Author Topic: GM filed bankrupcy.  (Read 13823 times)

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Offline John Burk

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Re: GM filed bankrupcy.
« Reply #45 on: June 04, 2009, 03:37:59 AM »
With UAW having seats on the board of directors it still sound to me like the judge giving a murderer part of the victims life insurance pay out .

Offline panic

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Re: GM filed bankrupcy.
« Reply #46 on: June 04, 2009, 10:08:26 AM »
UAW doesn't even need a seat on the board... as long as there's a Dem majority GM will be run for the UAW 1st.

Offline DCarr511

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Re: GM filed bankrupcy.
« Reply #47 on: June 05, 2009, 10:28:44 AM »
With UAW having seats on the board of directors it still sound to me like the judge giving a murderer part of the victims life insurance pay out .

The UAW does not have a seat on the BoD ... 1 person from the VEBA plan will have a non voting position.

Offline panic

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Re: GM filed bankrupcy.
« Reply #48 on: June 05, 2009, 03:17:19 PM »
I'm very surprised that the positions and interests of current union members, retired union members, and future (union? remains to be seen) employees are even spoken of as if there were some commonality.
In point of fact, unity of representation among these three disparate groups is an extra-legal fiction dating from Roosevelt in which a union's ability to bargain (viz. yield to coercion, and accept bribes) and thereby resolve a crisis was correctly evaluated as badly compromised and delayed if retired members (and the equivalent of a guardian ad litem for future employees) were permitted separate standing.
The interests of retired employees is adverse to that of current employees, and only in "special cases" (politically sensitive issues, where favors and power trump the letter of the law and existing precedent) can they be remotely considered as united in interest.
Unions invariably throw retirees and future hires under the bus before relinquishing $1 of current pay and work rules, since retirees (in large part) do not vote, and future hires are not represented at all. This latter practice is called "f*cking the unborn", in which the starting salary and raises by seniority (increments) of new hires are far below existing. 30 years of "hired in 2010" will not equal 20 years of "hired in 2000", etc. No one cares - as long as there's no strike, and the union subsidizes Democratic candidates.

Offline 1212FBGS

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Re: GM filed bankrupcy.
« Reply #49 on: June 05, 2009, 04:33:12 PM »
GM is selling Saturn to Penske
kr

Offline Milwaukee Midget

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Re: GM filed bankrupcy.
« Reply #50 on: June 05, 2009, 07:30:09 PM »
GM is selling Saturn to Penske
kr

Heard that today, too.  He's probably the one man in America with the cash, backing and expertise to take a whole division of GM and make it viable as a stand-alone entity.  If it really happens, I think it could be good for everyone.

I'm curious if Malcolm Bricklin might be interested in Saab . . . :roll:
"Problems are almost always a sign of progress."  Harold Bettes
Well, I guess we're making a LOT of progress . . .  :roll:

Offline 1212FBGS

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Re: GM filed bankrupcy.
« Reply #51 on: June 05, 2009, 08:11:21 PM »
my understanding is rogers group is just buying the dealers, distribution and will contract GM to build a couple of models and is planning on having another company build cars for him

Offline interested bystander

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Re: GM filed bankrupcy.
« Reply #52 on: June 05, 2009, 08:43:51 PM »
Penske wants the Saturn dealer network to market - you guessed it -  Chinese cars.
5 mph in pit area (clothed)

Offline Milwaukee Midget

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Re: GM filed bankrupcy.
« Reply #53 on: June 05, 2009, 08:57:50 PM »
"Problems are almost always a sign of progress."  Harold Bettes
Well, I guess we're making a LOT of progress . . .  :roll:

Offline wobblywalrus

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Re: GM filed bankrupcy.
« Reply #54 on: June 05, 2009, 09:01:52 PM »
It seems that the decisive factor in the outcome of most major wars, including the Civil War, has been the victor's ability to manufacture advanced arms and muster soldiers.  The failure of our largest automakers is a concern to both major political parties.  We all benefit if the automakers somehow survive.  They also make a lot of our military hardware.

Triumph sank and was reinvented.  The bikes have never been this good and they sold more this year then the old Meriden factory ever did.  One scary thing about Triumph was that it had to almost completely die before it could be rebuilt.  Another worry is that we do not have Britain's safety net to help displaced workers. 

This is a thorny part of the problem.  Government intervention and national security concerns prevent the complete collapse that allows the industry to be rebuilt in a new way.  The Walrus has no answers here.  He is as puzzled and worried as everyone else.  

