Justin Bimmer

By TOM KRISHER and DAN STRUMPF, AP Auto Writers Tom Krisher And Dan Strumpf, Ap Auto Writers – 2 hrs 30 mins ago Story Link DETROIT – A General Motors Corp. bankruptcy filing seemed inevitable after a rebellion by its bondholders forced it to withdraw on Wednesday a plan to swap bond debt for company stock. GM has until Monday to complete a government-ordered restructuring that includes debt reduction, labor cost cuts and plant closures. But a Chapter 11 reorganization is likely after the company said its offer to exchange $27 billion in unsecured debt for 10 percent of the company's stock had failed. GM has received $19.4 billion in federal loans. The move came as crosstown rival Chrysler LLC headed to court Wednesday to ask bankruptcy judge for permission to sell the bulk of its assets to a group headed by Italy's Fiat Group SpA in hopes of saving itself from liquidation. Attorneys for Chrysler maintain that the Fiat deal is the company's only hope to avoid being sold piece by piece, but car dealers, debtholders, former employees and others are protesting. Chrysler filed for bankruptcy protection April 30, after the government ended talks with a group of holdout debtholders. Both automakers were pulled down by overwhelming debt, high pension, health care and other labor costs relative to competitors, a global auto sales slump and a dismal U.S. housing market that pulled down demand for pickup trucks, their top-selling vehicles. News of the failed GM bond exchange offer sent its shares down 12 cents, or 8.3 percent, to $1.32 in morning trading. John Pottow, a professor at the University of Michigan who specializes in bankruptcy, said GM evading Chapter 11 now is almost impossible. "They said no. That's it. They tried. That's why they're going to have to file for bankruptcy," Pottow said. GM spokesman Tom Wilkinson said the board will meet later this week to decide its next move, but he would not say exactly when. He also would not say if the company would soon file for Chapter 11, nor would he reveal what percentage of bondholders took the offer. "The principal amount of notes tendered was substantially less than the amount required by GM to satisfy the debt reduction requirement under its loan agreements with the U.S. Department of the Treasury," GM said in a statement issued Wednesday. The Obama administration has said it would only provide more funds if 90 percent of the bondholders, as well as unionized workers, agreed to concessions that substantially reduced GM's costs. GM also said it canceled meetings set for Wednesday with holders of notes that were not sold in U.S. dollars. The statement said the meetings were to discuss amendments to the debt-for-equity offers, but it did not specify what the amendments were. There was a small hope Tuesday that GM could avoid a bankruptcy filing when the United Auto Workers union disclosed that it would take a 20 percent stake in GM — down from the original plan of 39 percent. That seemingly freed 19 percent of the Detroit-based company's shares to sweeten the pot for its recalcitrant bondholders. Wilkinson would not say why GM didn't make the offer to bondholders more attractive. Because the bondholder deal did not go through, the equity freed by the UAW deal now apparently will go to the U.S. government, which may have to commit billions more for GM's restructuring in court. The government's stake in the company originally was to be 50 percent, according to GM's regulatory filings. But it now could be as high as 69 percent. The Canadian government also could get equity for up to $8 billion in aid for the automaker. Such an arrangement would leave bondholders back where they started — and a Chapter 11 filing all but certain. The deadline for GM's bondholders to tender their debt was midnight Tuesday. Automakers worldwide are struggling as the global recession has reduced demand for new vehicles. But GM and Chrysler have been particularly hobbled by promises to cover the health and pension costs of tens of thousands of unionized retirees — along with recent record-high gasoline prices that reduced demand for their low-mileage trucks and SUVs. The UAW disclosed Tuesday it agreed to take a much smaller 17.5 percent stake in GM, plus a warrant for an added 2.5 percent stake to partially fund the $20 billion that GM must put into a trust that will start paying retiree health care costs next year. In exchange for agreeing to a lower equity ownership stake, GM promised the union $6.5 billion of preferred shares that pay 9 percent interest, plus a $2.5 billion note. The union, facing the possibility that it may not be able to quickly sell GM shares to fund its trust, preferred the certainty of the $585 million annual dividend that accompanies the preferred shares. The remaining $10 billion will come from health care trust funds that GM already has set up. The trust will get a seat on GM's board as well, although it will have to vote at the direction of GM's other independent directors. The concession deal, on which roughly 61,000 workers will vote by Thursday, also froze wages and cut retiree health care benefits, performance bonuses and cost-of-living raises. When GM announced its debt exchange last month, the company offered bondholders 225 shares of common stock for every $1,000 in debt — or a 10 percent stake in the restructured company. In addition to the UAW's share, the federal government was to take 50 percent for exchanging a combined $20 billion of their debt to equity. Current stockholders would end up owning just 1 percent of the company. A committee representing GM's biggest bondholders — mostly big banks and other institutional investors — has opposed the debt-for-equity swap from the start. Smaller, "retail" bondholders — individual investors like retirees and families — have also railed against the terms of the exchange. Both groups say the offer gives them too small a stake for the amount they are owed, and some have pledged to fight in bankruptcy court. GM had said previously that the government was preventing it from offering bondholders more than 10 percent of the restructured company. Some analysts said GM's bondholders may be holding out for better terms in bankruptcy, where they would normally get up to 40 percent of their holdings back. Another factor complicating the decision of GM's bondholders: Many large investors hold insurance policies known as credit default swaps. Such policies would reimburse bondholders in the event of a bankruptcy filing. Analysts speculated that few bondholders agreed to GM's offer because they differed with the company's view of its stock value. "They clearly have different valuation opinions as to how much the shares are worth," Pottow said. "If you're bullish on the prospects of the company, you might think that's a great deal. If you're bearish on the prospects of the company, you might not think that's a great deal."

