GM Loses Another $16 Billion -- Bankrupt?

[DanS]

Daewoo filed for bankruptcy protection. That's a fact.

The book was written before Daewoo's bankruptcy filing and does not help you.

[Asher]

Originally posted by Oerdin
Imran and Drake I am not concerned about.

Dan, go to page 238 of that link and read the in depth report on Daewoo. It's the exact same sort of stuff as with Kia where the take over was run almost exclusively be Nationalized banks much to the upset of foreign banks which were owed money. It seems the foreigners did get a fair bit of money as the non-auto assets were divested from Daewoo.

They declared bankruptcy under local law. This is fact.

Your argument is pathetic. Give it up, and go fish up some boots or something.

[Darius871]

[Dinner]

Originally posted by Asher


They declared bankruptcy under local law. This is fact.

Your argument is pathetic. Give it up, and go fish up some boots or something.

Funny how other industries didn't get the same sort of protections the auto industry got. Loan guarantees from the government, etc... Let's face it auto companies are often considered industrial crown jewels or assets of national importance so they often get preferential treatment.

Kia's "bankruptcy" just doesn't sound like a bankruptcy when all debts have to be repaid, assets can't be liquidated, stock is required to be purchased at an inflated rate, and factories can't be closed as part of the deal. Basically it got taken over by a government owned bank to make sure they didn't shut down and people didn't lose their jobs.

If that's the bankruptcy Dan means then great let's do it but I have a feeling he's thinking of something entirely different.

[Asher]

Your squirming makes me sick.

I'd kneecap you if I could.

[snoopy369]

Originally posted by Oerdin




So basically it's saying that if any of the big 3 go under then it will cause most of the parts suppliers to go under (because GM stiffs them) and then even the domestically built Honda's and Toyotas couldn't get built for lack of supplies at least for a while.

That's a bunch of crap, anyhow. Toyota, for example, has plenty of Toyota-only parts suppliers... my GF's brother worked for a while at a parking brake assembler that supplied Toyota exclusively. You might have a couple of issues, but I doubt it would be across the board, and as Dan notes, bankruptcy != ceasing operations.

[Dinner]

Well anyway that was the claim made by one of the people in the Time article.

[DanS]

So I take it that you admit that you were wrong with regard to Daewoo?

[Dinner]

It seems Daewoo did have a bankruptcy. Debt was written off unlike at Kia and there were a lot fewer strings attached with Daewoo then with Kia. I suspect the Korean government really, really didn't want to do it and that's why they held out for almost two years under nationalization but they couldn't seem to find a foreign buyer without going through the such a process.

Do you think that could happen to GM? Would there be a foreign buyer who would come riding to the rescue? If not then it would be very difficult to duplicate such a process. What is your preferred solution if no buyer can be found?

[Asher]

Progress, you're only about 50 years from becoming sane Oerdin.

[Dinner]

Asher, you are an ass clown. You're the one who claimed Kia was went through normal bankruptcy when it clearly didn't. Bankruptcy" where no debts are written off, the government gives them grants, the government gives them guarenteed loans, the government requires no lay offs, the government requires no factory shut downs, the government requires that exports grow, the government requires someone to buy shares at higher then market value, and the government requires a huge up front cash investment.

Face it, you were completely wrong and you tried to google your way out of it but it failed you because you didn't go into the details. So keep being angry cry into your keyboard, and keep telling yourself someone actually likes you because I for one don't want to hear it any more. There is a reason why loads of people have you on ignore and it isn't because you know so much about everything under the sun.

[Darius871]

Originally posted by Oerdin
You're the one who claimed Kia was went through normal bankruptcy when it clearly didn't.

You're the one who claimed it didn't go through any bankruptcy - normal or abnormal - when it clearly did. Your post-hoc googling will not change that simple fact.

[Dinner]

Read the post above yours. That isn't even remotely anything like bankruptcy. Daewoo did go through bankruptcy and I immediately corrected but Kia no way no how.

Edit: Darius you are a sneaky post editor.

[Darius871]

Originally posted by Oerdin
Read the post above yours. That isn't even remotely anything like bankruptcy. Daewoo did go through bankruptcy and I immediately corrected but Kia no way no how.

"Neither were allowed to... declare bankruptcy." =/= "One declared bankruptcy, and one nominally declared bankruptcy which involved such unusual terms that it's rather disingenuous to label it bankruptcy per se." There's no point digging the hole any further.

Originally posted by Oerdin
Edit: Darius you are a sneaky post editor.

What was changed? I don't even remember.

[Dinner]

I immediately corrected

It seems a clear statement. What part of it is giving you trouble?