Offline RichFox

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Re: GM filed bankrupcy.
« Reply #55 on: June 05, 2009, 11:36:58 PM »
GM is selling Saturn to Penske
kr

Heard that today, too.  He's probably the one man in America with the cash, backing and expertise to take a whole division of GM and make it viable as a stand-alone entity.  If it really happens, I think it could be good for everyone.


He already has Detroit Diesel (GMC diesel) Maybe he is buying the company on piece at a time.

Offline Dean Los Angeles

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Re: GM filed bankrupcy.
« Reply #56 on: June 06, 2009, 02:20:44 AM »
Not bad going from racing F1 to:

    * Penske Racing - Marlboro Team Penske (IRL), Penske South (NASCAR), Penske Motorsports (ALMS)
    * Penske Automotive Group - (PAG:NYSE - a 40+% stake) 151 United States Car Dealerships and 101 International Car Dealerships. It is the second largest dealership group in the world.
    * Penske Motor Group - Owns and operates automobile dealerships in California.
    * Penske Truck Leasing - Joint venture with GE Equipment Management
    * Penske Logistics - Transportation Logistics
    * VM Motori S.p.A. - Owns 51% stake and 49% DaimlerChrysler Group, Truck-Lite, and Davco (transportation component manufacturing).
    * Truck-Lite - Lighting Manufacturer for Heavy trucks (18 Wheelers)
    * QEK Global Solutions - QEK Global Solutions is a provider of a wide range of integrated support services to vehicle manufacturers, their tier-one suppliers, and other businesses outside the automotive sector.
    * Davco - Manufacturer of Class 8 Heavy Duty Diesel powered truck fuel/heater water separators and filter systems.
    * Ilmor - Engine builder
    * Deer Valley Ski Resort - Part owner
    * Internet Brands - Early investor in CarsDirect. Director since May 2000.
    * Universal Technical Institute - Board of Directors. Nationwide provider of technical education training for students seeking careers as professional automotive, diesel, collision repair, motorcycle and marine technicians. NASCAR Technical Institute is located in Mooresville, North Carolina.
    * FER Fahrzeugelektrik GmbH - Lighting Manufacturer
    * Saturn Corporation - On June 5, 2009 the Detroit News reported[1] General Motors will sell its Saturn division to Penske.
Well, it used to be Los Angeles . . . 50 miles north of Fresno now.
Just remember . . . It isn't life or death.
It's bigger than life or death! It's RACING.

Offline DCarr511

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Re: GM filed bankrupcy.
« Reply #57 on: June 06, 2009, 11:10:24 AM »
GM will be building the Saturn brand cars for Penske for 2-3 years and then Penske is planning on having them built out side of the states according to the reports I read yesterday. Its rumored that Penske has already purchased and owns the SSPO ( Saturn Supply Parts Outlet ) on our site in Spring Hill TN. This will be verified when a friend of mine who is a Foreman in that building gets his first paycheck.

In regards to the UAW giving up pay .... I talked to my foreman at work about that and mentioned that I would gladly had given up some pay to help protect the retiree's, his response was that the UAW did offer to do that exactly and the Government said " Its fine if you want to give up some wages, but that money will go to GM ... the retiree's are going to get what they get " ... I then had that confirmed by our Shop Chairman.

I have always wondered why the UAW has never sent out a questionere asking the rank and file members what they are willing to give up or what is really important to them to keep, just to at least get an idea on what to bargain with. There are a few " Benefits " we get that the majority of our members would gladly give up to either save GM money or protect their jobs, the retiree's etc. I'm certain if some of these things Plymouth me off or have me confused ... it would really make the general public even angrier.

Duane
GM employee for 27 yrs. +
« Last Edit: June 06, 2009, 11:13:14 AM by DCarr511 »

Offline SPARKY

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Re: GM filed bankrupcy.
« Reply #58 on: June 06, 2009, 11:16:46 AM »
"We all benefit if the automakers somehow survive."

Wobbly  didnt you just say you bought a JAP truck,  you must not feel very strong about that.
Miss LIBERTY,  changing T.K.I.  to noise, dust, rust, BLUE HATS & hopefully not scrap!!

"Security is mostly a superstition. It does not exist in nature, nor do the children of men as a whole experience it. Avoiding danger is no safer in the long run than outright exposure. Life is either a daring adventure or nothing."   Helen Keller

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Offline desotoman

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Re: GM filed bankrupcy.
« Reply #59 on: June 06, 2009, 01:02:17 PM »
I heard GM sold Hummer to China. Would this include our military versions or just the civilian versions of the vehicle?

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