[damon_Z]

Originally Posted by SteveR

I didn't read through all 5 pages so I'm not sure if anybody talked about this yet, but, the alternative that GM was quietly asking for to Paulson, was an arranged bankruptcy. They were talking about it last Monday night after the meeting GM had with Democratic leaders and financial leaders in DC. Basically it would be a pre-arranged deal where the gov allows GM to declare chap 11, and restructure the company. The negative side of it is that it would dramatically impact a lot of people. What would happen is that if it were allowed, GM could cancel and reclaim all pension money, cancel benefits, cancel contracts with the UAW, suspend warranties, and come back with a different name and they could rebuild the company as they see fit, and the implications they were talking about was a non-union workforce, to decrease costs. I'm surprised it hasn't been on the news more, but seeing how negative and purely monetary it is, it'll cast a dark light on GM if it goes through. Not sure what the politics of it are or anything, but thats what they were reporting on the news last week.

An arranged bankruptcy sounds perfect, Steve.