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Groups representing individual GM bondholders and tort claimants with product liability claims also filed objections yesterday. The individual bondholder group, represented by attorneys at Patton Boggs LLP, said it represents investors holding more than $400 million in GM debt. The group said in its objection that GM and the Treasury are improperly using a rushed sale rather than a proper Chapter 11 plan to restructure the automaker.
The tort claimants also argued the sale is “an illegal sub rosa plan” that treats the UAW benefit trust far better than other unsecured GM creditors.
“The preferential treatment of the UAW VEBA Trust violates the basic principle of equality that underlies the bankruptcy code and would not be allowed under a plan of reorganization,” attorneys for the tort claimants wrote.
There’s your war, right there. The Presidential Task Force of Automobiles (PTFOA) cut a mighty generous deal with the United Auto Workers’ (UAW) health care fund.
As we reported back in May, the UAW will receive a $10 billion payment into their Voluntary Employee Beneficiary Association (VEBA) health care superfund (paying off half of GM’s unfunded obligations in one fell swoop). And a seat at the Board of Directors for the VEBA’s rep. And a $2.5 billion promissory note, paid off in three installments (2013, 2015, and 2017). And 17.5 percent of the new post-C11 GM. And stock warrants for an additional 2.5 percent of the reorganized company.
The automobile is the last large American industry. One our politicians butcher what is left of it, this nation economy will mirror that of a third world nation.
remember how pelosi promised to release the list of cars bought by the government, well she changed her mind.......
After the GSA and Nancy Pelosi’s office turned down TTAC’s request for a breakdown of the vehicles purchased under the Recovery Act’s Energy-Efficient Federal Motor Vehicle Fleet Procurement program, we went all FOIA. The U.S. General Services Administration (GSA) has now released the info to us (as it should, transparency for the program is promised here)
I work for a huge company that is under Chapt 11. We are kind of hoping that it stays afloat and doesn't go under also.....but you know....we can't depend on the government to bail us out. Either we provide a product that is profitable or we don't. The same SHOULD be true in the automobile industry. Why should tax payers who don't even want your product enough to buy it.....be responsible for keeping you from going bankrupt?
I work for a huge company that is under Chapt 11. We are kind of hoping that it stays afloat and doesn't go under also.....but you know....we can't depend on the government to bail us out. Either we provide a product that is profitable or we don't. The same SHOULD be true in the automobile industry. Why should tax payers who don't even want your product enough to buy it.....be responsible for keeping you from going bankrupt?
True. How many rotten cars can you think of that GM, Ford and Chrysler manufactured? I am sure it's too many to county. Pinto, Chevette, Premier, K-Cars, Neon, Intrepid, the list goes on and on. Maybe Ford tried to keep up with the imports coming form Japan but the other two made them cheaper and more affordable to lure people to buy them.
i find it somewhat interesting that they ordered cars with gas mileage as little as 14 miles per gallon, yet they expect us to be at 39 miles per gallon. i drive a honda civic, but i certainly can understand why people might want to drive something bigger, stronger, faster, or safer.
The auto industry has been killed by Government. The excessive Government involvement starting in the 60's and stopping new domestic competitors was met by Japanese and European competition. No new car companies have been founded in the US (except flops like De Lorean) due to the incredible amount of capital and political connections needed. SO the big three stagnated and rotted from the inside, while Government regulation of the health care industry caused expenses to spiral out of control. Government is the problem, not the solution. The more they do, the quicker it will fail.
A New Jersey state lawmaker wants to make it a crime for drivers to touch the screen of a satellite navigation device in a moving vehicle. Earlier this month, state Assemblyman L. Harvey Smith (D-Hudson) introduced legislation to expand the state’s existing prohibition on using a cell phone behind the wheel. ”This bill would amend current law to also prohibit the manual operation of a global positioning system (GPS) device or similar navigation device by the operator of a moving motor vehicle,” the official summary for A4064 explains.
it won't end with what kind of cars we have to drive, but what we are going to be allowed to have in those cars......
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