GM says bondholder offer fails; bankruptcy likely

GM says bondholder offer fails; bankruptcy likely

news.yahoo.com

DETROIT – A General Motors Corp. bankruptcy filing seemed inevitable after a rebellion by its bondholders forced it to withdraw on Wednesday a plan to swap bond debt for company stock.

GM has until Monday to complete a government-ordered restructuring that includes debt reduction, labor cost cuts and plant closures. But a Chapter 11 reorganization is likely after the company said its offer to exchange $27 billion in unsecured debt for 10 percent of the company's stock had failed. GM has received $19.4 billion in federal loans.

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Well there you have it. More people without jobs and more car dealerships are going to close.

No doubt we will see sad cry baby stories which Im tired of: "Oh no! We lost our jobs but we shouldnt have, its not fair!"

I know this is a different tone to my usual posts, but get over it! Everyone is suffering and your story is no different from your neighbors or the old dude in the next state over.

I will say though that I am very proud of the GM bond holders for standing up to the government.
Note to the government: You smell of wee and I hate you.

news.yahoo.com
(visit the link for the full news article)

And what about all the billions of dollars paid in bailouts to the auto-companies.

Are they telling us that it's gone, not to be recovered, just wasted money that could have helped feed starving families, or expand medical care to those in need?

It was all a scam. They [the corrupt government] just wanted to rob the tax payer period.

Originally posted by Tentickles Well there you have it. More people without jobs and more car dealerships are going to close.

One GM job represents seven associated jobs in the workforce. That's a whole pile of dough that is no longer entering the local economy, a whole lot of taxes not going to be paid, a whole lot more people engaging government assistance on many levels, and a whole lot of social ramifications as well.

Those cheering the demise of GM are simply...as my late father-in-law used to say, "peeing in their boots to keep their feet warm."

Just to join threads, this conversation is also happening here:

www.abovetopsecret.com...

Is there a way to just merge the two threads to create one?