The stockholders got screwed in the GM bankruptcy, (eg chapter 11, reorganization). The stockholders were essentially wiped out. The GM labor union probably came out better than anyone else, as the GM pension liability was exchanged for stock in the new GM. Essentially all other debt of the old GM, including mortgages, bonds, notes, etc, were exchanged for equity, (eg stock), in the new GM.
I wish good things for the new GM; only good things. America need an industrial base, which can be provided by a strong auto industry. The problems experienced by Toyota and other foreign automakers couldn't have come at a better time, which has to make one wonder weather its was all a coincidence, especially since the USA Federal Government became the major stockholder in the new GM, (eg 60% equity for 30 billion). LOL http://www.usnews.com/money/blogs/flowchart/2009/05/19/30-investors-poised-to-lose-the-most-on-gm.html http://www.washingtonpost.com/wp-dyn/content/article/2009/06/02/AR2009060203217.html http://blogs.abcnews.com/politicalpunch/2009/06/president-obama-we-are-reluctant-shareholders-with-gm.html http://www.usnews.com/money/blogs/flowchart/2009/05/19/30-investors-poised-to-lose-the-most-on-gm.html Regards, LelandJ On 04/24/2010 01:19 PM, Publius Maximus wrote: > It repaid the government loans with... government money. > > IOW, it's a joke. > > - Publius > > On Sat, Apr 24, 2010 at 2:14 PM, Carl Lindner<[email protected]> wrote: > >> I was quite surprised with the GM turnaround - they had a lot of debt. The >> following is from a Corvette mailing list... >> >> On 4/24/2010 12:02 PM, Mike M..... wrote: >> >>> So what happened to the old GM? Is it something we don't talk about? a >>> Mulligan? a Gimmie? >>> >>> >> ----- The reply by David K... was incredible-------- >> >> The GM of old went bankrupt and changed its name to "Motors Liquidation >> Company". Their new web site is here: >> >> https://www.motorsliquidation.com/ >> >> A new company was formed (Vehicle Acquisition Holdings LLC) and bought the >> rights and assets to GM's products, conveniently neglecting to take it's >> debt. GM changed it's name to Motors Liquidation and then Vehicle >> Acquisition LLC changed it's name to "General Motors Company". >> >> >> Carl Lindner >> >> >> [excessive quoting removed by server] _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[email protected] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
