Read this - Get angry.

http://www.thecarconnection.com/index.asp?article=8142&sid=192&n=156

http://www.thecarconnection.com/index.asp?article=8142&sid=192&n=156
Yes they were pretty foolish.

So we agree with the writer of the article right? :shrug:

So we agree with the writer of the article right? :shrug:

Yes.

Sometimes you need to cut your losses and move on. I suspect GM brass had a pretty good idea of how they were going to do in court.

Closure to an ugly situation and adding a paltry $2B to a nearly $300B debtload may have been a better option than uncertainty and the risk of picking up a worthless car company and another $10B in debt.

Wow. That deal took a LOT more than just a Camaro platform with it.

Lets see... that could have bought

A new Camaro, V12 Ultra-lux Caddy Sedan, 1 series sized Kappa sedan, and some new Diesel engines for 1500 series trucks and a small diesel for cars.

I somewhat agree with poSSum though, that seems like too much money to just "give away" there must be some reason that is not known to us......I hope

Production versions of both the Cien and Sixteen :(

No comment. There is more happening than was written though. :)

No comment. There is more happening than was written though. :)

I have to believe that. Wagoner, and especially Devine, are no fools. There have to be factors at play that we simply cannot see in order for them to roll over so easily.

BTW, GM's debt is not $300B. The automotive business is only around $25B, IIRC. GMAC accounts for the rest, and like most financial institutions, it's mostly secured.

What's there not to understand? It's simple. They got a visit from uncle Vito. Their option was: pay $2B, or sleep with the fishes.

Wow, :eek: they are seriously F'n up!....Don't they still owe a province in Canada over 300 MILL??
Can't say I'm sad, it should be enough for them to learn from the whole Import / Co-Venture CRAP!
Globalization at it's finest......... :rolleyes:
bye bye Camaro.... :(

Fiat made them an offer they couldn't refuse.

I heard that Fiat SpA really wanted GM to buy their auto division. Remeber that Fiat isn't just a car company, but a huge corporation(kind of like Mitsubishi or Fuji Heavy Industries). I heard that the rest of the company was very profitable, but the auto business constituted 60% of the company, so of course it was dragging them down.


I also think that there was something going on that we do not know about.

The litttle prick that wrote that article has to realize that he is not smarter than the dozens of lawyers, manager, financial advisors, and whatnot for the probably the largest car company in the world. Hell does he think theres just a bunch of morons that all happen to agree with eachother running things up there. No, they obviously know what there doing and probably a hell of a lot more than he himself knows about the situation.

The litttle prick that wrote that article...

I wouldn't exactly call Jerry Flint a "little prick". He's been covering the automotive beat for longer than most of us have been alive, and I usually find his articles to be refreshingly unbiased and well reasoned. I think this article is an emotional response to a situation that few of us can fully comprehend. He does a great job of putting into words what most of us were thinking.

I wouldn't exactly call Jerry Flint a "little prick". He's been covering the automotive beat for longer than most of us have been alive, and I usually find his articles to be refreshingly unbiased and well reasoned. I think this article is an emotional response to a situation that few of us can fully comprehend. He does a great job of putting into words what most of us were thinking.
ok...so outside of his 'little prick' comment, he still holds a good point ;)

No, they obviously know what there doing and probably a hell of a lot more than he himself knows about the situation.


I don't care how much you spin this, it's not a good thing.

As far as I can tell, the bottom line on this deal is: GM paid $4.5 billion (over the last 5 years), to own 50% of a plant in Poland.