When GM files bankrupcty - DFWstangs Forums
 
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post #1 of 33 (permalink) Old 03-05-2009, 10:04 AM Thread Starter
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When GM files bankrupcty

Can they file protection against the government as a creditor? Will that mean that us, the taxpayers, will get little or nothing from throwing $Billions at them?
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post #2 of 33 (permalink) Old 03-05-2009, 10:05 AM
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post #3 of 33 (permalink) Old 03-05-2009, 10:05 AM
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Im not sure.

when we file BK, we cant take things like student loans, or judgments into it as well. I would assume it's similar.
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post #4 of 33 (permalink) Old 03-05-2009, 10:09 AM Thread Starter
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Originally Posted by sc281_99-0135 View Post
Im not sure.

when we file BK, we cant take things like student loans, or judgments into it as well. I would assume it's similar.
I guess we would have been better off not to give them anything.
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post #5 of 33 (permalink) Old 03-05-2009, 10:11 AM
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i guess we would have been better off not to give them anything.
no shit!!!!
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post #6 of 33 (permalink) Old 03-05-2009, 10:17 AM
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Im not sure.

when we file BK, we cant take things like student loans, or judgments into it as well. I would assume it's similar.
you can't wipe out student loans, but what kind of judgements are you talking about? i think that the only ones that you can't get rid of are divorce judgements, child support, and things like that.
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post #7 of 33 (permalink) Old 03-05-2009, 10:46 AM
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you can't wipe out student loans, but what kind of judgements are you talking about? i think that the only ones that you can't get rid of are divorce judgements, child support, and things like that.
Thats what i said. You cannot put student loans into bankruptcy or judgements. (i wasnt talking about collections judgements, I was talking about deadbeat judgements I.E child support, welfare/SS overpayments, taxes, etc.

Guess I should've been more specific.

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post #8 of 33 (permalink) Old 03-05-2009, 11:04 AM
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I was at an econonmic development committee meeting Tuesday night. One guy there was carrying on about how GM was going to come back, he just bought more stock, etc. I told him he should ask for the certificates and try to get money recycling the paper -- he'd be better off. He got pissed. LMAO!!!

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post #9 of 33 (permalink) Old 03-05-2009, 11:12 AM
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I was at an econonmic development committee meeting Tuesday night. One guy there was carrying on about how GM was going to come back, he just bought more stock, etc. I told him he should ask for the certificates and try to get money recycling the paper -- he'd be better off. He got pissed. LMAO!!!
LOL thats funny!
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post #10 of 33 (permalink) Old 03-05-2009, 11:36 AM
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I guess we would have been better off not to give them anything.
When the first stimulus package under Bush was passed so many people called to ask them to please, please not pass the bill that the email system crashed. Then when the Obama team passed the 2nd stimulus package hardly anyone said anything. Now the banks & Car Manufactories have got so much money and they still are in a world of hurt & some will still may have to file for Chapter 11. I wonder if the gov. thought about how much money they stood to loose if this happened? Or if they even gave it a second thought that this could happen. Please help save us from our protectors
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post #11 of 33 (permalink) Old 03-05-2009, 11:40 AM
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What "the people that matter" don't realize is that no matter how much money is thrown into this, NOTHING will help what is happening now, just make the recovery harder.
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post #12 of 33 (permalink) Old 03-05-2009, 11:47 AM
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When the first stimulus package under Bush was passed so many people called to ask them to please, please not pass the bill that the email system crashed. Then when the Obama team passed the 2nd stimulus package hardly anyone said anything. Now the banks & Car Manufactories have got so much money and they still are in a world of hurt & some will still may have to file for Chapter 11. I wonder if the gov. thought about how much money they stood to loose if this happened? Or if they even gave it a second thought that this could happen. Please help save us from our protectors
The second stimulus they got was basically just paying off the taxes of the first stimulus. Tell me how that makes since that the bailout given from the tax payers to the auto industry is considered income and the struggling over taxed auto companies had to pay 50% of that ďincomeĒ back to the government? Ford should be thanking God that they didnít take any money from this Mob Like governmentÖ but they will be in for a surprise when the government imposes the same restrictions on them that they did on GM and Chrysler.
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post #13 of 33 (permalink) Old 03-05-2009, 11:59 AM
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Back in the 20's & 30's my Mom told me to stay in business in large towns you had to pay the mobs & sometimes the Police & to make sure your knees did not get broken now its the gov. that tells everone what they can and cannot do. Go Figure.
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post #14 of 33 (permalink) Old 03-05-2009, 12:20 PM
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Well, I'll look on the bright side. when I'm finally ready to buy a used vette, I might have the luck of getting a better deal than expected.

