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GM. So sweet. - 12/7/2012 5:34:54 AM

Yachtie

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At issue is a backroom deal hatched by GM to fulfill the Obama administration’s demand for a quick bankruptcy, draining the automaker of nearly all of its cash on hand and leaving it in worse shape than it was when it collapsed in 2009.

One condition of GM’s bailout was to shore up its overseas subsidiaries. On the eve of entering bankruptcy, the company cut a $367 million “lock-up agreement” with several major hedge funds to prevent GM Canada from failing. The agreement ensured that GM could spin-off its liabilities to “old GM,” while using a multi-billion dollar bailout to create a new company.

All of that could be reversed if bankruptcy Judge Robert Gerber reopens the process and rules in favor of old GM trustees, who are suing the hedge funds at the center of the lockout agreement.

...

Those liabilities, which include old GM’s debt and product liabilities that pre-date bankruptcy, are valued at $30 billion, a sum that would wipe out the company’s $34.6 billion cash reserves.

For the whole story.

A backroom deal not disclosed to the judge. Wonderful

He has expressed deep frustration with the company for failing to disclose the deal, leading some to speculate that he may overturn one of President Barack Obama’s signature achievements.

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RE: GM. So sweet. - 12/7/2012 6:17:10 AM

Owner59

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Time to move on, buddy......you guys lost that one and the election....

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RE: GM. So sweet. - 12/7/2012 6:29:53 AM

lovmuffin

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Yeah buddy, pay no attention to the man behind the curtain.

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RE: GM. So sweet. - 12/7/2012 6:33:43 AM

Owner59

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Oh ..I`m shocked.....shocked, I tell you......

http://www.youtube.com/watch?v=hvvT9o_Wt_s

And what was j-boner doing just months later?

The same fucking thing.....

Yawn.....

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RE: GM. So sweet. - 12/7/2012 3:41:11 PM

LookieNoNookie

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quote:

ORIGINAL: Yachtie

At issue is a backroom deal hatched by GM to fulfill the Obama administration’s demand for a quick bankruptcy, draining the automaker of nearly all of its cash on hand and leaving it in worse shape than it was when it collapsed in 2009.

One condition of GM’s bailout was to shore up its overseas subsidiaries. On the eve of entering bankruptcy, the company cut a $367 million “lock-up agreement” with several major hedge funds to prevent GM Canada from failing. The agreement ensured that GM could spin-off its liabilities to “old GM,” while using a multi-billion dollar bailout to create a new company.

All of that could be reversed if bankruptcy Judge Robert Gerber reopens the process and rules in favor of old GM trustees, who are suing the hedge funds at the center of the lockout agreement.

...

Those liabilities, which include old GM’s debt and product liabilities that pre-date bankruptcy, are valued at $30 billion, a sum that would wipe out the company’s $34.6 billion cash reserves.

For the whole story.

A backroom deal not disclosed to the judge. Wonderful

He has expressed deep frustration with the company for failing to disclose the deal, leading some to speculate that he may overturn one of President Barack Obama’s signature achievements.

Funny thing is....most liberals and Dems think that GM has paid their bill...that the feds are "free" from their "investment".

They're still upside down by 30+ billion (hence why the feds haven't sold their shares).

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RE: GM. So sweet. - 12/7/2012 3:42:54 PM

LookieNoNookie

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quote:

ORIGINAL: Owner59

Time to move on, buddy......you guys lost that one and the election....

This isn't an election issue...it's a financial one.

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RE: GM. So sweet. - 12/7/2012 3:44:24 PM

mnottertail

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No, I think that is a teabagger notion. Actually I think it is the notion of the ignorant asswipes perpetrated by Faux Spews and other such cretins of the right.

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RE: GM. So sweet. - 12/7/2012 3:47:01 PM

Owner59

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quote:

ORIGINAL: LookieNoNookie

quote:

ORIGINAL: Owner59

Time to move on, buddy......you guys lost that one and the election....

This isn't an election issue...it's a financial one.

Nope....it`s completely politcal.....

Care to imagine the cost of GM failing?

Oh...great.....we don`t have to.

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RE: GM. So sweet. - 12/7/2012 3:49:04 PM

mnottertail

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More would be out of work than hostess ho-hos, I bet.

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RE: GM. So sweet. - 12/7/2012 4:51:37 PM

LookieNoNookie

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quote:

ORIGINAL: Owner59

quote:

ORIGINAL: LookieNoNookie

quote:

ORIGINAL: Owner59

Time to move on, buddy......you guys lost that one and the election....

This isn't an election issue...it's a financial one.

Nope....it`s completely politcal.....

Care to imagine the cost of GM failing?

Oh...great.....we don`t have to.

No, you just have to worry about when you're gonna get back your 30 billion.

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RE: GM. So sweet. - 12/7/2012 6:40:48 PM

tazzygirl

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quote:

They're still upside down by 30+ billion (hence why the feds haven't sold their shares).

27.2

http://projects.propublica.org/bailout/entities/233-general-motors

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