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GM awaits its fate as closing arguments end

CNN Money -- Lawyers wrapped up their closing arguments in the GM bankruptcy case Thursday, opening the way for the judge to decide whether to approve or deny the sale of the automaker's assets to a "new GM."

GM's lead attorney, Harvey Miller of Weil Gotshal & Manges, urged Judge Robert Gerber to approve the sale of GM's assets, arguing that there was no other option besides liquidation. "No one objector has brought forth a viable alternative other than, 'your honor should deny the application,'" a scenario that he likened to "playing Russian roulette with the government."

Miller said, "in effect, the objectors are saying, 'If I can't get my pound of flesh, then let GM go down in flames.'"

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Submitted Jul 02, 2009 By: in_orbit

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MUSTANGSRUS Champion Author Ontario Posts:3,189 Points:712,995 Joined:Sep 2006	Message Posted: Jul 2, 2009 6:07:24 Ignore MUSTANGSRUS Report Abuse Make it are lose.
DeHavilland Champion Author Toronto Posts:3,214 Points:764,445 Joined:Jun 2007	Message Posted: Jul 2, 2009 6:07:02 Ignore DeHavilland Report Abuse Lawyers love this stuff. We just pay for it.
DavoIL Rookie Author Chicago Posts:96 Points:134,050 Joined:May 2009	Message Posted: Jul 2, 2009 6:04:51 Ignore DavoIL Report Abuse other countries support their industries.We barely throw them a life line,but will bail out the blood suckers in Wall street. Its high time to make industry work in this country again!!!
Kato51 Champion Author Atlanta Posts:1,507 Points:1,010,770 Joined:Jul 2005	Message Posted: Jul 2, 2009 5:56:48 Ignore Kato51 Report Abuse Lets do what we have to in this situation except the government taking over GM. The less D.C. is involved in anything, the better off I feel we are and/or will be.
DellMan Champion Author Omaha Posts:1,283 Points:317,220 Joined:Apr 2008	Message Posted: Jul 2, 2009 5:56:23 Ignore DellMan Report Abuse Notice how nobody is talking about the UAW and their part in all this. They drove GM into bankruptcy; Obama gave them 12.5% of the company as a reward. Now those who actually had money invested are getting the shaft so Obama can own a car company. Remember the reason everyone is calling it Government Motors is due to the fact they own over 70% of the company. Why would the treasuring foreclose on them? This is just another scare tactic in an attempt to sway the judge their way.
dranske Champion Author Miami Posts:1,144 Points:380,800 Joined:Jun 2008	Message Posted: Jul 2, 2009 5:56:22 Ignore dranske Report Abuse My prayers go to all the workers at GM...
Mooseman1 Champion Author Manitoba Posts:4,018 Points:659,010 Joined:Jul 2007	Message Posted: Jul 2, 2009 5:53:59 Ignore Mooseman1 Report Abuse I will pray for GM, they will need it.
jjw0608 Champion Author Milwaukee Posts:2,216 Points:770,065 Joined:Nov 2005	Message Posted: Jul 2, 2009 5:52:18 Ignore jjw0608 Report Abuse Good luck GM.
akeatts Champion Author Tennessee Posts:1,343 Points:271,000 Joined:Aug 2008	Message Posted: Jul 2, 2009 5:48:57 Ignore akeatts Report Abuse The USSA is going to do it better- just you wait and see...
djgunrunner Champion Author Salt Lake City Posts:3,361 Points:1,099,275 Joined:Apr 2005	Message Posted: Jul 2, 2009 5:48:06 Ignore djgunrunner Report Abuse Government Motors really did a number on themselves. Chrysler is right up there with them. They forgot about the one little person that really counts. The customer.
jony Champion Author Florida Posts:1,648 Points:565,050 Joined:May 2006	Message Posted: Jul 2, 2009 5:44:46 Ignore jony Report Abuse I agree with virginia 52
JPGKC Champion Author Tampa Posts:4,419 Points:820,500 Joined:Sep 2006	Message Posted: Jul 2, 2009 5:43:19 Ignore JPGKC Report Abuse We need to help them stick around although they also need to be held accountable, a Catch 22.
virginia52 Champion Author Alaska Posts:3,095 Points:606,210 Joined:May 2007	Message Posted: Jul 2, 2009 5:41:40 Ignore virginia52 Report Abuse What a mess this is. It sounds like "damned if we do and damned if we don't."
