More Talk Of Chapter 11

[mattjulien]

http://news.yahoo.com/s/ap/20090305/ap_on_bi_ge/gm_annual_report

 

I just read this...pretty interesting.

[Zembonez]

http://news.yahoo.com/s/ap/20090305/ap_on_bi_ge/gm_annual_report

 

I just read this...pretty interesting.

Should have done it BEFORE taking the government bailout money. Now the US Government is going to have a say in bankruptcy court. OOOOPS!

 

By the way I told you so!

[ZZ327]

I read somewhere that If the Government had too, It would take back the bailout money and force them into bankruptcy

[Dana_15]

By the way I told you so!

 

 

True words

[Zembonez]

By the way I told you so!

 

 

True words

 

Maybe so Dana... but if it comes true it will be a sad day.

[MS3DALE]

Heres Mark LaNeve's response to the media reports......

 

 

Mark LaNeve Responds to Media Reports

Mark LaNeve

03/05/2009

 

Today's submission of our annual report has generated a significant amount of media speculation about GM. Specifically, the media are covering the auditor's language about whether or not we are a 'going concern.'

 

Let me be clear -- neither is this "new" news, nor does it change our viability plan to succeed.

 

For months we have explained the need to restructure and recapitalize our business for the long-term. As dealers, you are integral to that long-term success. Dialogue with the Auto Task Force team in Washington is ongoing, and we remain focused on implementing our viability plan.

 

So, here's what I'd ask of each of you: Stay focused on the business, not the media hysteria. Reassure your customers that we are here for the long haul and that we've overcome challenges many times before in our 100 year history. Also remind customers that we deeply appreciate their business and support. For new customers, take a few extra minutes to show them the great GM cars and trucks we offer, and demonstrate our commitment to the best service in the industry.

 

As always, we are very appreciative of your support and welcome your continued comments.

 

Mark LaNeve

[MS3DALE]

Heres more of his letter I didn't post above...

 

The statement we are using in response to media questions is attached for your reference....

 

March 5, 2009

 

GM Statement Regarding Auditors’ ‘Going Concern’ Opinion Included in the Company’s 2008 10-K Filing

 

Auditors are required to assess whether there is substantial doubt about an entity's ability to continue as a going concern over the next year. Given GM's public statements on our liquidity position dating back to the end of 2008 and more fully disclosed in our February 17 viability plan submission, the opinion rendered in our 10-K was not unexpected.

 

That opinion is dependent on a number of factors including our ability to execute our viability plan, compliance with our U.S. Treasury loans, volume recovery of the industry, and access to additional funding from the U.S. and certain other governments. Once global automotive sales recover and GM’s restructuring actions generate the anticipated savings and benefits, the company is expected to again be able to fund its own operating requirements.

 

The auditor’s opinion has no impact on the aggressive actions we are taking to restructure our business for long-term viability.

[mattgob86]

Well that is somewhat reassuring but ya know they should say that to the world not let the media run wild with bankruptcy talks

[BuckFeverZ]

Well that is somewhat reassuring but ya know they should say that to the world not let the media run wild with bankruptcy talks

 

+93

 

They want to reassure the public, but they know themselves they are in trouble.

[mattgob86]

Very true scott