I just have to make sure I'll have a YOB to afford it.

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post #15 of 33 (permalink) Old 03-05-2009, 12:25 PM
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I can't remember where I read it but it explained that if they do file bankruptcy it would be a government backed one and basically we the government or tax payers would end up owning GM or controlling stock etc.

All I hear is bla bla bla......
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post #16 of 33 (permalink) Old 03-05-2009, 12:28 PM
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I can't remember where I read it but it explained that if they do file bankruptcy it would be a government backed one and basically we the government or tax payers would end up owning GM or controlling stock etc.

That's the way it'll turn out most likely. Obamas lips are so pressed to the ass of the Unions, he'll structure a Gubment bankruptcy to shield them from their Darwinian Fate.
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post #17 of 33 (permalink) Old 03-05-2009, 12:41 PM
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That's the way it'll turn out most likely. Obamas lips are so pressed to the ass of the Unions, he'll structure a Gubment bankruptcy to shield them from their Darwinian Fate.
I think the UAW is toast or will never be the same period. Its impossible for them to survive with the current UAW. They will never be able to be competitive. He might have talked pro unions but at the end of the day he isn't going to have a choice. How many politicians have said one thing to get elected and then once elected its a whole new ballgame.

Plus, what kills me is everyone is oh Obama, what about congress and the senate, he isn't doing all this by himself. They are just as much at fault as he is.

All I hear is bla bla bla......
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post #18 of 33 (permalink) Old 03-05-2009, 12:43 PM
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I can't remember where I read it but it explained that if they do file bankruptcy it would be a government backed one and basically we the government or tax payers would end up owning GM or controlling stock etc.
Does that mean that when we (if ever we can afford to) go to buy a new car that we the people get to take our part ownership in the dealership and perhaps trade it in as part down pmt on a new car. Yea right

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post #19 of 33 (permalink) Old 03-05-2009, 12:43 PM
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I think the UAW is toast or will never be the same period. Its impossible for them to survive with the current UAW. They will never be able to be competitive. He might have talked pro unions but at the end of the day he isn't going to have a choice. How many politicians have said one thing to get elected and then once elected its a whole new ballgame.

Plus, what kills me is everyone is oh Obama, what about congress and the senate, he isn't doing all this by himself. They are just as much at fault as he is.
Obama is backing the unions 100%, I don't see it being that way as much with is regime.

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post #20 of 33 (permalink) Old 03-05-2009, 12:48 PM
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I think the UAW is toast or will never be the same period. Its impossible for them to survive with the current UAW. They will never be able to be competitive. He might have talked pro unions but at the end of the day he isn't going to have a choice. How many politicians have said one thing to get elected and then once elected its a whole new ballgame.

Plus, what kills me is everyone is oh Obama, what about congress and the senate, he isn't doing all this by himself. They are just as much at fault as he is.
You got the last part dead on

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post #21 of 33 (permalink) Old 03-05-2009, 12:49 PM
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I think the UAW is toast or will never be the same period. Its impossible for them to survive with the current UAW. They will never be able to be competitive. He might have talked pro unions but at the end of the day he isn't going to have a choice. How many politicians have said one thing to get elected and then once elected its a whole new ballgame.

Plus, what kills me is everyone is oh Obama, what about congress and the senate, he isn't doing all this by himself. They are just as much at fault as he is.
On the first part,GOD I hope you are right.


