GM End Of Year Financials

[Wally]

This should be interesting when it happens.

From Beacon Journal wire services


General Motors Co. said it can't file an annual financial report by Wednesday, while working to finish valuing assets after emerging from bankruptcy last year.

A report on 2009 results will be completed within 15 days, spokeswoman Renee Rashid-Merem said. The annual data will be in what is called Form 10-K and filed with the U.S. Securities and Exchange Commission. Detroit-based GM disclosed the delay in an SEC filing.

''I don't think it raises a concern,'' said Dennis Virag, president of Automotive Consulting Group Inc. in Ann Arbor, Mich. ''I would think it's just some details they need to get through. I expect they will get to it very soon.''

General Motors Co. left a government-backed restructuring on July 10 after predecessor company General Motors Corp. filed for Chapter 11 bankruptcy protection on June 1. Chief Executive Ed Whitacre has said he hopes the automaker can post a 2010 profit.

[snappy]

Gm Financials should be really bad isn't the us goverment like hundreds of billions in debt and since the own somthing like 55% of gm .There probly compressing overdue bills for the corvettes body seeing that plastic is just to expensive these days

[Scott]

How long does it take to clean out and count the change in the reception lounge?

[vztrt]

Originally Posted by snappy

Gm Financials should be really bad isn't the us goverment like hundreds of billions in debt and since the own somthing like 55% of gm .There probly compressing overdue bills for the corvettes body seeing that plastic is just to expensive these days

GM will probably be in less debt then Ford will be. They got to write off a lot of theirs while getting government money.
But their downside was a big reduction in R&D compared to Ford.

History has shown that doing what Ford did should pay off for them when things are at full steam again.

[Wally]

Originally Posted by vztrt

GM will probably be in less debt then Ford will be. They got to write off a lot of theirs while getting government money.
But their downside was a big reduction in R&D compared to Ford.

History has shown that doing what Ford did should pay off for them when things are at full steam again.

Agreed. The US govt made sure GM emerged with a reasonable debt so as not to undermine companies like Ford and Fiat. Other impediments to rapid recovery are salary caps, a stated objective to shrink the company, reduction in R&D as you say, conspicuous transparency to regulators, panel review, macro management incursion by public servants, etc all designed for slow and steady as she goes.

There have been teasers for a few weeks now that GM is tracking with Ford, they are paying down debt and partial floats will occur sooner than later. Not much comfort for the dudded creditors of the old GM though, but that is capitalism US style when depression hits.

[xr8-200]

Originally Posted by GTP006

How long does it take to clean out and count the change in the reception lounge?

Being a government department I would say at least 6 to 8 weeks.

[snappy]

Originally Posted by xr8-200

Being a government department I would say at least 6 to 8 weeks.

Just to review who's going to do it

[Wally]

Looks like US Ford might outsell US GM in March

http://www.edmunds.com/help/about/pr...6/article.html

[Gaz]

Still can't believe the way bankruptcies occur in the US. Really the, "sorry shareholders to bad, you don't get squat' doesn't do it for me.

It really should be a system where the debts are placed in the second company to allow the company to rebuild, then payments are made over time once the company gets back to growth.

I'm surprised jilted shareholders haven't taken personal vendetta's damaing GM property, given that some shareholders probably have now gone bankrupt themselves (talking about personal investors here)

[jpd80]

Originally Posted by Gaz

Still can't believe the way bankruptcies occur in the US. Really the, "sorry shareholders to bad, you don't get squat' doesn't do it for me.

It really should be a system where the debts are placed in the second company to allow the company to rebuild, then payments are made over time once the company gets back to growth.

I'm surprised jilted shareholders haven't taken personal vendetta's damaing GM property, given that some shareholders probably have now gone bankrupt themselves (talking about personal investors here)

Tantamount to legalized asset stripping but also remember that
minor stock holders everywhere are way down the food chain.

[Wally]

Same occurs here. I was fleeced nearly a $1m as a creditor and the Directors got a slap on the wrist. One day.......

[Wally]

Wednesday is the day:

http://www.google.com/hostednews/afp...QaSAvqlcqfwUfg

[phillyc]

Originally Posted by Wally

Same occurs here. I was fleeced nearly a $1m as a creditor and the Directors got a slap on the wrist. One day.......

A family member doing subcontracting lost $30k due to his creditor going bust. Really sorry to hear about your loss Wally. That really sucks.

[bobthebilda]

CHICAGO, April 5 (Xinhua) -- The U.S. National Highway Traffic Safety Administration (NHTSA) has opened a preliminary investigation into 6.2 million General Motors Co. vehicles for possible corrosion of vehicle brake lines, the Detroit News reported.

I wouldnt be going out to buy the new GM stock when they refloat sometime late this year. If they were making cars like this in the good times, you can just imagine what sort of cars they were making last two years, with workers fearing for their jobs, and also losing out on their shareholdings.

I wonder if GM's major shareholder (US Government), will attack them as much as they did Toyota.

[jpd80]

Originally Posted by bobthebilda

I wouldnt be going out to buy the new GM stock when they refloat sometime late this year. If they were making cars like this in the good times, you can just imagine what sort of cars they were making last two years, with workers fearing for their jobs, and also losing out on their shareholdings.

I wonder if GM's major shareholder (US Government), will attack them as much as they did Toyota.

LaHood from the US government NHTSA is recommending the maximum penalty
of $16 million against Toyota for concealing the accelerator pedal problem.
While that sounds like small beer, it will pale in comparison to civil trial gang rape that's coming.
Toyota is a ripe plum ready for the picking by multiple class action suits, by the time those guys
get through with Toyota, they will be lucky to still be in business...

[bobthebilda]

Fortunately the courts probably act with some degree of competence, as compared to the way the US legislators do. Even in worse case scenario, Toyota will have to spend a few billions to delay the issues in court for a few years.

The rebound in US sales for Toyota probably show how much it is more idiot driver and US government hysteria, than the normal american (if there is such a thing) car buyer. Surely for Toyota to win any case, all they will need to do is take a juror in a car and show them what putting the car in neutral or applying the handbrake (or applying the foot brake) will do to a cars speed.

[jpd80]

Originally Posted by bobthebilda

Fortunately the courts probably act with some degree of competence, as compared to the way the US legislators do. Even in worse case scenario, Toyota will have to spend a few billions to delay the issues in court for a few years.

The rebound in US sales for Toyota probably show how much it is more idiot driver and US government hysteria, than the normal american (if there is such a thing) car buyer. Surely for Toyota to win any case, all they will need to do is take a juror in a car and show them what putting the car in neutral or applying the handbrake (or applying the foot brake) will do to a cars speed.

It's not that simple.
Ford recently got sued for another Explorer roll over where the woman had bald tyres on the car,
jury didn't listen and awarded her millions, Ford are appealing. Oh, to live in America....

[bobthebilda]

I know what your saying JPD. You often hear of big wins against car companies, tobacco companies etc, but I dont think in the end, the people end up with the money. Most often the corporations appeal decisions, and they get awards get lowered big time, or the appellant just decides to settle for less, to get money quicker (have been thru a similar process myself, and you just get worn down).

Toyota may have to fork out $500,000 a day in legal fees for quite a while, but as long as they have $10 million coming in the back door each day, they will fight the good fight. No one will take on this power, without thinking of negotiating.

[Wally]

Originally Posted by phillyc

A family member doing subcontracting lost $30k due to his creditor going bust. Really sorry to hear about your loss Wally. That really sucks.

Thanks mate. It hit me hard and pushed my marriage to places I never want to go again. At the same time my wife almost died in intensive care. They should bring back debtors prisons in my view.