Last night while watching TV, GM had a commercial on that said....'full warrenty guarenteed by the United States Government'. Now that was erie!!!!! I will never purchase a GM product!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Report is due out soon -- GM will sell it's Pontiac brand, closing several factories.
It's unknown who will be the new owner of Pontiac.
Dontcha just love throwing our money at a sinking ship? Is our government so self absorbed and out of touch that they can no longer govern the people that foot the bill?
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
GM to pull the plug on Pontiac The brand credited with originating the muscle car will no longer be part of GM's future, according to a source.
By Peter Valdes-Dapena, CNNMoney.com senior writer Last Updated: April 24, 2009: 4:39 PM ET
The Pontiac G8 performance sedan has been a hit with critics but it hasn't caught on with customers. 2008 GM Vehicle Sales Chevrolet 1,801,131 GMC 376,996 Pontiac 267,348 Saturn 188,004 Cadillac 161,159 Buick 137,197 Hummer 27,485 Saab 21,368 Total 2,980,688 Source:General Motors
NEW YORK (CNNMoney.com) -- General Motors is preparing to announce that the Pontiac car brand, once marketed as GM's "Excitement division," will be killed off, according to a source familiar with the decision.
An official announcement is expected Monday. GM spokesman Jim Hopson declined to comment on Pontiac's fate, saying the automaker has no announcements to make at this time.
I would have canned the hummer and saab. I see more pontiacs on the road than the other two,
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
I would have canned the hummer and saab. I see more pontiacs on the road than the other two,
Funny, I was just remarking today that I've seen more Hummers in the past two weeks than I have in a long time. But ya, you're right - lotsa pontiacs. I wonder what'll happen to their warranties
After struggle, Chrysler succumbs to bankruptcy After months of struggle, Chrysler succumbs to bankruptcy, pins hopes on alliance with Fiat
By TOM KRISHER and STEPHEN MANNING, Associated Press Last updated: 6:36 a.m., Friday, May 1, 2009
DETROIT -- The first sound of the gavel in Chrysler's bankruptcy case might as well be the bang of a starter's pistol.
The nation's third-largest automaker filed for Chapter 11 bankruptcy protection Thursday with an ambitious plan to emerge in as little as 30 days as a leaner, more nimble company. And Chrysler's first hearing in a New York courtroom Friday morning may offer the first clue as to whether a quick, "surgical" bankruptcy is actually possible.
After months on government life support, Chrysler is pinning its future on a top-to-bottom reorganization and plans to build cleaner cars through an alliance with Italian automaker Fiat. In return, the federal government agreed to give Chrysler up to $8 billion in additional aid and to back its warranties.
On Friday morning, bankruptcy court Judge Arthur Gonzalez is scheduled to hear the case's first motions, which typically will allow the company to continue paying workers and basic utility costs as it restructures.
Eventually, Gonzalez will have to sort out the key issue that made bankruptcy necessary: the creditors that hold $6.9 billion of the Chrysler's debt.
Four of the largest banks holding 70 percent of the debt agreed this week to a deal that would give them $2 billion. But a collection of hedge funds refused to budge, saying the deal was unfair and would only return a small fraction of their holdings.
President Barack Obama on Thursday chastised the funds for seeking an "unjustified taxpayer-funded bailout" after Chrysler and his auto task force cleared the company's other hurdles. Along with the Fiat deal, Chrysler adopted a cost-cutting pact with the UAW this week.
"They were hoping that everybody else would make sacrifices and they would have to make none," Obama said. "I don't stand with those who held out when everybody else is making sacrifices."
One lender, OppenheimerFunds Inc., said it rejected the government offer because it "unfairly asked our fund shareholders to make financial sacrifices greater than the sacrifices being made by unsecured creditors."
The White House said Chrysler could come out of bankruptcy in 30 to 60 days. Under normal circumstances, it would be difficult to complete such a large bankruptcy so quickly.....................http://www.timesunion.com/AspStories/story.asp?storyID=793598
DETROIT (AP) - Chrysler CEO Robert Nardelli will leave his post after the company emerges from bankruptcy protection, ending nearly two years of leadership that has seen sales and earnings slump as U.S. auto sales crumbled.