+1 This is a great way to make the law and the church separate, as they should be. I'm at the point now, where almost every religious establishment in America should have to pay taxes.

So if you ask more questions about the Impala what can we do to you?

Well, you had to go uphill at one time if you made a round trip.

So here is the putes the Captain and I have been working on for me. AMD 720 black GIGABYTE GA-MA790X-UD4P Socket AM2+/ AMD 790X/ CrossFireX/ A&GbE/ ATX Motherboard OCZ OCZ2RPR10664GK PC2-8500 DDR2 Dual Channel Reaper Series 1066MHz 4G Kit CL 5-5-5-18 Memory CORSAIR 550w VX Series 12v ATX 80 Plus Certified Power Supply Cooler Master Centurion 590 ATX Mid Tower Case Black - (RC-590-KKN1-GP​) Western Digital Caviar Black 500 GB Bulk/OEM Hard Drive 3.5 Inch, 32 MB Cache, 7200 RPM SATA II WD5001AALS and a HD4890 GPU I think that is around 760 before rebates and gift card accumulation

Saved money?

Add me to the railfan list.

By KEN THOMAS, Associated Press Writer Ken Thomas, Associated Press Writer – Fri May 22, 6:51 pm ET Article Link WASHINGTON – Lawmakers appealed to the Obama administration on Friday to slow down the restructuring of General Motors and Chrysler, wary of shuttered car dealerships, job losses and the big unknown of a GM bankruptcy. "We are asking President Obama to call 'time-out' on his automobile task force," said Rep. Steve LaTourette, R-Ohio. Members of Congress urged the White House to re-examine its work to stabilize the U.S. auto industry, prompted by sweeping plans outlined last week by Chrysler LLC and General Motors Corp. to shutter hundreds of car dealerships. They said a pending June 1 deadline for a GM bankruptcy created more uncertainty for the industry, and could lead to a rash of more job losses and dealership closings. Thirty-six members of Congress, mostly Republican, told the White House they were troubled by the work of the auto industry task force appointed by the president earlier this year. The panel has worked with GM and Chrysler to try to restructure the companies. "They represent various Wall Street interests who have long looked at exporting jobs out of this country," said Rep. Dennis Kucinich, D-Ohio, who accused the task force of facilitating plans by GM to import Chinese-made vehicles to the U.S. Five House members, including Kucinich, LaTourette and House Judiciary Chairman John Conyers, D-Mich., met with a representative of the Obama task force on Friday. "They're anxious to have additional meetings," said LaTourette spokeswoman Deborah Setliff. The White House said it was focused on helping the companies become viable to preserve jobs and strengthen the auto industry. "Saving the auto industry is an urgent priority for our nation and our workers. The task force has worked diligently and deliberatively throughout this process and we will continue to work with all stakeholders," said White House spokeswoman Amy Brundage. Chrysler LLC, which has received $5.8 billion in federal aid, disclosed in bankruptcy court last week its plans to close about a quarter of its 3,200 U.S. dealerships by June 9. General Motors, which has received $19.4 billion in aid and could be forced into bankruptcy, has told about 1,100 of its dealers — about 20 percent — that their franchise agreements will not be renewed by late next year. GM said Friday it had borrowed an additional $4 billion from the government, bringing its total to $19.4 billion. Chrysler plans to close eight manufacturing plants, part of its work to shed assets, debt and contracts and shift its good assets to Italian automaker Fiat Group SpA. GM and the United Auto Workers union reached a tentative agreement Thursday on labor and health care concessions. Details have not yet emerged but GM had previously said it would close 16 factories, laying off 21,000 hourly workers. While many auto plants are confined to Rust Belt states, the loss of car dealership jobs affect communities throughout the country. With an upcoming Memorial Day recess looming, members of Congress are expected to field questions about the job losses. While GM has not made its list public, Chrysler has identified 789 dealerships in 49 states that are scheduled to be closed. Only Alaska was spared. "These dealers deserve a little more than a pink slip in the mail," wrote Missouri Sens. Claire McCaskill, a Democrat, and Kit Bond, a Republican. The job losses have also brought vows of congressional oversight. Sens. Jay Rockefeller, D-W.Va., and Kay Bailey Hutchison, R-Texas, the ranking members on the Senate Commerce Committee, said they would hold hearings on the dealerships in early June. Rockefeller's home state could lose 17 of its 24 Chrysler dealerships while 50 Chrysler dealerships in Texas are expected to go out of business. "These companies cannot be allowed to take taxpayer funds for a bailout and then leave local dealers and their customers to fend for themselves with no real notice and no real help," Rockefeller said.

bueno?

I can't believe somebody added up the scores.

Also: Mac Kobalt

I have read that the Volvo was the most viable of the test cars they have had. When they get 10 cars to try out and see if they like them. The sports cars are usually painted in CHP colors for auto shows to attract customers over to certain areas. I also read that the Charger's rear suspension was not strong enough for the CHP and the cars they have now are still test cars.

I would remake Snakes on a Plane.

Yes, but at the same time, you can get anything 2-3 years old that you want and get a loan. 9 years old is too much.

I know of one Ruess that worked for GM, Lloyd Ruess, former president of GM, but his son works for GM now apparently. Here is a video of them:

WTFOMGBBQ!?

If I had to amortize the debt on a used vehicle, it would not be 9 years old. By the time you get done paying it off, it will be 12-13 years old. Besides, banks are not going to see this as something they want to lend money out for.

isnt the muffler black on the impala?

That guy gets so pissed he grows a 2nd eye

I posted the real video