On the second part. He is the figurehead for the ultra left wing democratic party. Yes, pelosi and reid are the ones pulling his strings, but he is POTUS. So his decisions and agendas fall squarely on his shoulders. He has already made his agenda clear on earmarks. He has hidden them in one bill, renaming 'em and claiming there are none. ( See Clinton: What the meaning of "is" is.) And flat out letting them through on this bill he's about to sign, claiming that he can't do anything about 'em and blaming Bush for it.

Newsflash! He's not POTUS anymore Obama! His signature is not the one required to pass this. Who's got a gun to your head making you sign this piece of shit legslation??
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post #22 of 33 (permalink) Old 03-05-2009, 01:01 PM
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I heard (don't remember where), where we were put on the top of the list to get repaid. IF they filed...

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post #23 of 33 (permalink) Old 03-05-2009, 01:10 PM
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I heard (don't remember where), where we were put on the top of the list to get repaid. IF they filed...
We are a debtholder now, so this is plausible, but it's hard to get blood from a turnip.
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post #24 of 33 (permalink) Old 03-05-2009, 01:18 PM
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I was at an econonmic development committee meeting Tuesday night. One guy there was carrying on about how GM was going to come back, he just bought more stock, etc. I told him he should ask for the certificates and try to get money recycling the paper -- he'd be better off. He got pissed. LMAO!!!
haha butt wiping paper!

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post #25 of 33 (permalink) Old 03-05-2009, 01:19 PM
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I heard (don't remember where), where we were put on the top of the list to get repaid. IF they filed...
Don't expect the Gov. to repay anyone first except themselves.

We donít need to restore the American Dream; we need to wake up from it.

When the rich run out of money, itís over.

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post #26 of 33 (permalink) Old 03-05-2009, 01:23 PM
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Don't expect the Gov. to repay anyone first except themselves.
That is what I meant we the people are paying for this in the first place. If GM has to liquidate any assets to pay off debt, we (the government) gets paid off first.

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post #27 of 33 (permalink) Old 03-05-2009, 01:55 PM
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That is what I meant we the people are paying for this in the first place. If GM has to liquidate any assets to pay off debt, we (the government) gets paid off first.
After the way the stock market fell today they may need to get paid back sooner than later.

We donít need to restore the American Dream; we need to wake up from it.

When the rich run out of money, itís over.

Smile it makes people wonder what you are up to.
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post #28 of 33 (permalink) Old 03-05-2009, 02:05 PM
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After the way the stock market fell today they may need to get paid back sooner than later.
OMG! it is down again!!!! what the hell...
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post #29 of 33 (permalink) Old 03-05-2009, 02:28 PM
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OMG! it is down again!!!! what the hell...
Are you really suprised or are you an optimistic Obamanite?
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post #30 of 33 (permalink) Old 03-05-2009, 02:31 PM
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OMG! it is down again!!!! what the hell...
LMAO at your surprise. Like finding out Santa doesnt exist.
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post #31 of 33 (permalink) Old 03-05-2009, 02:37 PM
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LMAO at your surprise. Like finding out Santa doesnt exist.
WTF man... He doesn't exist?
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post #32 of 33 (permalink) Old 03-05-2009, 07:25 PM
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"WE" are not debt holders. "WE" are the ones getting fed a line of shit while a big non lubricated dick is being broken off in our collective asses. This whole convo on "being paid back" is an exercise in futility as I wouldn't doubt for one second that this isn't a carefully orchestrated ploy from the get-go on the gov't ending up in charge of every institution that they gave money to. What better way to establish control?


Where is the "Let's fire all their asses" button? Anyone seen it or know where we can find it?
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post #33 of 33 (permalink) Old 03-06-2009, 11:45 AM
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Why in the heck would anyone in there right mind purchase GM stock? Just give it to me and I'll blow it for you. If you are going to buy an American automotive Companies stock buy Ford. They are in far better shape than GM and selling for about the same price.
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