GM on the line...

[Dredly]

GM's decision is due by end of day.

Looks like banks and debters are holding out... gee I wonder why, the deal on the table is horrible. Basically it amounts to all banks and debters... etc getting 10% of the company for 27 BILLION, the .gov takes 50% and the UAW gets 39%.

Current shareholders will get 1%

http://www.foxbusiness.com/story/mar...e-restructure/

[PocketProtector]

Looks like it's good for Gov't and UAW...both get something for nothing with Other Peoples Money

[Dredly]

Supposedly GM is worth approx 43 Billion

based on that number:

27 Billion in debt = 62% of the value of the company

27 Billion in debt = 4.3 Billion in stock ( approx .15 to .16 / dollar owed)

The gov't will get 50% of the company, or 21.5 Billion

UAW gets 39% or 16.77 billion

Share holders get 1% or 430 Million

[1861]

I use to love Chevys but will never buy from Obama Motor Co.

[Morel42]

Well according to Free Market rules, the company would go bankrupt / desolve / or just sold off..

Which of course shareholders, workers, and everyone else get nothing at all.

Meh..

[PocketProtector]

Better to bankrupt the tax payers I guess

[MichaelJ]

Well according to Free Market rules, the company would go bankrupt / desolve / or just sold off..

Which of course shareholders, workers, and everyone else get nothing at all.

Meh..

Where under bankruptcy laws, the shareholders would get their due, not this shafting. It's another example of why GM needed to be left alone to either sink or swim. The whole bailout is payback for the Union vote.

Using our money. A ponzi scheme. Wealth redistribution.

Not trying to hammer on righty talking points, but it's rutting silly how this is going.

[pyld]

Well according to Free Market rules, the company would go bankrupt / desolve / or just sold off..

Which of course shareholders, workers, and everyone else get nothing at all.

Meh..

Not under a Chapter 13 liquidation. People who get some (not all) of their scratch back.

Myself? Despite working at a place with a billion dollar/year exposure to the auto industry, I'd like to see them go bankrupt so that our kids are not paying for the Chevy Volt indefinitely. Of course, I also oppose the mortgage bailouts, TARP, the entire smack...

[camper]

I'd like to see them go bankrupt so that our kids are not paying for the Chevy Volt indefinitely. Of course, I also oppose the mortgage bailouts, TARP, the entire smack...

Look at the bright side...we can soon expect Government Motors to introduce the Chevy Volt Wagon, which I'm sure our president will refer to as the "people's car" in order to demonstrate his goodwill to the public.

camper

[redeye202]

Nice play on words there Camper.
redeye202