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May 5, 2009 at 10:51 PM #394158May 5, 2009 at 10:58 PM #393518
CoronitaParticipantBTW: I hope none of you still have any GM common shares….Aside from seeing a 1:100 reverse split, you might also get wiped out.
After all said and done with the US gov possibly being the biggest owner, the existing GM shareholder’s stake would be 1%
http://money.cnn.com/2009/05/05/news/companies/gm_shareholders.reut/index.htm?postversion=2009050519
GM shareholders may get wiped out
Embattled automaker will issue 60 billion new shares in bid to pay debt.* GM shareholders may get wiped out
* GM to resume union talks this week
* Chrysler won’t repay bailout money
* GMAC posts $675 million loss
* Chrysler seeking quick fix for bankruptcyDETROIT (Reuters) — General Motors Corp. Tuesday detailed plans to all but wipe out the holdings of remaining shareholders by issuing up to 60 billion new shares in a bid to pay off debt to the U.S. government, bondholders and the United Auto Workers union.
The unusual plan, which was detailed in a filing with U.S. securities regulators, would only need the approval of the U.S. Treasury to proceed since the U.S. government would be the majority shareholder of a new GM (GM, Fortune 500), the company said.
The flood of new stock issuance that could be unleashed has been widely expected by analysts who have long warned that GM’s shares could be worthless whether the company restructures out of court or in bankruptcy.
The debt-for-equity exchanges detailed in the filing with the Securities and Exchange Commission would leave GM’s stock investors with just 1% of the equity in a restructured automaker, ending a long run when the Dow component was seen as a bellwether for the strength of the broader U.S. economy.
GM shares closed Tuesday at $1.85 on the New York Stock Exchange. The stock would be worth just over 1 cent if the first phase of GM’s restructuring moves forward as described.
Once GM has issued new shares to pay off its debt to the U.S. government, bondholders and its major union, it said it would then undertake a 1-for-100 reverse stock split.
Such a move would take the nominal value of the stock back to near where it had been before the flood of new shares. But in the process, GM’s existing shareholders would see their stake in the 100-year-old automaker all but wiped out.
The automaker said it expected to draw another $2.6 billion from the U.S. Treasury before a June 1 deadline set by the Obama administration for it to reach agreements with all of its key stakeholders.
That borrowing would take GM’s debt to the U.S. government to $18 billion, and the automaker said it expected to have to borrow a total of nearly $27 billion.
May 5, 2009 at 10:58 PM #393778CoronitaParticipantBTW: I hope none of you still have any GM common shares….Aside from seeing a 1:100 reverse split, you might also get wiped out.
After all said and done with the US gov possibly being the biggest owner, the existing GM shareholder’s stake would be 1%
http://money.cnn.com/2009/05/05/news/companies/gm_shareholders.reut/index.htm?postversion=2009050519
GM shareholders may get wiped out
Embattled automaker will issue 60 billion new shares in bid to pay debt.* GM shareholders may get wiped out
* GM to resume union talks this week
* Chrysler won’t repay bailout money
* GMAC posts $675 million loss
* Chrysler seeking quick fix for bankruptcyDETROIT (Reuters) — General Motors Corp. Tuesday detailed plans to all but wipe out the holdings of remaining shareholders by issuing up to 60 billion new shares in a bid to pay off debt to the U.S. government, bondholders and the United Auto Workers union.
The unusual plan, which was detailed in a filing with U.S. securities regulators, would only need the approval of the U.S. Treasury to proceed since the U.S. government would be the majority shareholder of a new GM (GM, Fortune 500), the company said.
The flood of new stock issuance that could be unleashed has been widely expected by analysts who have long warned that GM’s shares could be worthless whether the company restructures out of court or in bankruptcy.
The debt-for-equity exchanges detailed in the filing with the Securities and Exchange Commission would leave GM’s stock investors with just 1% of the equity in a restructured automaker, ending a long run when the Dow component was seen as a bellwether for the strength of the broader U.S. economy.
GM shares closed Tuesday at $1.85 on the New York Stock Exchange. The stock would be worth just over 1 cent if the first phase of GM’s restructuring moves forward as described.
