In a normal bankruptcy, this is how it works. I agree. And I have absolutely no problem with that. I agree with that principle of law.
But GM's BK was far from a normal bankruptcy. It was a screw job of epic proportions -- an attack on decades of legal precedent.
First, there was a major disruption of the order of priority done for political reasons. Taking money that belonged to one group, and giving it to a group who should not get it.
Second, a new company does not get tax loss carryforwards! If they're a new company, why did GM got $42B worth of them?!
That's why, for you to point to the inviolability of bankruptcy precedent is absurd.
((((Really, only ruling possible? I would whole-heartedly agree if it were 15 years ago. But remember, this is the same administration that basically turned the status of Bond holder on it's head to allow the Chrysler "Bankruptcy".))))
You are exactly right. Justy just likes to argue. If he was paying attention during the BK, he knows you're right.
Hiding under the aegis of "we must follow law and legal precedent" to defend this court decisions about the GM bankruptcy seems a shaky defense at best.
GM was a unique situation, one of the biggest failures in the history of the United States.
They threw the rule book away on this one.
They connected the government jumper cables to the bolts on GM's neck and brought this monster back from the grave and it remains in the Land of the Undead.
Hell no. But this kind of a headline will get a lot of play tomorrow and they will herd the sheep into the pens.
Do you believe for one second that Goldman did not know of this decision in advance?
Yes, Jeyedolt but Texas is another one of the states whose jerk car dealers decided to get Tesla banned from direct sales.
(((I still haven't seen one Model S on the highways or a roads in America, I did see one in Copenhagen Denmark and one in a store.)))
What can I say, jeye?
First problem is, you live in upper Michigan. That's a political warzone for Tesla. Michigan has ZERO Tesla dealers and it's gonna stay that way until the public wakes up and realizes they are being denied a cool car because of a few multi-millionaire car dealer jerks. Michigan car dealers hate Tesla because it refuses to adopt the archaic dinosaur dealership model their idiot Detroit companies are stuck with.
Wisconsin has no Tesla stores either; for the same reason -- direct sales are not allowed there, by law, as a cave-in to the car dealer lobby.
Second, Tesla's market focus for now is the bigger population centers, not the provinces. If you live out in the boonies, or visit the #$%$ outback parts of Texas, don't expect to see many Teslas.
Third clue: if you're expecting a Tesla store nearby, it's a good idea to live in a little higher income area. Say, with average household incomes of say, $150k and up. People making $50k a year are not likely to spring for a $100k electric car.
I live in SoCal so we have population, people with some income, and a political climate favorable to Tesla.
I saw one Chevy Colorado so far.
Believe it or not, it did not look too bad.
I actually like it better than the GMC midsize Canyon, and WAY better than the Silverado.
In the fullsize, most of the Chevy models are hideous and clunky-looking and the Sierras are better.
Just my $0.02
Ok thanks, wngr. I didn't think they would pay retail price. Let alone a premium. This confirms.
Did you take a peek at the 2015 Limpala SS convertible?
Looks nice, and probably won't have the horrible visibility problems the coupe has.
At least not when the top is down.
Did you sell your 2010 Gimpala and trade up to a 2015 yet? Or are you waiting until August? What color are you getting?
((((I guess I don't understand why people are speculating on this. We know the facts. The transaction price was $35.61 on April 7. The low on that date was $36.21, so it was sold at a discount of $0.60 or about 1.5%.))))
Where does it even say the Goldman trade occurred on that day?
"Nearly 73.4 million shares of General Motors Company GM, which are currently held by Canada GEN Investment Corporation, will be sold to Goldman, Sachs & Co under an unregistered block trade. Canada GEN expects this deal to be completed by Apr 10, 2015."
And why would Goldman ever publish the price of an unregistered trade? I don't see how it is in their interest to do so.
Wow, Goldman Sachs is saying GM is a buy? Whodathunkit?
Let's watch their total share count and see if it drops over the next few weeks or months.
(((Interesting how Goldman put their money where their mouth is. They knew they could not buy 73,000,000 shares without having to pay upwards of maybe $50 a share for the last ones.)))
We interrupt your regularly scheduled pumper pimp foolishness to bring you this mockery:
Scaley, you are an idiot. If you think Goldman paid retail market price for their GM shares, you are dumber than a mouthful of sand.
This concludes our special mockery presentation.
We now return to your regularly scheduled GM Pumper idiocy.
((((I can assure you that no one any any importance at GM consults with this board for ideas....thank goodness. I wasn't even aware that it existed. Anyone of any importance doesn't have the time for this.))))
And if they DID have time, could they do anything about it from within the organization?
A friend of mine went back east to GM in the early 90's. GM would frequently lure engineering talent from this market.
A few months later, I asked my friend how he liked working at GM.
He said, "I feel like a tiny cog in a huge wheel here. Sometimes, I feel like I could just not show up for my job for a whole month and nobody would even notice."
""You don't know whether something you write is not being read by someone who IS in a position to impact the issue. "
I can assure you that no one any any importance at GM consults with this board for ideas....thank goodness. I wasn't even aware that it existed. Anyone of any importance doesn't have the time for this.
Paahh! I didn't necessarily mean someone at GM. I said someone in a position to impact the issue. Could be a journalist. An analyst. A reporter.
These people sway opinions and can influence public sentiment. We've had people on this board quoted by CNN Money and other sites in the past.