Let GM go Bankrupt

I can't make you find reality george. You will have to do that on your own.

You are confusing stock with the assets. The stock is worthless. The assets are now owned by the bondholders and not the stockholders

I should also add that analysis I saw sad that Liquidation Motors is over $1 Billion short what it needs to take down down the plants and deal with the toxic earth under them, that is after revenue from scrap is figured in.

Can you tell us where you read that?

Before bankruptcy, GM estimated it had $1.9 billion in environmental issues and litigation liabilites. Motors Liquidation Co., though, has only about $1.2 billion to manage the entire wind-down of its affairs -- and as one might expect, attorneys handling the matter are expected to get a huge chunk of that. The figure to clean up sites in places like Buick City (pictured, before the buildings were demolished), Michigan and Massena, New York has been pegged at $530 million. However, the way it's looking, there won't be anywhere near that much money to get the job done.

The affected areas are afraid they will have to pay for the clean ups or simply let the land go unused. The problem with that: those local governments don't have the money. And they can't expect a developer to spend millions to clean up an old mess. If not Motors Liquidation or GM, civic representatives want the government to foot the bill since the current administration orchestrated the deal. No one knows how it will -- or won't -- be resolved, but the EPA has said that it's in touch with states and Motors Liquidation to "identify any environmental cleanup requirements that existed at the time of bankruptcy."

What assets? What I read is that most of the stuff that GM unloaded was unloaded for a reason, there are too many auto plants in America, and these are the ones that dont make the grade. 8 or 9 out of 10 that liquidation motors owns are going to be disassembled and sold for scrap, and for the next 10 or 20 years the land will revert to nature.

MLC (Motors Liquidation Corporation) anticipates that the majority of the environmental remediation contemplated in the ERT (environmental remediation trust)
should be completed or well underway within five years, and that the ERT will have adequate
funding to complete further remediation activities (such as periodic site testing and
maintenance) for up to 100 years.

The fear mongering idea is that after litigation is factored in the plan is 1 billion short of needs, or almost 50%.

Nonsense. Many things were done well and in accordance with normal bankrupcy law in the bailout. The objections raised had focused mostly on the extraordinary steps the Administration took to protect the special interests of its chief constituent and source of politicaL funding - organized labor unions, in this case the UAW.

Much effort has been put into dressing up this turd, but the fact that it was a blatant political payoff remains evident.

The overreach of labor unions, particularly those involving employees in local, state and Federal governments has become a central element in the crisis of public debt facing us all. It may well end up as an albatross around the necks of the Democrats in coming elections.

This is a 100% lie. The 'chief source of political funding' for Obama was not Labor Unions of any type; it was small donor American voters. There's plenty of data to back this up, and if you want, I'd be happy to present it for you. Cycloptichorn

Cycloptichorn wrote:

This is a 100% lie. The 'chief source of political funding' for Obama was not Labor Unions of any type; it was small donor American voters. There's plenty of data to back this up, and if you want, I'd be happy to present it for you. Cycloptichorn

How many donations came from foreign sources, cyclops? Even from terrorist sources, such as Hamas?

If you wish to discuss campaign donations seriously, I think illegal foreign donations are a serious matter, cyclops. You probably do not, because if its Obama, it doesn't matter to you.

I merely made a passing observation that was pertinent, but go ahead and argue with George. Sorry to interrupt.

P.S. this edit added:
By the way, is this chump change that the unions gave to Obama?
http://www.realclearpolitics.com/articles/2009/05/13/big_labors_investment_in_obama_pays_off_96469.html

""We spent a fortune to elect Barack Obama -- $60.7 million to be exact -- and we're proud of it," boasted Andy Stern, president of the Service Employees International Union, to the Las Vegas Sun this week."

I'm begging you to look facts like this up before posting, Okie. Please.
Cycloptichorn