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Reality Check on Jobs

billryan
billryan
Dec 20, 2011
1:40am
Block User
Yes, GMs demise came as a complete shock to everyone, and none of its rivals had any chance to try to buy the company right up until the last minute.
Is that your story? Besides there not being a buyer and there not being any financing available for the non-existant buyer, it almost sounds plausible.
You do realize that at the price of GMs stock, anyone or any company could have taken control of it for about the price of a NHL expansion team, but for some reason no one jumped on the opportunity. Even Carl Icahn passed on it. If he couldn't find a way to pick some meat off the carcass, I doubt anyone could.
hoops2
hoops2
Dec 20, 2011
1:44am
Block User
Quote
Originally posted by: billryan
Latest polls have President Obama winning South Carolina and Florida against any Republican currently running against him.Looks like the majority of the people do, in fact, get it. The others can continue tilting at windmills and whatever else they choose.


Which polls say that? Quinnipiac has Florida a tossup with Romney slightly ahead and obama slightly ahead of Gingrich. The Winthrop U poll has all Republicans ahead of obama. Real Clear Politics has SC solidly for Republicans.

Most national polls show a tossup for the election as Romney will eventually prevail for the Republicans. obama continues to battle approval numbers in the low 40's that occasionally dip into the high 30's

billryan
billryan
Dec 20, 2011
2:08am
Block User
RCP? Seriously? You do make me laff.
pjstroh
pjstroh
Dec 20, 2011
2:18am
Block User
Quote
Originally posted by: hoops2
Nobody was given the opportunity to bid on GM as the feds jumped in and said they would take over.

What should have happened was for the 2 companies declare chapter 11 and if nobody surfaced during the process then the govt could have stepped in


Chapter 11 was never an option. You are still required to make payroll in Chapter 11. GM and Chrysler did not have any money to pay employees. Liquidation or government intervention were the only other options unless you want to rewrite history which you are doing as you go along.

alanleroy
alanleroy
Dec 21, 2011
8:38am
Block User
Quote
Originally posted by: pjstroh
Quote
Originally posted by: hoops2
Nobody was given the opportunity to bid on GM as the feds jumped in and said they would take over.

What should have happened was for the 2 companies declare chapter 11 and if nobody surfaced during the process then the govt could have stepped in


Chapter 11 was never an option. You are still required to make payroll in Chapter 11. GM and Chrysler did not have any money to pay employees. Liquidation or government intervention were the only other options unless you want to rewrite history which you are doing as you go along.


You are arguing over non-facts which doesn't inspire a lot of confidence.

Hoops "They should have declared chapter 11"
PJ "Chapter 11 was never an option"

For the record:

General Motors declared Chapter 11 Bankruptcy in the Manhattan New York federal bankruptcy court on June 1, 2009.

Chrysler filed for chapter 11 bankruptcy protection at the Federal Bankruptcy Court of the Southern District of New York, on April 30, 2009.
hoops2
hoops2
Dec 21, 2011
10:52am
Block User
Quote
Originally posted by: alanleroy
Quote
Originally posted by: pjstroh
Quote
Originally posted by: hoops2
Nobody was given the opportunity to bid on GM as the feds jumped in and said they would take over.

What should have happened was for the 2 companies declare chapter 11 and if nobody surfaced during the process then the govt could have stepped in


Chapter 11 was never an option. You are still required to make payroll in Chapter 11. GM and Chrysler did not have any money to pay employees. Liquidation or government intervention were the only other options unless you want to rewrite history which you are doing as you go along.


You are arguing over non-facts which doesn't inspire a lot of confidence.

Hoops "They should have declared chapter 11"
PJ "Chapter 11 was never an option"

I misspoke, what I meant was that the Feds didn't allow an opportunity for any private bidders

For the record:

General Motors declared Chapter 11 Bankruptcy in the Manhattan New York federal bankruptcy court on June 1, 2009.

Chrysler filed for chapter 11 bankruptcy protection at the Federal Bankruptcy Court of the Southern District of New York, on April 30, 2009.


pjstroh
pjstroh
Dec 21, 2011
11:18am
Block User
Quote
Originally posted by: alanleroy
Quote
Originally posted by: pjstroh
Quote
Originally posted by: hoops2
Nobody was given the opportunity to bid on GM as the feds jumped in and said they would take over.

What should have happened was for the 2 companies declare chapter 11 and if nobody surfaced during the process then the govt could have stepped in


Chapter 11 was never an option. You are still required to make payroll in Chapter 11. GM and Chrysler did not have any money to pay employees. Liquidation or government intervention were the only other options unless you want to rewrite history which you are doing as you go along.


You are arguing over non-facts which doesn't inspire a lot of confidence.

Hoops "They should have declared chapter 11"
PJ "Chapter 11 was never an option"

For the record:

General Motors declared Chapter 11 Bankruptcy in the Manhattan New York federal bankruptcy court on June 1, 2009.

Chrysler filed for chapter 11 bankruptcy protection at the Federal Bankruptcy Court of the Southern District of New York, on April 30, 2009.


Sorry. Wrong. You are referencing a point 6 months after the intervention occurred.

Chapter 11 occurred AFTER the Federal Government intervention. It was never an option in late 2008 when the company was set to shut its doors and liquidate...unless another buyer was set to step in and take on the 50 billion in debt the company owed. Despite Hoops's claims there was no such buyer. Make no mistake - in January of 2008 GM did not have enough cash to qualify for Chapter 11. Like I said in my earlier post - they had two options: liquidation or a government bailout.

Once the government infused them with cash they were able to reorganize under Chapter 11 six months later.
billryan
billryan
Dec 21, 2011
1:32pm
Block User
Damn those pesky facts.
hoops2
hoops2
Dec 21, 2011
10:47pm
Block User
"Chapter 11 occurred AFTER the Federal Government intervention. It was never an option in late 2008 when the company was set to shut its doors and liquidate...unless another buyer was set to step in and take on the 50 billion in debt the company owed. Despite Hoops's claims there was no such buyer. Make no mistake - in January of 2008 GM did not have enough cash to qualify for Chapter 11. Like I said in my earlier post - they had two options: liquidation or a government bailout. "

The process never allowed an option for the company or it's assets to be bought on the open market, so of course there were no buyers
alanleroy
alanleroy
Dec 21, 2011
11:38pm
Block User
Quote
Originally posted by: pjstroh[/iChapter 11 occurred AFTER the Federal Government intervention. It was never an option in late 2008 when the company was set to shut its doors and liquidate....


Ok...I get it. Chapter 11 was never an option before they went chapter 11. My question is how the UAW ended up in front of the bondholders in line. That's not the way it usually works.
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