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Old 07-03-2009, 11:05 AM   #1
dude1394
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Default Government Motors

I think there needs to be a thread to track our great 70% investment in the Government Motor Corporation.

Here is the first advertisement from the new company.

The2012 Pelosi GTxi/SSRT Sport Edition!!!
http://www.youtube.com/watch?v=rAqPM...layer_embedded
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Old 07-03-2009, 12:43 PM   #2
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not sure why you'd think a thread on the government stake (it's 60% btw) in gm's restructuring is needed, but hey if you want it, sobeit...
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Auto Task Force Adviser Wilson Sees General Motors IPO in 2010

By Christopher Scinta

July 2 (Bloomberg) -- General Motors Corp., the bankrupt automaker selling most of its assets to the U.S. government, may file for an initial public offering of its stock in 2010, said an adviser to the Obama Administration’s auto task force.

GM was in bankruptcy court yesterday seeking approval to sell most of its assets to the Treasury, which is paying for the company with the more than $27 billion in loans it has made to the automaker.

“We plan to sell our stake at some point,” Harry Wilson, the auto task force adviser, testified yesterday, saying the government won’t make an open-ended commitment to fund GM. “We anticipate an IPO sometime in 2010.”

Some bondholders and tort claimants have objected to the sale, challenging the decision by GM to sell most of its assets to the Treasury instead of proposing a traditional Chapter 11 turnaround plan and allowing creditors to vote.

Wilson said a sale provided “speed, certainty and the ability to leave behind liabilities,” versus restructuring in a traditional Chapter 11 plan. All the finance and bankruptcy experts the auto task force spoke with said GM wouldn’t survive a traditional restructuring process, he said.

The Treasury won’t provide further financing to GM if an order approving the sale of most of the automaker’s assets isn’t signed by July 10, Wilson testified.

No More Funding

“We have no intention to further fund this company. That has been our position,” Wilson said.

GM completed the second day of its sale hearing in U.S. Bankruptcy Court in New York yesterday. The Detroit-based company is seeking approval of terms that would give the U.S. government 60 percent of the new GM for making $50 billion in bailout loans. A worker fund would get a 17.5 percent stake for giving up health-care benefits, and Canadian government entities would get 11.7 percent for their loans.

Bondholders and unsecured creditors would share 10 percent of the equity, plus warrants, under the proposed plan.

The Treasury has pushed for a speedy sale of the company to preserve its assets, GM Chief Executive Officer Fritz Henderson said in court on June 30.

“We were trying to do it in 30 to 40 days,” Wilson said of the sale. He said the 60-day to 90-day time frame offered when GM filed for Chapter 11 protection on June 1 wasn’t the Treasury’s actual goal and that it hadn’t committed to fund the company for that long.

If the government stops funding GM’s $33 billion bankruptcy loan, the company would liquidate, Henderson said.

A GM adviser said the stock and warrants going to old GM to pay bondholders and other unsecured creditors would be worth at least $7.4 billion. GM’s advisers project the reorganized company’s equity value will be more than $38 billion.

The case is In re General Motors Corp., 09-50026, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
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Old 07-04-2009, 06:24 PM   #3
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That youtube video made me lol.
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