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| High standards, low expectations  |
Unbelievable they tried to wash the blood off their hands while hiding behind a bailout paid for by the taxes of the very people they killed/injured. I'll never buy one of your products, GM. From the article: "GM, supported by the U.S. Chamber of Commerce and the National Association of Manufacturers, said under the federal bankruptcy code, its 2009 bankruptcy sale to a new government-owned entity made it "free and clear" of former liabilities." Linky to article The reward for hard work, is more hard work arcwelder76, 2013 | ||
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Raptorman |
One of the many reasons I will never own any GM trash. ____________________________ Eeewwww, don't touch it! Here, poke at it with this stick. | |||
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Told cops where to go for over 29 years… |
Ditto. What part of "...Shall not be infringed" don't you understand???  | |||
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| Member |
My father was a WWII vet and owned GM cars up until the last 8 years of his life. After the bailout he bought a Toyota Camry and was tickled pink with it. I'll never own GM. | |||
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| I believe in the principle of Due Process  |
Was the real party in interest the "old" GM, or the "new" GM? The way bankruptcy can work, among others, is that the assets of the bankrupt entity are sold, liquidated, turned into cash, which is distributed to creditors. Those claims are terminated and the bankrupt entity ceases to exist. This is the basic Chapter 7 liquidation bankruptcy. The buyer(s) of the assets, which might include receivables, factories, designs, rights, trademarks, tooling, etc. takes those assets free and clear of prior claims. The company which made and sold 2008 Chevies, etc. and all prior products no longer exists. Claims against that entity were discharged in bankruptcy. The new entity should be free of those liabilities. There are obviously some rules, agreements, settlements in the case of GM that may have altered this basic arrangement. Maybe GM did not file a Chapter 7, but an arrangement with creditors, Chapter 11, but if that were true, it would not be claiming to be free and clear of pre existing liabilities. If it were this simple, it wouldn't be taking the time and resources of the appellate court or the Supreme Court. Luckily, I have enough willpower to control the driving ambition that rages within me. When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown | |||
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Info Guru |
GM filed a Chapter 11 reorganization: https://en.wikipedia.org/wiki/...er_11_reorganization From what I could glean after going over the article a couple of times is that all these lawsuits were thrown out by a bankruptcy judge in 2015. Then the 2nd Circuit reversed that ruling and said that the lawsuits could proceed. GM appealed to SCOTUS and they refused to hear it, leaving the 2nd Circuit ruling in place. GM is not happy with the ruling. “Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence.” - John Adams | |||
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Official Space Nerd |
Well, boo frickin-hoo for GM. Maybe they should invest more effort into not killing their customers and in developing sound, viable, long-range business plans instead of all these maneuvers aimed at avouding their own responsibility. I swore off GM after the whole govt bail-out thing. This only validates that decision. Fear God and Dread Nought Admiral of the Fleet Sir Jacky Fisher | |||
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Nosce te ipsum |
A couple years ago when this was making headlines, GM had $20B cash on hand. Right now it is $24 billion. https://ycharts.com/companies/GM/cash_on_hand While my math is often faulty, and I do not know the total number of claims, 200 claims x $5 million per claim is one billion dollars. I checked it three times. With 1,570 Mil shares outstanding, that is under a buck a share. I'd think settlement would make share price climb, not drop. | |||
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