Once GM has issued new shares to pay off its debt to the U.S. government, bondholders and its major union, it said it would then undertake a 1-for-100 reverse stock split.
Such a move would take the nominal value of the stock back to near where it had been before the flood of new shares. But in the process, GM’s existing shareholders would see their stake in the 100-year-old automaker all but wiped out.
The automaker said it expected to draw another $2.6 billion from the U.S. Treasury before a June 1 deadline set by the Obama administration for it to reach agreements with all of its key stakeholders.
That borrowing would take GM’s debt to the U.S. government to $18 billion, and the automaker said it expected to have to borrow a total of nearly $27 billion.
May 5, 2009 at 10:58 PM #393990CoronitaParticipantBTW: I hope none of you still have any GM common shares….Aside from seeing a 1:100 reverse split, you might also get wiped out.
After all said and done with the US gov possibly being the biggest owner, the existing GM shareholder’s stake would be 1%
http://money.cnn.com/2009/05/05/news/companies/gm_shareholders.reut/index.htm?postversion=2009050519
GM shareholders may get wiped out
Embattled automaker will issue 60 billion new shares in bid to pay debt.* GM shareholders may get wiped out
* GM to resume union talks this week
* Chrysler won’t repay bailout money
* GMAC posts $675 million loss
* Chrysler seeking quick fix for bankruptcyDETROIT (Reuters) — General Motors Corp. Tuesday detailed plans to all but wipe out the holdings of remaining shareholders by issuing up to 60 billion new shares in a bid to pay off debt to the U.S. government, bondholders and the United Auto Workers union.
The unusual plan, which was detailed in a filing with U.S. securities regulators, would only need the approval of the U.S. Treasury to proceed since the U.S. government would be the majority shareholder of a new GM (GM, Fortune 500), the company said.
The flood of new stock issuance that could be unleashed has been widely expected by analysts who have long warned that GM’s shares could be worthless whether the company restructures out of court or in bankruptcy.
The debt-for-equity exchanges detailed in the filing with the Securities and Exchange Commission would leave GM’s stock investors with just 1% of the equity in a restructured automaker, ending a long run when the Dow component was seen as a bellwether for the strength of the broader U.S. economy.
GM shares closed Tuesday at $1.85 on the New York Stock Exchange. The stock would be worth just over 1 cent if the first phase of GM’s restructuring moves forward as described.
Once GM has issued new shares to pay off its debt to the U.S. government, bondholders and its major union, it said it would then undertake a 1-for-100 reverse stock split.
Such a move would take the nominal value of the stock back to near where it had been before the flood of new shares. But in the process, GM’s existing shareholders would see their stake in the 100-year-old automaker all but wiped out.
The automaker said it expected to draw another $2.6 billion from the U.S. Treasury before a June 1 deadline set by the Obama administration for it to reach agreements with all of its key stakeholders.
That borrowing would take GM’s debt to the U.S. government to $18 billion, and the automaker said it expected to have to borrow a total of nearly $27 billion.
May 5, 2009 at 10:58 PM #394044CoronitaParticipantBTW: I hope none of you still have any GM common shares….Aside from seeing a 1:100 reverse split, you might also get wiped out.
After all said and done with the US gov possibly being the biggest owner, the existing GM shareholder’s stake would be 1%
http://money.cnn.com/2009/05/05/news/companies/gm_shareholders.reut/index.htm?postversion=2009050519
GM shareholders may get wiped out
Embattled automaker will issue 60 billion new shares in bid to pay debt.* GM shareholders may get wiped out
* GM to resume union talks this week
* Chrysler won’t repay bailout money
* GMAC posts $675 million loss
* Chrysler seeking quick fix for bankruptcyDETROIT (Reuters) — General Motors Corp. Tuesday detailed plans to all but wipe out the holdings of remaining shareholders by issuing up to 60 billion new shares in a bid to pay off debt to the U.S. government, bondholders and the United Auto Workers union.
The unusual plan, which was detailed in a filing with U.S. securities regulators, would only need the approval of the U.S. Treasury to proceed since the U.S. government would be the majority shareholder of a new GM (GM, Fortune 500), the company said.
The flood of new stock issuance that could be unleashed has been widely expected by analysts who have long warned that GM’s shares could be worthless whether the company restructures out of court or in bankruptcy.
