Ok - You Bankruptcy Buffs

[unit731]

Yes, I've read that some are delighted with the concept of GM bankruptcy.

 

Get rid of those pesky unions. That'll show 'em.

 

OK, well what happens to my accumulated GM MasterCard Points after a bankruptcy filing? There's a pecking order in bankruptcy. Those 'rich' stockholders will lose all. The suppliers will lose some. Bond holders. Well, what about my points? Where are my points in this pecking order?

 

Anyone?

[redvett]

Actually the UAW will still be there and your points most likely will be good. Remember GM isnt going away just getting rid of the bad parts like Hummer & Saturn.

[nick44]

From everything I have read your points will still be good!

[unit731]

From everything I have read your points will still be good!

 

 

 

Well, I keep reading about a 'Structured Bankruptcy'. OK. So Chapter 11, all goes to a judge and a court appointed 'administrator'.

 

The GM stocks goes first. Then it's up to the judge or court appointed administrator to determine who gets paid and how much. The business goes on. The suppliers will be paid if GM still gets supplies. The rest is up in the air. Including the 'points'.

 

Bankruptcy isn't here yet. From what I read, all is leaning that way. 60 days to do something to stop the cash hemmoraging.

[VMax2007]

From everything I have read your points will still be good!

 

 

 

Well, I keep reading about a 'Structured Bankruptcy'. OK. So Chapter 11, all goes to a judge and a court appointed 'administrator'.

 

The GM stocks goes first. Then it's up to the judge or court appointed administrator to determine who gets paid and how much. The business goes on. The suppliers will be paid if GM still gets supplies. The rest is up in the air. Including the 'points'.

 

Bankruptcy isn't here yet. From what I read, all is leaning that way. 60 days to do something to stop the cash hemmoraging.

 

 

 

 

Better use those points now then and go buy yourself a new GM vehicle. Everybody wins!

[unit731]

Better use those points now then and go buy yourself a new GM vehicle. Everybody wins!

 

 

I have a new GM vehicle now.

 

It's the next one that I am concerned with. Not now, but later.

[ryan_hermanutz]

From everything I have read your points will still be good!

 

 

 

Well, I keep reading about a 'Structured Bankruptcy'. OK. So Chapter 11, all goes to a judge and a court appointed 'administrator'.

 

The GM stocks goes first. Then it's up to the judge or court appointed administrator to determine who gets paid and how much. The business goes on. The suppliers will be paid if GM still gets supplies. The rest is up in the air. Including the 'points'.

 

Bankruptcy isn't here yet. From what I read, all is leaning that way. 60 days to do something to stop the cash hemmoraging.

 

 

 

 

Better use those points now then and go buy yourself a new GM vehicle. Everybody wins!

 

 

 

Speaking of that, did anyone else get the coupon thing in the mail? I got one for an additional $750 off any other discount good on most all GM Products. I also got 2 gift card things, one for $15 Chevy car care and another for 30 days Tire Price Match Guarantee. If you buy tires from the dealership and you find the tires any cheaper in the next 30 days they will refund the difference.

[Zembonez]

My guess is those points will go the way of the dodo.

 

They will be the least of your worries if GM bites it.

[VMax2007]

My guess is those points will go the way of the dodo.

 

They will be the least of your worries if GM bites it.

 

C11, as Mr Happy stated it, does not mean GM will necessarily "bite it".

 

GM will most likely go through some type of gov't pre-packaged C11, but will most likely survive..albeit MUCH smaller.

[Zembonez]

My guess is those points will go the way of the dodo.

 

They will be the least of your worries if GM bites it.

 

C11, as Mr Happy stated it, does not mean GM will necessarily "bite it".

 

GM will most likely go through some type of gov't pre-packaged C11, but will most likely survive..albeit MUCH smaller.

 

Come on man... let me stir it up a little!

 

I also agree that GM isn't going anywhere.

[VMax2007]

My guess is those points will go the way of the dodo.

 

They will be the least of your worries if GM bites it.

 

C11, as Mr Happy stated it, does not mean GM will necessarily "bite it".

 

GM will most likely go through some type of gov't pre-packaged C11, but will most likely survive..albeit MUCH smaller.

 

Come on man... let me stir it up a little!

 

I also agree that GM isn't going anywhere.

 

 

Well, a good chunk of it is. I just hope they keep GMC. Not sure I would have bought a 2007 Silverado.

[gave20]

Your GM points will have all the full faith and backing of the federal government, just like our warranties.

 

 

 

 

You should sleep better tonight knowing that.

[KCXLT]

Visa and Mastercard have to be on the hook for some of the money, why else would we use their cards.

[Zembonez]

Visa and Mastercard have to be on the hook for some of the money, why else would we use their cards.

Points paid by GM (or any other provider) don't have anything to do with Visa / MasterCard. All they did was supply the available credit.