

These bondholders were investors acted privately to do what the current administration is doing for all of us when it “invests” taxpayer money.

The bondholders have lost most or all of their investment, but we hardly should be feeling good about that, or demonizing them. They are not evil people, and we need them (or others like them) to make renewed investments. Of course it is hard to see why anyone would invest their own money in GM again, but there are lots of other companies where it would help the company and help the economy.

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charlie h Says:
May 29th, 2009 at 6:54 am

#69, RB, “Bondholders are simply people who buy bonds in return for a promise to get their money back, plus interest. The company asks them to buy the bonds and makes a promise to repay. Bonds from big companies like GM have historically been considered pretty safe insofar as being paid back, so many of the bondholders are ordinary people, and beyond that funds of retirement money.”

It’s still a risky investment. Not AS risky as stock or other things but bonds come attached with an element of risk. “Security” is an FDIC bank account and it pays low interest to reflect the essentially zero risk.

And GM bonds have been traded all along… anybody who picked one up in the last few years was speculating. You could probably say that about anyone who bought a GM bond in this millenium.

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statik Says:
May 29th, 2009 at 7:15 am

#10 CorvetteGuy said:

Good for GM. What about the remaining dealers taking a pounding by the public and the new government task force running the show?
Any ‘fresh government loans’ coming our way?
=================

Ask and you shall receive.

Since axing dealers like crazy, and cutting off all their financing to try and get them to go under by themselves…and then having them run smear ads against you is bad PR…enter the ‘We Heart Dealers’ government program…or the ‘forget what we did…look what we are doing’ prgram if you will.

Without further adieu…tell them what they have won Bob!

Well, you get 75% of your floorplan financed by Uncle Sam, at a very nice percent, and don’t worry about pesky things like money being due once you get the car and the balance in 6 months, like you have had to do in the past…nope, you get up to 5 years to pay it back! Huzzah! There are limits to Uncle Sam’s program…like 2 million a dealer, and 4,500 applicants (…but up to 7,500 later). No word on if you actually need a good credit history to qualify…but who worries about that anymore?

Devil is in the details though, program starts July 1st for qualifying applicants. Which translates to mean, we are going to put the whoopa** down on a whole pile of GM dealers in the next 30 days.

/free market in full glory
//good luck on round 2 of the purge

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k-dawg Says:
May 29th, 2009 at 7:28 am

Should start a list of all the companies that go CH11

Have Gone:
Chrysler
Delphi
Visteon Corp
Metaldyne Corp.

Next:
GM
(Bunch more to come)

Fill in the ones I missed, there a bunch of small players i’ve missed I know.

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k-dawg Says:
May 29th, 2009 at 7:46 am

(not quick enough on the edits)

Have Gone:
Chrysler
Plastech Engineered Products Inc.
Delphi
Visteon Corp
Metaldyne Corp.

Next:
GM
(Bunch more to come)

Also, how will say 100 companies filing CH11 affect all the banks they owe?

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Tim Says:
May 29th, 2009 at 8:34 am

Told you so…

You PINHEAD socialist-fascist redistributionists!

You idiots who championed the bailouts should be skinned, rolled in salt and left in the sun to cure.

John Maynard Keynes was a moron and those who follow his socialist teachings are the worst kind of inhuman SCUM!

(yes, I’m angry because I know this is only the beginning of the Keynesian carnage. Print “money” from thin air and put people in perpetual debt against their will… only pure evil would even think of that.)

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dorp7 Says:
May 29th, 2009 at 8:36 am

I hope this goes to court to put some checks and balances on the executive branch. All this interference / ownership / discrimination / privelege granting by the administration seems unconsitutional and illegal. Even worse, I’m afraid this is part of a bigger scheme by the administration to force universal health care on the American people. The UAW will scream about their lost healthcare coverage. non-union employees of the new GM willI be open to any healthcare options. I think we’ll see a proposal from the administration soon that meets the newly percieved need (yes its only perceived) for healthcare coverage for employees of recently bankrupt companies, or something like that. The media will play it up as an emergency to draw attention to it. Watch out.

We can’t afford any of this!

