Comment #4

konane — Thu, 21 May 2009 16:44:18 GMT

Thanks Jarasan!! Believe hubby read a condition of bankruptcy was GM's withdrawal from NASCAR, so looks like it's going to be Ford and Toyota battling it out on the track.

Comment #3

konane — Thu, 21 May 2009 16:42:31 GMT

Thanks JAP!!! No telling what kind of lunacy will come tumbling out of Washington. Inmates in charge of the asylum already.

Comment #2

jarasan — Thu, 21 May 2009 15:34:08 GMT

NASCAR is going to be affected? You betcha! I hope they mess with NASCAR, that could be the shot across the bow..............the final straw...............the tipping point.

Comment #1

JAP69 — Thu, 21 May 2009 12:24:48 GMT

So whats going to happen when someone is ready for a new vehicle? The gov't going to mandate that you buy a GM [ Government Motors ] product or pay a penalty for buying competition?

Original Blog Entry: "GM... $15.4 billion in (govt) loans forgiven

konane — Thu, 21 May 2009 11:44:30 GMT

In addition to being put last in line for any potential payback by surviving companies as stated in this article our children, grandchildren have been strapped with with paying back another $15.4 billion plus accrued interest.

Thuggery And Mob Action, Government Style

https://www.lotterypost.com/blogentry/29825

Government plays but we pay.

_______________

GM could be wholly owned by U.S. gov't after bankruptcy, $15.4 billion in loans forgiven

With General Motors' bankruptcy filing all but assured, details of the deal are being hashed out as you read this and sources are coming forward to secretly divulge some of the more critical aspects of the plan. The newest tidbit comes from an unnamed source familiar with the negotiations speaking with Reuters who said that GM's Chapter 11 filing would create a new company comprised of the General's positive assets and will be initially owned by the U.S. government. The report lends further credence to the good GM, bad GM plan we've been hearing about for weeks, with one company taking on all of GM's deficient assets and another separate entity comprised of the positive assets, the latter of which could honor the claims of secured lenders, possibly paying back most or all of the money owed. But what about the taxpayer loans?

Reuters' source indicated that the new government strategy for GM would include extending the U.S.' credit line to the newly formed company and forgiving the majority of the $15.4 billion federal loans to the automaker. Additionally, the government could give both bondholders and GM's unions a stake in the company, and although a new board would be established - pending review from the government's oversight board - Rick Wagoner's successor and GM's new CEO, Fritz Henderson, would likely head the new company. Shocking? Hardly. Disturbing? Sound off in the comments below. Thanks to all who tipped in.

http://www.autoblog.com/2009/05/19/report-after-bankruptcy-gm-could-be-owned-by-u-s-govt/

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