The debt-for-equity exchanges detailed in the filing with the Securities and Exchange Commission would leave GM’s stock investors with just 1% of the equity in a restructured automaker, ending a long run when the Dow component was seen as a bellwether for the strength of the broader U.S. economy.
GM shares closed Tuesday at $1.85 on the New York Stock Exchange. The stock would be worth just over 1 cent if the first phase of GM’s restructuring moves forward as described.
Once GM has issued new shares to pay off its debt to the U.S. government, bondholders and its major union, it said it would then undertake a 1-for-100 reverse stock split.
Such a move would take the nominal value of the stock back to near where it had been before the flood of new shares. But in the process, GM’s existing shareholders would see their stake in the 100-year-old automaker all but wiped out.
The automaker said it expected to draw another $2.6 billion from the U.S. Treasury before a June 1 deadline set by the Obama administration for it to reach agreements with all of its key stakeholders.
That borrowing would take GM’s debt to the U.S. government to $18 billion, and the automaker said it expected to have to borrow a total of nearly $27 billion.
May 5, 2009 at 10:58 PM #394185CoronitaParticipantBTW: I hope none of you still have any GM common shares….Aside from seeing a 1:100 reverse split, you might also get wiped out.
After all said and done with the US gov possibly being the biggest owner, the existing GM shareholder’s stake would be 1%
http://money.cnn.com/2009/05/05/news/companies/gm_shareholders.reut/index.htm?postversion=2009050519
GM shareholders may get wiped out
Embattled automaker will issue 60 billion new shares in bid to pay debt.* GM shareholders may get wiped out
* GM to resume union talks this week
* Chrysler won’t repay bailout money
* GMAC posts $675 million loss
* Chrysler seeking quick fix for bankruptcyDETROIT (Reuters) — General Motors Corp. Tuesday detailed plans to all but wipe out the holdings of remaining shareholders by issuing up to 60 billion new shares in a bid to pay off debt to the U.S. government, bondholders and the United Auto Workers union.
The unusual plan, which was detailed in a filing with U.S. securities regulators, would only need the approval of the U.S. Treasury to proceed since the U.S. government would be the majority shareholder of a new GM (GM, Fortune 500), the company said.
The flood of new stock issuance that could be unleashed has been widely expected by analysts who have long warned that GM’s shares could be worthless whether the company restructures out of court or in bankruptcy.
The debt-for-equity exchanges detailed in the filing with the Securities and Exchange Commission would leave GM’s stock investors with just 1% of the equity in a restructured automaker, ending a long run when the Dow component was seen as a bellwether for the strength of the broader U.S. economy.
GM shares closed Tuesday at $1.85 on the New York Stock Exchange. The stock would be worth just over 1 cent if the first phase of GM’s restructuring moves forward as described.
Once GM has issued new shares to pay off its debt to the U.S. government, bondholders and its major union, it said it would then undertake a 1-for-100 reverse stock split.
Such a move would take the nominal value of the stock back to near where it had been before the flood of new shares. But in the process, GM’s existing shareholders would see their stake in the 100-year-old automaker all but wiped out.
The automaker said it expected to draw another $2.6 billion from the U.S. Treasury before a June 1 deadline set by the Obama administration for it to reach agreements with all of its key stakeholders.
That borrowing would take GM’s debt to the U.S. government to $18 billion, and the automaker said it expected to have to borrow a total of nearly $27 billion.
