More bad news for General Motors.. v. Delphi chapter 11...

Discussion in 'OT Driven' started by krott5333, Oct 10, 2005.

  1. krott5333

    krott5333 Guest

    [FONT=Verdana, Arial, Helvetica][FONT=Verdana, Arial, Helvetica] NEW YORK (CNN/Money) - General Motors stock tumbled Monday along with Delphi Corp. stock and bonds on news that the auto parts maker had filed for bankruptcy over the weekend.

    Delphi, the nation's biggest auto parts maker, filed for protection under Chapter 11 of the federal bankruptcy laws Saturday after warning for months that a filing was likely. In Chapter 11, a company is protected from creditors while it works out a plan to reorganize and pay its debts.

    GM (down $1.29 to $27.00, Research) shares sank about 5 percent in early trading on the New York Stock Exchange.

    GM, which spun off Delphi in 1999, may be on the hook for pensions and benefits of Delphi employees that could total as much as $11 billion, the automaker said in a statement over the weekend.

    Delphi's bankruptcy filing was the biggest in U.S. automotive history and promises to have a broad impact across the industry.

    For example, the chances that GM will have to file for bankruptcy are now up to about 30 percent, according to one industry analyst, following the Delphi bankruptcy filing.

    http://money.cnn.com/2005/10/10/news/delphi_gm/index.htm?cnn=yes
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  2. Mikel

    Mikel .

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    Fuck, I was seriously considering shorting GM stock friday, I didn't. I guess I should have :hsd:
     
  3. krott5333

    krott5333 Guest

    I'm predicting that either one of the two following things will happen..

    1. the government will bail out GM like they did with Chrysler a few years back

    2. GM will move most of its operations to China, but still try to make the average consumer think that they are an "American" brand :mamoru:
     
  4. krott5333

    krott5333 Guest

    :hsd:
     
  5. laimbeer

    laimbeer Active Member

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    I bought some Delphi in the low 3s, sold in the high 5s and now will pick some up in the penny stock range shortly. :o
     
  6. LOtown

    LOtown Active Member

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    :rofl:

    You have no clue...
     
  7. spooled2.2

    spooled2.2 OT Supporter

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    gm = shit
     
  8. krott5333

    krott5333 Guest

    that about sums it up
     
  9. Jim311

    Jim311 New Member

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    PDCO is replacing Delphi. I have over 400 shares of PDCO... it's the company I work for.

    :bigthumb:


    Our stock went up 6+ percent today.
     
  10. TriShield

    TriShield Super Moderator® Super Moderator

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    It just gets worse and worse for GM.
     
  11. Specialist23

    Specialist23 OT Supporter

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    isn't this yesterday's news? i'm not a repost whore or anything, but when it comes to stocks and such, this would be considered ancient news. flame on.
     
  12. SmokeTheFly

    SmokeTheFly New Member

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    sweaty salesman times ahead, lies will be plenty on the forecourt as of NOW.
     
  13. MAD PUNK inDC

    MAD PUNK inDC Sic Semper Tyrannis

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    actualy this is a good thing for GM. Think about whats really dragging them down right now? reorganisation would get them out from under alot of union imposed debt.
     
  14. Read more...

    Read more... SPQR

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    welcome to sunday night
     
  15. Read more...

    Read more... SPQR

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    it will get them into the boom-bust cycle that the airlines are in
     
  16. MAD PUNK inDC

    MAD PUNK inDC Sic Semper Tyrannis

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    I don't think so. Right now they are being strangled by contracts, pensions, and other problems associated with decades of bloat. Bankruptcy will give them the opertunity to shed the excess.
     
  17. TriShield

    TriShield Super Moderator® Super Moderator

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    Excess brands and models perhaps.
     
  18. fusion210

    fusion210 New Member

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    :cool:
    Is this public knowledge or should I go buy some shares?
     
  19. fusion210

    fusion210 New Member

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    Excessive employee pampering.
     
  20. Read more...

    Read more... SPQR

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    Here's the cycle...

    1. Airlines exist in the free market.
    2. Airlines negotiate labor contracts.
    3. Some negotiate better labor contracts than others, some go out of business because they negotiate bad contracts.
    4. Government doesn't want anyone to lose their jobs, so they bail them out. This allows them to negotiate new labor contracts.
    5. Airlines that were doing well fail because crappy airlines get to bail out of their contracts and pay their people less.
    6. Airlines that were doing well ask for a bail out and get it.
    7. Socialism is great isn't it?
     
  21. Jim311

    Jim311 New Member

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    Public knowledge :o




    We're actually going through a class action lawsuit too that claims some of our executives artificially inflated our stock prices by setting unrealistic goals, then selling when the price was inflated right before it crashed. It's at the lowest point I've seen it since I started buying :noes:


    But it will only go up from here. I think it might split eventually.
     
  22. Kevin

    Kevin New Member

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    Wall street journal is saying the "B" word for GM too :o
     
  23. TriShield

    TriShield Super Moderator® Super Moderator

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    There's just no way they can right this ship. Wagoner refuses to do what's necessary, it can't go anywhere but down. I would bet that Ford will follow too.
     
  24. Kelvin96GSR

    Kelvin96GSR OEM>YOU

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    goodbye american car companies :wavey:
     
  25. BlazinBlazer Guy

    BlazinBlazer Guy Witness to The De-Evolution of Mankind.

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    That's actually not a bad idea.... I sold my Delphi just before it took the nose dive from their Chapter-11. I wish I would've sold the rest of my GM at the same time :hs:
     

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