Re: Interesting GM News
Yup! AIG! Also, the UAW has backed away from demanding up to 40 percent of the "new GM", to a mere 20 percent, but that 20 percent is via a preferred stock issue that pays a nine percent annual dividend plus a note or a few hundred million.
Boy, those guys are really willing to help out!
It's all bull...t. I doubt if a bankruptcy judge would accept the above After all, there are LAWS that govern who gets what in a bankruptcy proceeding.
A bankruptcy proceeding will likely give the bondholders what they are entitled to by law, the UAW contract will be dissolved, and the "new GM" can go out and hire anyone they want for whatever GM is willing to pay and what people are willing to work for. That's how I always earned a living!
If GM offers the same pay and benefit package as the Euro and Japanese OEMs, I'm sure they'll have plenty of applicants for available jobs, and if the rank and file workers are smart, they decertify the UAW and Gettelfinger and company can go pound sand.
Anything less, and the "new GM" will be back in bankruptcy within two years.
Duke
P. S. In other "bad news" I read that Treasury receipts are down by 34 percent for the first quarter. THIRTY-FOUR PERCENT! So any pipedream about a "mere" $1.75 trillion deficit is out the window. Double it! Yet the stock market continues to run on crack. Like Yogi said: "It aint over 'till it's over".
Yup! AIG! Also, the UAW has backed away from demanding up to 40 percent of the "new GM", to a mere 20 percent, but that 20 percent is via a preferred stock issue that pays a nine percent annual dividend plus a note or a few hundred million.
Boy, those guys are really willing to help out!
It's all bull...t. I doubt if a bankruptcy judge would accept the above After all, there are LAWS that govern who gets what in a bankruptcy proceeding.
A bankruptcy proceeding will likely give the bondholders what they are entitled to by law, the UAW contract will be dissolved, and the "new GM" can go out and hire anyone they want for whatever GM is willing to pay and what people are willing to work for. That's how I always earned a living!
If GM offers the same pay and benefit package as the Euro and Japanese OEMs, I'm sure they'll have plenty of applicants for available jobs, and if the rank and file workers are smart, they decertify the UAW and Gettelfinger and company can go pound sand.
Anything less, and the "new GM" will be back in bankruptcy within two years.
Duke
P. S. In other "bad news" I read that Treasury receipts are down by 34 percent for the first quarter. THIRTY-FOUR PERCENT! So any pipedream about a "mere" $1.75 trillion deficit is out the window. Double it! Yet the stock market continues to run on crack. Like Yogi said: "It aint over 'till it's over".
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