RovingOkie67 Champion Author Arizona Posts:1,492 Points:395,200 Joined:Jul 2007	Message Posted: Jul 2, 2009 5:41:37 Ignore RovingOkie67 Report Abuse GM should have been allowed to down in flames when they cried we need a bailout! Do not ever give them another penny in help for the future. They have sucked the lifeline of our wallets long enough!
arvo87 Champion Author New Mexico Posts:2,263 Points:451,675 Joined:Jul 2008	Message Posted: Jul 2, 2009 5:34:43 Ignore arvo87 Report Abuse I think we should have let GM sink once and for all
Chummy37 Veteran Author Calgary Posts:306 Points:207,420 Joined:Jan 2008	Message Posted: Jul 2, 2009 5:34:06 Ignore Chummy37 Report Abuse G.M. was top heavy.
camel1 Champion Author Minnesota Posts:2,515 Points:1,059,470 Joined:Jul 2006	Message Posted: Jul 2, 2009 5:33:34 Ignore camel1 Report Abuse GM should have gone down like any other failed business. Now the government has a huge stake in it and can not let it fail, otherwise it loses its investment. We will not like that either
CiVX Champion Author Oakland Posts:1,450 Points:253,680 Joined:Feb 2009	Message Posted: Jul 2, 2009 5:26:38 Ignore CiVX Report Abuse GM needs to be restructured from the top down, not the bottom up just like the USA.
nascar9 Veteran Author Tacoma Posts:276 Points:117,785 Joined:May 2008	Message Posted: Jul 2, 2009 5:26:01 Ignore nascar9 Report Abuse Obama will throw in more money then he will own it all.
REKEY Champion Author South Carolina Posts:2,243 Points:458,440 Joined:May 2008	Message Posted: Jul 2, 2009 5:25:21 Ignore REKEY Report Abuse Aren't we all?
unicornpmb Champion Author Buffalo Posts:2,085 Points:364,415 Joined:Sep 2005	Message Posted: Jul 2, 2009 5:25:03 Ignore unicornpmb Report Abuse Never thought I would see this day come.
Panama Red Champion Author San Diego Posts:4,776 Points:1,290,990 Joined:Jun 2004	Message Posted: Jul 2, 2009 5:18:07 Ignore Panama Red Report Abuse GM needs a lot of changes to become profitable again, but I'm not at all convinced that Government management of GM is one of those changes.
TKDBlackBelt Champion Author Dayton Posts:2,090 Points:580,870 Joined:Mar 2007	Message Posted: Jul 2, 2009 5:11:17 Ignore TKDBlackBelt Report Abuse GM certainly needs to be restructured, from the ground up, but does ANYBODY think the FEDERAL GOVERNMENT is ANY kind of shining example of efficiency and productivity?!?
dick57 Sophomore Author Winnipeg Posts:231 Points:65,470 Joined:Sep 2008	Message Posted: Jul 2, 2009 5:08:25 Ignore dick57 Report Abuse If they are to deny GM this they might as well just flush the American economy - it's downfall would not be far behind.
spudly03 Champion Author Boise Posts:1,140 Points:276,740 Joined:Sep 2007	Message Posted: Jul 2, 2009 5:08:07 Ignore spudly03 Report Abuse It's to bad GM had to go to bankruptcy before they figured out their problems.
gg42210 Champion Author Kentucky Posts:1,899 Points:332,970 Joined:Aug 2008	Message Posted: Jul 2, 2009 5:03:09 Ignore gg42210 Report Abuse it will happen.
micpie Veteran Author Oregon Posts:465 Points:116,965 Joined:Jun 2009	Message Posted: Jul 2, 2009 5:00:52 Ignore micpie Report Abuse they will get the go-ahead. GM (Government Motors)
balljars Champion Author Michigan Posts:2,269 Points:453,075 Joined:Aug 2008	Message Posted: Jul 2, 2009 5:00:08 Ignore balljars Report Abuse GM awaits its fate and so do alot of other people out there.
kbierley Champion Author Dayton Posts:6,648 Points:818,670 Joined:Nov 2003	Message Posted: Jul 2, 2009 4:59:51 Ignore kbierley Report Abuse When you get in bed with the Government, you become the "hoe".
kirkn Rookie Author Orange County Posts:89 Points:120,075 Joined:May 2001	Message Posted: Jul 2, 2009 4:59:38 Ignore kirkn Report Abuse Hope this clears the way for the Chevy Volt (EREV) and Equinox (HEV). GM Volt watch
ThatHunt Champion Author Dallas Posts:1,213 Points:950,200 Joined:Jul 2006	Message Posted: Jul 2, 2009 4:59:33 Ignore ThatHunt Report Abuse gosh, I am holding my breath. a corporation always gets the go ahead.
royburker Rookie Author Virginia Posts:2 Points:345 Joined:Jul 2009	Message Posted: Jul 2, 2009 4:55:40 Ignore royburker Report Abuse Government Motors, right?
brus282 Champion Author North Carolina Posts:3,849 Points:785,930 Joined:Aug 2007	Message Posted: Jul 2, 2009 4:55:14 Ignore brus282 Report Abuse to all of you who think they should fail, you will feel the job loss even if you are not working in that industry, this is America! wake up!