Keep the governement out of the board, the stocks, etc. Let private investors pick up the valuable peices of GM. The Volt is one of those. It will be made eventually, maybe delayed a bit. I don’t care who owns it initially – I’d even pay money to foreign investors if they develop a good product at a good price. Rather that than buy from our government.

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David K (CT) Says:
May 29th, 2009 at 8:37 am

Static:

When can we expect the list of closing GM dealerships?

Monday?

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Peter M Says:
May 29th, 2009 at 8:42 am

#75 –
Keep the governement out of the board, the stocks,

—————————————————————————

I agree, but let’s not ever forget that it is the board that asked the governement for help. If the board had done nothing, GM would be gone right now. All dealers gone, probably no plants operating at all. Gm’s board “asked” the governement for help. The government put some conditions on that help. The board accepted those conditions.

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Tim Says:
May 29th, 2009 at 9:02 am

dorp7 (#75)

The Constitutional checks & balances are dead and so are the limitations on the Federal Gov’t.

Under Unconstitutional Executive Orders, Congressional Malfeasance and Judicial Activision (living Constitution is total B.S. without foundation), the Fed is allowed to print unlimited debt currency so Congress can create unlimited public debt “at will” to buy votes from the non-productive and socialist union leeches. The Feds then “give” some of this fiat debt money to the States with so many strings attached that State Houses become Federal puppet shows.

Our Constitutional Republic has been replaced by a Socialist Legislative Democracy and it’s reinforced with revisionist history and public school programming of the children.

And some are STILL clueless as to why the State Sovereignty Movement is gaining speed and ground.

This collapse has only begun. Pay no attention to the temporary bump in the stock market. The federal spending MUST be paid and the coming tax increases (Federal sales tax?) and inflating US currency and dept will soon erase ANY gains. That Marxist Obama has LIED to us!

Congress should have allowed these private companies to START with bankruptcy, they should have OBEYED the law, they should have HONORED their oaths of office.

Now, it’s up to “We, the People” to re-educate ourselves and undo public school indoctrination so that we can use the 1st and 2nd Amendments to FORCE the Statist Democrat-Socialist and NeoCon-Fascist tyrants to obey the 9th & 10th Amendments.

Our nation & our liberty is dying, we don’t have much time…

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N Riley Says:
May 29th, 2009 at 9:09 am

Not unexpected as Lyle says. That being said, it is certainly not what I wanted to see happen. Well, not the way it is going down anyway. I don’t mind the Chapter 11 stuff, exactly. It should have been done last December, at the latest, and without the government having put so much into the company that they will end up owning 72.5%. The only good thing in this is that the UAW has agreed to owning only 17,5%. I am sorry that the government is ripping off the bondholders to the tune of billions of dollars while protecting the UAW from any loses. That should not be the objective of the government to screw investors while protecting their voting block. But that is politics today. And you better believe politics is in play here.

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Tim Says:
May 29th, 2009 at 9:12 am

By the way, gold has just passed $977/oz. because investors are afraid that China has “wised-up” and will refuse to buy American debt. This will leave hyperinflation as the only means to repay foreign debt.

Now EVERYTHING will cost us more….

Thanks, comrades!

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Tim Says:
May 29th, 2009 at 9:21 am

The Story of American Revisionism

http://mises.org/story/3434

(Alright, enough ranting for today. I feel a little better now and I know the “liberals” (ahem…. socialists) on this blog aren’t listening anyway.)

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k-dawg Says:
May 29th, 2009 at 9:22 am

I think everything should cost more (in the US). Its kinda crazy that the US has paid itself ridiculous wages, bought everything on credit, and then we think we should only pay $29 for a DVD player? come on. Deflating the dollar will actually help the trade deficit.

(wasn’t gold over $1000 last year?)

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ThombDBhomb Says:
May 29th, 2009 at 9:25 am

Ah, I see the usual behaviors:
Finger pointers scapegoating.
Predictors predicting.
“I told you sos” telling you so.

Is the goal socialism? I honestly don’t think so. Where do you people get that idea? Are we so partisan that we think one side must dominate the other? Do we need complete free market? Do we need communism? I think we need symbiosis. The goal should be a prosperous US. Prosperity means businesses succeeding, workers earning decent wages, and investors making a decent return. Balancing competing interests seems difficult. When the going gets tough, the tough get going. The rest freak out. In this foxhole, are you helping or hurting our primary objective?