President Barack Obama announced Thursday that the automaker would file for Chapter 11 after the government could not reach a debt-reduction agreement with creditors.
Nardelli said in an e-mail to Chrysler employees that post-bankruptcy would be the appropriate time to leave. He will take a job as an adviser with Chrysler's one-time owners, Cerberus Capital management LP.
He says the Treasury Department did not ask him to resign.
Lessee .. he got $200 MILLION dollars after he left GE in Shambles. Got another $200 MILLION dollars after nearly putting Home Depot out of business. I wonder what the teflon CEO will get walking away from this disaster.
"They were hoping that everybody else would make sacrifices and they would have to make none," Obama said. "I don't stand with those who held out when everybody else is making sacrifices."
One lender, OppenheimerFunds Inc., said it rejected the government offer because it "unfairly asked our fund shareholders to make financial sacrifices greater than the sacrifices being made by unsecured creditors."
First of all....this company is in bankruptcy court. Let the judge decide the outcome. Bankruptcy is in place for a reason. Let the system work the way it was intended to.
And as far as these hedge funds holding out, obama , of all people should not be chastising them.They obviously had to protect their clients who gave them their money to invest. .....For 401K's/pensions. Some where the teacher' pensions among others.
There should have NEVER been a bail out. There are already systems in place to handle such matters..........such as bankruptcy!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Chrysler expected to sell assets to Fiat Chrysler expected to sell assets to Fiat Group SpA, close 5 more plants by end of 2010
By BREE FOWLER and VINNEE TONG, Associated Press Last updated: 6:55 a.m., Saturday, May 2, 2009
NEW YORK -- Chrysler LLC is expected to file a motion Saturday to sell substantially all of its assets to Italian automaker Fiat Group SpA, but the ailing automaker must still deal with creditors who refused to come to a deal to erase the company's debt.
Attorneys for Chrysler say eight plants will not be affected by the sale, including five that the automaker revealed it will shutter by the end of next year.
While Chrysler faced its first hearing Friday in Manhattan bankruptcy court, court documents showed the Big Three automaker planned to close plants in Michigan, Missouri, Ohio and Wisconsin that employ about 4,800 people. Chrysler said they will be offered jobs at other plants.
The company also announced President and Vice Chairman Tom LaSorda is retiring effective immediately.
Judge Arthur Gonzalez approved a series of motions at Friday's hearing, launching a chain of events designed to ensure Chrysler's bankruptcy process is the quick and "surgical" one the company and the U.S. government have promised.
But what could prove to be the case's biggest challenge still lies ahead. Chrysler must eventually deal with creditors who defied government pressure to wipe out the automaker's debt and might have helped the company avoid a bankruptcy filing in the first place.
Another hearing was scheduled for Monday, where Chrysler attorneys will ask Gonzalez to let the company start using $4.5 billion in loans from the U.S. and Canadian governments to keep operating under bankruptcy protection.
Chrysler, the nation's third-largest car manufacturer, filed for bankruptcy protection Thursday. The company plans to emerge in as little as 30 days as a leaner, more nimble company, with Fiat potentially becoming the majority owner.
In return, the federal government agreed to give Chrysler up to $8 billion in additional financing, on top of the $4 billion the company already has received.
Chrysler attorney Corinne Ball said that lawyers on Monday would ask to set a date for the first hearing on the sale of its assets to the "new Chrysler." In bankruptcy, assets are sold in a two-part process during which the court asks for competing bids. None are expected in Chrysler's case, since documents show the company already tried to form alliances with dozens of companies, including Nissan-Renault, Toyota, Honda, Volkswagen and even rival General Motors Corp.
Heidi Sorvino, bankruptcy partner at Smith, Gambrell & Russell LLP, said a sale could be completed in 30 to 60 days.
The U.S. government is pouring billions into General Motors in hopes of reviving the domestic economy, but when the automaker completes its restructuring plan, many of the company's new jobs will be filled by workers overseas.
According to an outline the company has been sharing privately with Washington legislators, the number of cars that GM sells in the United States and builds in Mexico, China and South Korea will roughly double.
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