Detroit fiddled until the fire was burning down the entire edifice.
Posts Tagged ‘bankruptcy’
So the government has decided to at least partially sell off its interests in GM. It announced it will sell 200 million of the 500 million shares it owns at a price of $27.50 per share. It initially invested $49 billion in the company and with the sale will have recouped about $34 billion. Whether [...]
Evidently hard times haven’t made some people any more charitable towards their fellow citizens. From the WSJ: Bankruptcy is still something of a scarlet letter even though a lot more Americans are seeking to shed their debts in court. Some $588 billion in consumer loans were wiped out in the past two years — both [...]
The latest conspiracy theory making its way around the Internet is that the Obama administration is punishing Republican leaning car dealerships. Specifically, those identified to be closed as the result of the reorganizations of Chrysler and GM tend to be aligned with the Republican party. Clusterstock has done a good job of covering the story [...]
An obviously ticked off Barack Obama announced this morning that Chrysler would seek the protection of the bankruptcy courts after negotiations with the secured creditors came to naught. The Issues Purportedly all parties had agreed to a recapatilization plan hammered out with the Obama auto task force. A group of secured bondholders holding approximately $1 [...]
The NYT is reporting that Treasury Department officials have directed GM to begin laying the groundwork for a bankruptcy proceeding by June 1. According to the Times, they want to be prepared to go through a “surgical” bankruptcy. One plan under consideration would create a new company that would buy the “good” assets of G.M. [...]
Victories for the system as we used to know it are few and far between but tonight we might be on the cusp of one of them. The WSJ is reporting that GM appears to be “more open” to a bankruptcy reorganization. Top General Motors Corp. executives are more open to a speedy bankruptcy reorganization [...]