Let’s get where we need to get.

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N Riley Says:
May 29th, 2009 at 9:52 am

#28 DonC

There is no way the Bush Administration could have pulled this off. They just never had the talent on board. It was a miracle of an accident that they managed to have Paulson in place.

As for the Obama Administration, the transition team started planning for a bankruptcy months before the inauguration.
—————————————–

You really do live in a dream world, don’t you? You have completely bought into the new world view and the blame Bush mentality that is so hip today. I wonder if it will be “hip” to blame Obama in a few years. None of the blame game that has been going on the last decade or so has been helpful to our nation. It is time that the slanderous remarks stop and we try to find common ground to solve our problems. But, that is not “hip” today, is it?

The rest of your comment was pretty well on target. Staying on target is hard to do and you usually do a good job. Thanks for your contributions to this site. I always enjoy reading what you and others say.

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john1701a Says:
May 29th, 2009 at 9:58 am

You really do live in a dream world, don’t you?
_____________________

The average after 234 miles in my 2010 Prius is 56.7 MPG.

Does that qualify?

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dorp7 Says:
May 29th, 2009 at 9:59 am

#83
“The goal should be a prosperous US. Prosperity means businesses succeeding, workers earning decent wages, and investors making a decent return. Balancing competing interests seems difficult. ”

That’s a fuzzy utopian goal. I think I could agree if you added some disclaimers about businesses succeeding on their own merits (while allowing some to fail), and allowing investors to take risks. As an investor, I want the higher risk of having some companies I invest in fail. That means I get higher rewards from the ones that suceed.

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N Riley Says:
May 29th, 2009 at 10:18 am

#29 Statik

You have to remember that GM is a money losing dog here, it is not like they just pay off GM’s debts and they make money, there are fundamental flaws at play here…and if they are going to do this (try to turn around GM), it is not about spending the least amount of money possible, but rather spending the amount of money that gives GM the best shot (albeit slim) at being profitable and standing on its own in the future.
———————————-

Very well put. One of the best, if not the best, explanations as to why GM has to do the Chapter 11 versus borrowing money and trying to “work” itself back to health over time. I must say, Statik, you said it very well. Thank you.

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N Riley Says:
May 29th, 2009 at 10:22 am

#85 john1701a

You really do live in a dream world, don’t you?
_____________________

The average after 234 miles in my 2010 Prius is 56.7 MPG.

Does that qualify?
—————————————————————

Well, it certainly qualifies you for something, but not “living in a dream world”. Seems that qualifies you to be living in a “real world”. I wish you luck with your 2010 Prius. I almost bought a 2009 Prius last October. I still may buy a 2010 or later model for my wife.

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ThombDbhomb Says:
May 29th, 2009 at 10:31 am

#86 dorp7

I don’t see a utopia. I see complexities. If anything, “businesses succeeding on their own merits” seems utopian.

(Quote)
statik Says:
May 29th, 2009 at 11:12 am

#76 David K said:

Static:

When can we expect the list of closing GM dealerships?

Monday?
==========================

Heck no, lol.

I’m sure the list is all set and ready to go…but they would have liked to wait as long in the bankruptcy process as they felt they could. Unfortunately for them, this new ‘program’ handcuffs them a little bit on timelines (unless them and the gov’t have a plan to drag out the actual approval process a couple months).

I’d be looking for the notifications/list to drop somewhere around the last friday of the month (say June 26th-ish)…thats is just a total WAG though.

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tBay Says:
May 29th, 2009 at 12:03 pm

GM is 100 years old. Not 77. :p

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sparks Says:
May 29th, 2009 at 1:16 pm

92nd!

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John Davis Says:
May 29th, 2009 at 3:38 pm

I hope the Greedy Auto Workers Union is happy! It is their GREED that got them where they are today!

RT
http://www.privacy-tools.echoz.com

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Tall Pete Says:
May 29th, 2009 at 4:39 pm

#49 Statik :
Geesh, you guys are all so negative.
————————————————————————————————————————-
You made me laugh so hard : -))

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Ecolinks for Friday, 29 May Says:
May 29th, 2009 at 4:54 pm
Red HHR Says:
May 29th, 2009 at 5:15 pm

#48 kdawg,

Thanks, I like the second picture. I will make it a screensaver.

