News, GM Board May Opt To File Bankruptcy As Stock Trades Close To $3. (health care, Alabama)

[JD59]

New York, NY (AHN) - General Motors board of directors may be considering filing for bankruptcy despite Chairman and Chief Executive Rick Wagoner stating that Chapter 11 is not the best option for the automaker amid dropping sales and depleting cash reserves.

GM Board May Opt To File Bankruptcy As Stock Trades Close To $3 | AHN | November 23, 2008 (http://www.allheadlinenews.com/articles/7013148136 - broken link)

[malamute]

Chapter 11 would be a smart move. That lets them continue in business while they try to reorgnaize and turn things around.

[JD59]

Hi, I wonder chapter 11 would mean all GM stocks are no good and all UAW jobs are gone also. I did have some GM stock but sold it a few weeks ago because my broker said the GM stock might go to zero.




Thanks, John

[swagger]

I've been saying that they should do this since the news broke that they wanted the bailout. Let them remove the union anvil from their chest and maybe they'll be able to turn a profit. Paying twice for labor in Michigan vs. what Toyota's paying in Alabama, plus all the union-forced pensions and health care benefits for retirees has taken its toll. Let them dump that weight overboard and give the ship a chance to right itself.