GM to File for Bankruptcy in Next 5 Days

[NSXType-R]

lol, is the UAW in charge now if they hold a lot of stock? that will end in failure

what happens to holden i wonder

They also own a large portion of Chrysler.

It's odd, but I guess it makes sense. Since the company employs them, why not control and guarantee your own job at the same time?

I had wondered if there as an issue with keeping the UAW from practically calling every shot at Chrysler, and eventually GM.

[clutch-monkey]

because trying to guarantee their own job exacerbated the situation in the first place didn't it? strikes, no concessions etc etc

[Dino Scuderia]

lol, is the UAW in charge now if they hold a lot of stock? that will end in failure

what happens to holden i wonder

The shares are of the preferred variety as a concession to the UAW because they are going to have far less members paying dues after all is said and done.

The shares will provide an 'income' for the union to pay retirees healthcare bills etc.

Also the union has a vested interest in the success of GM...always did really...and yet somehow still helped to run it in the ground.

[switters78]

Also the union has a vested interest in the success of GM...always did really...and yet somehow still helped to run it in the ground.

They may have helped run it into the ground, but in addition I think the now burst economic bubble helped create unfounded growth and gave them a false sense of success.

[LeonOfTheDead]

They also own a large portion of Chrysler.

It's odd, but I guess it makes sense. Since the company employs them, why not control and guarantee your own job at the same time?

I had wondered if there as an issue with keeping the UAW from practically calling every shot at Chrysler, and eventually GM.

the UAW will sell its shares both in Chrysler and GM asap, they stated. And so will do the Government regarding GM, once it would make sense to sell something actually worth something.

[Hobbes]

Hopefully GM (and Ford for that matter) can learn something form this experience, namely stop badge engineering every model to death. There is no reason to have more than one, maybe two, versions of Lambda style vehicles. I mean for crying out loud they badge engineered the Aveo! No one wants to buy the original, but they still went ahead with the Pontiac G3.

Edited for spelling errors.

[Dino Scuderia]

The bondholders will be 10% owners in GM with an option to buy 15% more and the gov't will have 72%.

[Ferrer]

Without the government GM would have surely close down for real.

Fixed.

Also, 159 isn't related to Croma and Vectra.

[LeonOfTheDead]

Fixed.

Also, 159 isn't related to Croma and Vectra.

correct, btu you also know I don't believe companies statement about this stuff.

and atm in the States bankruptcy=government, not in a bad way, it's just their way of doing it: we pay, you go.

[cargirl1990]

Hopefully GM (and Ford for that matter) can learn something form this experience, namely stop badge engineering every model to death. There is no reason to have more than one, maybe two, versions of Lambda style vehicles. I mean for crying out loud they badge engineered the Aveo! No one wants to buy the original, but they still went ahead with the Pontiac G3.

Edited for spelling errors.

that is extremely true on what u said there. GM is pretty much the most guilty car manufacterer to do badge engineering. i don't know about Ford as they only have like like three companies, but for GM they had Oldsmobile which is dead, Pontiac, Saturn, GMC, Chevrolet, Buick, Cadillac, Deawoo, Opel, Vauxhall, Holden. ( i hope i got 'em all! ). having 11 car companies molded into one is a little much. thats why their discontinueing some of these brands, or selling them for the fact of the matter and thats why their also in backruptcy. personally i find that its rediculous to have 11 car companies and actually try to mange them all. GM has to come to a conclusion some time or later that they can't afford these companies existince in their hands. its costly and from the start, its also greed. i love GM and all but sometimes, theres a time where you have to stop doing the most annoying thing in car business: bagde engineering.

[LeonOfTheDead]

that is extremely true on what u said there. GM is pretty much the most guilty car manufacterer to do badge engineering. i don't know about Ford as they only have like like three companies, but for GM they had Oldsmobile which is dead, Pontiac, Saturn, GMC, Chevrolet, Buick, Cadillac, Deawoo, Opel, Vauxhall, Holden. ( i hope i got 'em all! ). having 11 car companies molded into one is a little much. thats why their discontinueing some of these brands, or selling them for the fact of the matter and thats why their also in backruptcy. personally i find that its rediculous to have 11 car companies and actually try to mange them all. GM has to come to a conclusion some time or later that they can't afford these companies existince in their hands. its costly and from the start, its also greed. i love GM and all but sometimes, theres a time where you have to stop doing the most annoying thing in car business: bagde engineering.

GM also owns Hummer, Saab and Corvette (it's a brand over here). It has a minor stake in Suzuki too (20% iirc).

Ford owns Mercury, Ford itself, Lincoln and Volvo (up for sale), and since you mentioned Oldsmobile, Ford also used to own Aston Martin, Jaguar, Land Rover and Mazda (only 33%, now something like 5 or 10%).
It also owns the rights of the Rover brands, and probably a few others.

[cargirl1990]

GM also owns Hummer, Saab and Corvette (it's a brand over here). It has a minor stake in Suzuki too (20% iirc).

Ford owns Mercury, Ford itself, Lincoln and Volvo (up for sale), and since you mentioned Oldsmobile, Ford also used to own Aston Martin, Jaguar, Land Rover and Mazda (only 33%, now something like 5 or 10%).
It also owns the rights of the Rover brands, and probably a few others.

thanks for mentioning those as i forgot some of those and didn't realize that GM isn't the only one doing badge engineering. if y'all think about ownership in different car companies, its all greed. ( < i probably mentioned that way too any times, i apologize! )

[Buen]

Damn, they were busy. I didn't realize that they owned so many brands.

[Kitdy]

The day is here now, June 1, 2009 - the day GM will go bankrupt.

I feel bad for all the people that are gonna lose their jobs, and wonder if GM will come back strong, lean and mean. I hope it does, but it's a long few days, weeks, months and even years ahead for them.

I'll probably be sleeping when they declare it but I hope to see this thread busy by the time I wake up.

[Ferrer]

In other slightly unrelated news,

REPORT: Koenigsegg a finalist in bid to buy Saab

This could be very interesting.