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Too many news outlets have become rumor outlets Posted by MI-Roger [Email]  (#882) [Profile/Gallery]
(more from MI-Roger) on Sat, 14 Feb 2009 15:05:27
In Reply to: GM considers Chapter 11 Filing, TG, Sat, 14 Feb 2009 13:15:19 Members do not see ads below this line. - Help Keep This Site Online - Signup |
And now Reuters may have joined them.
From a purely technical standpoint, I think both GM and Chrysler are already in bankruptcy. All the steps they are undergoing in preparation for their Feb 17th day in DC appear to be the same as bankruptcy.
Their accelerated arrangements are being jointly handled by the Legislative Branch (Congress & Senate) and Executive Branch (Dept of Treasury) rather than the Judicial Branch of the government, who's courts traditional handle bankruptcies, but everything else (except the expediency of actions) looks the same to me.
The strangest thing about the Reuters story is the timing. Why do it on the day before the DC hearings? Having a "Shelf Plan" ready for early April in case the Gov't rejects the Feb-17 plan at their end March deadline makes a lot of sense. Entering traditional bankruptcy (which the automakers said they would never do voluntarily) on the day before their restructuring plans are due seems very odd.
posted by 24.23.71...
_______________________________________ Saabs owned: 2008 9-5 Aero Sedan, sold at 227K miles 2006 9-3SC 2.0T - Wife's daily driver 2000 Viggen Convertible - Sold May, 2022 1964 Quantum IV Formula Car - Retirement project 2000 9-5lpt Sedan, sold at 318K miles
, Sat, 14 Feb 2009 15:05:27 <-- Viewing This Message
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