May 5, 2009 at 11:18 PM #393552jpinpb
Participant[quote=flu]
#6 With this merger, you’ll have Fiat (which historically produces unreliable cars) merging with Chrysler (which also historically produces unreliable cars) together that most likely will eventually will produce a hell of a lot of unreliable cars.[/quote]
Ahem. Fiat actually makes Ferraris (ok, ok, not mass produced, but nevertheless, they make them)
May 5, 2009 at 11:18 PM #393810Participant[quote=flu]
#6 With this merger, you’ll have Fiat (which historically produces unreliable cars) merging with Chrysler (which also historically produces unreliable cars) together that most likely will eventually will produce a hell of a lot of unreliable cars.[/quote]
Ahem. Fiat actually makes Ferraris (ok, ok, not mass produced, but nevertheless, they make them)
May 5, 2009 at 11:18 PM #394025Participant[quote=flu]
#6 With this merger, you’ll have Fiat (which historically produces unreliable cars) merging with Chrysler (which also historically produces unreliable cars) together that most likely will eventually will produce a hell of a lot of unreliable cars.[/quote]
Ahem. Fiat actually makes Ferraris (ok, ok, not mass produced, but nevertheless, they make them)
May 5, 2009 at 11:18 PM #394079Participant[quote=flu]
#6 With this merger, you’ll have Fiat (which historically produces unreliable cars) merging with Chrysler (which also historically produces unreliable cars) together that most likely will eventually will produce a hell of a lot of unreliable cars.[/quote]
Ahem. Fiat actually makes Ferraris (ok, ok, not mass produced, but nevertheless, they make them)
May 5, 2009 at 11:18 PM #394220Participant[quote=flu]
#6 With this merger, you’ll have Fiat (which historically produces unreliable cars) merging with Chrysler (which also historically produces unreliable cars) together that most likely will eventually will produce a hell of a lot of unreliable cars.[/quote]
Ahem. Fiat actually makes Ferraris (ok, ok, not mass produced, but nevertheless, they make them)
May 5, 2009 at 11:25 PM #393557CoronitaParticipant[quote=jpinpb][quote=flu]
#6 With this merger, you’ll have Fiat (which historically produces unreliable cars) merging with Chrysler (which also historically produces unreliable cars) together that most likely will eventually will produce a hell of a lot of unreliable cars.[/quote]
Ahem. Fiat actually makes Ferraris (ok, ok, not mass produced, but nevertheless, they make them)[/quote]
Ahem, and check out Ferrari’s reliability record (at least the older ones…Not to mention how long it takes to get a part if you need to)…Well, I don’t consider owners of Ferrari’s to be concerned about reliability…
The rest of Fiat’s product line for some of us more humble roots however still stink in terms of reliability
🙂
May 5, 2009 at 11:25 PM #393815CoronitaParticipant[quote=jpinpb][quote=flu]
#6 With this merger, you’ll have Fiat (which historically produces unreliable cars) merging with Chrysler (which also historically produces unreliable cars) together that most likely will eventually will produce a hell of a lot of unreliable cars.[/quote]
Ahem. Fiat actually makes Ferraris (ok, ok, not mass produced, but nevertheless, they make them)[/quote]
Ahem, and check out Ferrari’s reliability record (at least the older ones…Not to mention how long it takes to get a part if you need to)…Well, I don’t consider owners of Ferrari’s to be concerned about reliability…
The rest of Fiat’s product line for some of us more humble roots however still stink in terms of reliability
🙂
May 5, 2009 at 11:25 PM #394030CoronitaParticipant[quote=jpinpb][quote=flu]
#6 With this merger, you’ll have Fiat (which historically produces unreliable cars) merging with Chrysler (which also historically produces unreliable cars) together that most likely will eventually will produce a hell of a lot of unreliable cars.[/quote]
Ahem. Fiat actually makes Ferraris (ok, ok, not mass produced, but nevertheless, they make them)[/quote]
Ahem, and check out Ferrari’s reliability record (at least the older ones…Not to mention how long it takes to get a part if you need to)…Well, I don’t consider owners of Ferrari’s to be concerned about reliability…
The rest of Fiat’s product line for some of us more humble roots however still stink in terms of reliability
🙂
May 5, 2009 at 11:25 PM #394084CoronitaParticipant[quote=jpinpb][quote=flu]
#6 With this merger, you’ll have Fiat (which historically produces unreliable cars) merging with Chrysler (which also historically produces unreliable cars) together that most likely will eventually will produce a hell of a lot of unreliable cars.[/quote]
Ahem. Fiat actually makes Ferraris (ok, ok, not mass produced, but nevertheless, they make them)[/quote]
Ahem, and check out Ferrari’s reliability record (at least the older ones…Not to mention how long it takes to get a part if you need to)…Well, I don’t consider owners of Ferrari’s to be concerned about reliability…
The rest of Fiat’s product line for some of us more humble roots however still stink in terms of reliability
🙂
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