Its official: GM files bankruptcy on Monday

[mattpegher]

Originally posted by: Skoorb

Originally posted by: boomerang

Originally posted by: Double Trouble
A sad day for America I will never buy a "Government Motors" product. Unfortunately, no matter what happens, they will stay on the government dole, draining our tax dollars for the foreseeable future.....

Has the thought crossed your mind that if enough people think as you do that yours will be a self fulfilling prophecy? If you truly want a return on your 'investment', you should be buying one of their products. It's in your own best interest.

Sorry for using logic.

As a whole this is correct, but on an individual basis one must watch out for themselves!

I agree, I currently own a 2004 GMC Yukon XL which I need to replace. First I think the product is actually worse than the 2000 Yukon that I owned prior. And the price of a new one is about 10 grand more than I paid 5 years ago and 15-20 grand more than 10 years ago. Many have said that there has been a great deal of invisible improvements in that time but to be honest I don't care, It rides the same, reacts the same and gets the same gas milage, and I don't want to pay an extra 15 grand for it.

 

[StageLeft]

Can anybody tell me why/how GM stock is UP 20% today from the $.75 it closed at before? Are people on crack? Maybe it's all the detroit crack heads buying it.

 

[RyanPaulShaffer]

Originally posted by: Skoorb
Can anybody tell me why/how GM stock is UP 20% today from the $.75 it closed at before? Are people on crack? Maybe it's all the detroit crack heads buying it.

To be fair, that is only a gain of 15 cents.

 

[Squisher]

Originally posted by: RyanPaulShaffer
Gee, those of us with a semblance of intelligence and common sense predicted this would happen months ago.

The good thing now is that we've wasted billions of dollars, right?

PS - I am not blaming this on the current administration, since I am well aware that it was Bush who approved the use of TARP funds for bailouts. This upset me greatly, since our Congress voted against the bailouts (meeting their quota of one sensible vote a year.)

I think it had to happen somewhat like this. The government had to step in to facilitate a bankruptcy. If TARP hadn't been available GM would have never been able to get all its ducks in a row for for Chapter 11. It would have slipped into liquidation in short order. If GM had been forced to go into a bankruptcy like any other entity you could easily see millions of Americans in a world of hurt.

If they emerge a better company then you can say they should have approached the problem differently from the beginning. They should have come out and asked the government to help them through this bankruptcy. But, if this bankruptcy drags out for months or years because of lawsuits and such which will freeze any funds being dispersed to suppliers then maybe Rick Wagoner was right from the beginning and it was best to avoid bankruptcy.

What you are seeing right now is so far from a normal bankruptcy that no one knows what is going to happen. This thing is far from settled.

 

[Ricochet]

Originally posted by: Skoorb
Can anybody tell me why/how GM stock is UP 20% today from the $.75 it closed at before? Are people on crack? Maybe it's all the detroit crack heads buying it.

Last minute short covering? That's the only thing I can think of.

 

[Squisher]

Originally posted by: Skoorb
Can anybody tell me why/how GM stock is UP 20% today from the $.75 it closed at before? Are people on crack? Maybe it's all the detroit crack heads buying it.

I'm not that knowledgeable about this kind of stuff, but has there ever been an instance where shareholders were reissued stocks from the post bankruptcy company or the stock structure remained in place through bankruptcy?

 

[Squisher]

Originally posted by: Squisher

Originally posted by: Skoorb
Can anybody tell me why/how GM stock is UP 20% today from the $.75 it closed at before? Are people on crack? Maybe it's all the detroit crack heads buying it.

I'm not that knowledgeable about this kind of stuff, but has there ever been an instance where shareholders were reissued stocks from the post bankruptcy company or the stock structure remained in place through bankruptcy?

EDIT: I guess this is pretty clear.

 

[K1052]

Originally posted by: RyanPaulShaffer
Gee, those of us with a semblance of intelligence and common sense predicted this would happen months ago.

The good thing now is that we've wasted billions of dollars, right?

PS - I am not blaming this on the current administration, since I am well aware that it was Bush who approved the use of TARP funds for bailouts. This upset me greatly, since our Congress voted against the bailouts (meeting their quota of one sensible vote a year.)

The money bought time for GM/Chrysler to organize their contraction and have the come to Jesus talk with the unions about drastically reducing long term liabilities.

Had they simply run out of money and closed up shop the damage would have been a lot worse.

 

[Genx87]

Why was GM management not able to perform the needed work for a bankruptcy last Summer?!?!?!?!?!?! Why the need to waste 15 billion or more in tax payers to do that work?

 

[IGBT]

GM is gone. From this day forward it's "the obama" managed "gm".

 

[Double Trouble]

Originally posted by: boomerang

Originally posted by: Double Trouble
A sad day for America I will never buy a "Government Motors" product. Unfortunately, no matter what happens, they will stay on the government dole, draining our tax dollars for the foreseeable future.....

Has the thought crossed your mind that if enough people think as you do that yours will be a self fulfilling prophecy? If you truly want a return on your 'investment', you should be buying one of their products. It's in your own best interest.

Sorry for using logic.

You might consider that "logic", but I'd consider it "faulty logic". Yes, on a large scale, what you're saying is true... but individuals don't make decisions on a large scale, they make their own decisions, based on their personal interests. My singular purchase of a vehicle will have no impact on what happens to GM. It will, however, have an impact on me if it turns out to be a lousy vehicle, and I also don't like the fact that I'd be buying from Government Motors. So, the logical conclusion is for me to buy a good vehicle not made by GM.

 

[Phynaz]

Originally posted by: ricochet

Originally posted by: Skoorb
Can anybody tell me why/how GM stock is UP 20% today from the $.75 it closed at before? Are people on crack? Maybe it's all the detroit crack heads buying it.

Last minute short covering? That's the only thing I can think of.

This

 

[JTsyo]

Heard that GM is off the DOW. Will it be back on after it returns from the Chapter 11?

 

[Cattlegod]

Originally posted by: Phynaz

Originally posted by: ricochet

Originally posted by: Skoorb
Can anybody tell me why/how GM stock is UP 20% today from the $.75 it closed at before? Are people on crack? Maybe it's all the detroit crack heads buying it.

Last minute short covering? That's the only thing I can think of.

This

are you sure? the volume is through the roof today and i highly doubt it can be all answered by short covering.

 

[ElFenix]

very close to a deal for hummer

 

[Ricochet]

Originally posted by: Cattlegod

Originally posted by: Phynaz

Originally posted by: ricochet

Originally posted by: Skoorb
Can anybody tell me why/how GM stock is UP 20% today from the $.75 it closed at before? Are people on crack? Maybe it's all the detroit crack heads buying it.

Last minute short covering? That's the only thing I can think of.

This

are you sure? the volume is through the roof today and i highly doubt it can be all answered by short covering.

Still being traded on pink sheets GMGMQ. Slowly decaying by the pennies.

 

[Cattlegod]

http://www.pinksheets.com/pink...?symbol=GMGMQ#getQuote

The volume looks like it is being driving by institutions. The same people selling are the same people with buy orders.

 

[JS80]

Originally posted by: ElFenix
very close to a deal for hummer

lol GM selling Hummer to the chinamen