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Red HHR Says:
May 29th, 2009 at 5:18 pm

#53 Carcus1,

Not sure what it has to do with Volts, however I love the flying kind of RV….

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CS Guy Says:
May 29th, 2009 at 5:45 pm

Will 40 says: “With the Feds in the drivers seat, GM will be managed about as responsibly as Social Security, Medicare, and Medicaid”

1. Social Security is in trouble now because politicians (starting with George Bush senior) raided the fund year after year to artificially lower (aka, falsify) their deficit. This should have been illegal and impossible. Now we (those under 50 today) will pay the price for George Bush trying to look less incompetent as a president.

2. Medicare/Medicaid. Much needed programs without which many people would suffer or die unnecessarily. I suppose that is what you’d prefer.

The problem with them is that doctors and others keep committing fraud and charging for services never performed. That is a small part of it. But the largest cause of rising costs is that the entire medical industry can basically write its own price for services it performs. Each year the cost of medical treatment has gone up (nearly every year so far) far higher than inflation, in 2008 it increased at twice the inflation rate. Medicare and Medicaid are hostages to that runaway industry.

How would you like it if grocery stores could increase the price of food every year at 2 or 4 times the inflation rate? You’d be pretty unhappy that you have to shop at a grocery store sometimes, no? The problem in Medicare and Medicaid is they are on a “Pay for Service” basis so doctors and hospitals have an incentive to perform a LOT of services, irregardless if the patient needs that service or not. They are going to switch to a “Pay for Outcome” basis with a focus on better health. So don’t blame the government. Blame doctors’ $$$ GREED $$$.

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Open-Mind Says:
May 29th, 2009 at 5:46 pm

Folks seem to be confusing the UAW organization with the GM factory workers who are (supposedly) represented by the UAW. The UAW workers are mostly a valuable asset to Detroit. The UAW organization is a horrible cancer that has been eating away Detroit for years. And bankruptcy could have been like chemo to kill that cancer.

Fortunately our wonderful President is pulling all the strings he can to protect the UAW cancer. The GM bond holders are screwed, and the GM stock holders are super-screwed. But the good old UAW cancer will emerge from this as strong as an ox. Thank you President Obama for screwing everyone except your UAW buddies who got you elected.

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Podria GM declararse en bancarrota el 1 de Junio Says:
May 29th, 2009 at 5:46 pm
Thomas Gilling Says:
May 29th, 2009 at 6:16 pm

ONE HUNDRED AND ONE!!!!

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Preseli Says:
May 29th, 2009 at 9:22 pm

ThombDBhomb Says:
May 29th, 2009 at 9:25 am

Is the goal socialism? I honestly don’t think so.
______________________________________________

I don’t think so either.

If the goal were socialism, we would be taking money from wealthy bankers and stock holders and redistributing that wealth to the American public. Instead, we are taking money from the American public, and redistributing it to wealthy stockholders, bankers, etc., who happen to also be significant campaign contributors to Christopher Dodd, Barack Obama, Harry Reid, etc.

I think the *goal* is a merger of State and Corporate interests, Thomb, pretty much as you describe:

“Are we so partisan that we think one side must dominate the other? Do we need complete free market? Do we need communism? I think we need symbiosis. The goal should be a prosperous US. Prosperity means businesses succeeding, workers earning decent wages, and investors making a decent return.”

Who cares what we have — as long as the State mandates it, we’ll all be prosperous, right?

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Twitch Says:
May 29th, 2009 at 11:12 pm

Open-Mind has it right.
I’m a laborer (assembly) for a plant that is the main supplier of brake corners for GM vehicles (and only GM vehicles). The UAW has done little more than give our benefits away, kicking out workers and spreading thin the small amount of us they have left. 13 of our 15 suppliers are going to shut down for 9 weeks (supposedly). Meaning 90% of our work is going to be gone.

As usual, 9 weeks will turn into 12, 16, and so forth.

I should have took the fucking buyout :/

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GM Reportedly Planning to File For Bankruptcy on June 1

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