And when you think about it, it makes perfect sense. There are some positive signs for GM. If they went into bankruptcy at this point in time, they could take an enormous hit in sales, because many people equate bankruptcy with going out of business soon. Obviously not the truth, but sometimes perception is more powerful than truth!dave clancy said:GM chairman Richard Wagner posted a message on the companys internal web site.There is absolutly no plan strategy or intention for GM to file for bankruptcy Wagner said in a letter to employes November 18.
:agree: It would hurt the companys imageEditguy said:And when you think about it, it makes perfect sense. There are some positive signs for GM. If they went into bankruptcy at this point in time, they could take an enormous hit in sales, because many people equate bankruptcy with going out of business soon. Obviously not the truth, but sometimes perception is more powerful than truth!
Fformula88 said:Of course he is going to say that. He is the CEO, he cannot concede they will be bankrupt before they would absolutely have to, whether or not it was imminent.
That said, with 19 billion in cash on hand, I am not sure GM is on the brink. But that is just my opinion, which in this situation probably isn't worth too much since I have no idea how quickly they would water through that cash in the event of something like a Delphi strike.
Just today USA Today is reporting that GM has $19 billion cash. I assume that means what they have right now.82-T/A said:Correction, that would be 16 billion. They just LOST 3 billion this year.
Later in the piece, it does mention the losses tooUSA Today said:Instead of being broke, GM has $19 billion in cash to cover losses and buy time for the Wagoner plan — new models better tailored to buyers' wants, lower prices that won't require big rebates, a lower-cost operation overall — to kick in and generate black ink.
USA Today said:GM hasn't had those since last year. It lost $3.8 billion the first three quarters this year.
I am not sure they are out of trouble yet, but at least they are coming up with a plan. Hopefully it is successful. I too would love to see GM bringing out the best vehicles in every vehicle class, and lead in all possible areas, value, styling, fit and finish, quality, reliability, performance, interior quality, etc. No reason the world's biggest automaker couldn't do it, but they have to get their books in order first.g0t_w00t said:I am just glad to see GM staying out of trouble. Now I want to see GM bring back some of the great powerfull cars that they had back in the day.