WIPACKERFAN Champion Author Chicago Posts:2,533 Points:596,760 Joined:Aug 2005	Message Posted: Jul 2, 2009 4:54:18 Ignore WIPACKERFAN Report Abuse The new GM needs changes to run better. Clear the old regeme and start fresh.
caddilac Champion Author Ontario Posts:8,855 Points:876,105 Joined:Apr 2007	Message Posted: Jul 2, 2009 4:53:42 Ignore caddilac Report Abuse Maybe they should go down in flames, and get this drama over with, then maybe we can get back down to oil and gas prices here.
LeeFree Champion Author Pittsburgh Posts:3,042 Points:1,020,150 Joined:Jun 2005	Message Posted: Jul 2, 2009 4:49:18 Ignore LeeFree Report Abuse It's not going to be a "new GM" anyway. Much of the same people running the old GM will remain and so will their culture of waste and arrogance.
abcdMA Champion Author Worcester Posts:1,698 Points:338,025 Joined:Nov 2008	Message Posted: Jul 2, 2009 4:49:05 Ignore abcdMA Report Abuse whatever happens, it will be a fraction of its former self
gasaholicNC All-Star Author North Carolina Posts:854 Points:364,410 Joined:Sep 2008	Message Posted: Jul 2, 2009 4:48:19 Ignore gasaholicNC Report Abuse Fire All The Designers In the Compamy, Get Rid Of all The Oversized Vehicles, Start Of fresh New Help, Make Gas Saving Styles Of Cars & trucks, GM created Their Own Problems
ckyle494 Rookie Author Knoxville Posts:71 Points:174,385 Joined:Jul 2008	Message Posted: Jul 2, 2009 4:46:20 Ignore ckyle494 Report Abuse The gooberment will get their take of them and FORCE them to eat CROW.
GasMiserAZ Champion Author Phoenix Posts:3,671 Points:416,225 Joined:Aug 2008	Message Posted: Jul 2, 2009 4:45:46 Ignore GasMiserAZ Report Abuse If the judge denies GM's request, he will be looking for a new line of work next week.
thirstyauto Champion Author Milwaukee Posts:3,650 Points:355,310 Joined:Nov 2008	Message Posted: Jul 2, 2009 4:44:42 Ignore thirstyauto Report Abuse It seems to be that they are going down in flames anyway!
maris1066 All-Star Author Nevada Posts:520 Points:193,420 Joined:Nov 2008	Message Posted: Jul 2, 2009 4:42:26 Ignore maris1066 Report Abuse What does it matter. The company has been nationalized.
tmannd All-Star Author North Dakota Posts:620 Points:44,240 Joined:Feb 2009	Message Posted: Jul 2, 2009 4:39:43 Ignore tmannd Report Abuse Let them go belly up, and down the tube
highdesertman Sophomore Author Albuquerque Posts:224 Points:654,260 Joined:Mar 2005	Message Posted: Jul 2, 2009 4:39:36 Ignore highdesertman Report Abuse Judge Gerber will have little choice but to follow the Chrysler precedent and approve the bankruptcy sale to the new GM, since the facts and arguments are virtually identical in both cases. It's easy to say that both should have just been allowed to liquidate rather than go through this exercise, but I fear that the impact on our nation and its economy would be more catastrophic than most of us can imagine.
Bear_Johnson Champion Author London Posts:1,363 Points:468,560 Joined:Sep 2006	Message Posted: Jul 2, 2009 4:39:29 Ignore Bear_Johnson Report Abuse If the same people continue to run the company that got it were it is nothing will change and public money will be needed to keep it going for ever. New people at the helm or dump it
WAdriver007 Veteran Author Seattle Posts:271 Points:14,970 Joined:Jun 2009	Message Posted: Jul 2, 2009 4:37:58 Ignore WAdriver007 Report Abuse They've gone along since the last time they were in financial trouble, thinking that they could just go on making the cars that put them in trouble the first time, and get out of debt. They scoffed at Toyota when they first put out the first hybrids, saying no one would buy them, and now they are backordered. They have had no interest in finding out what people really want to drive, and now they cry because no one buys their cars. They have made inferior cars that have inferior gas mileage for a long time. Even now they don't seem interested in learning something new. They just have been making the same thing even though it is losing them money. Any other business would smarten up and see what the consumer wants rather than just making what they feel like. Any other business run this way would go under. But no, they are big, they can make what they want to make and people will buy it. You'd have think they'd have learned their lesson by now. I hope they are allowed only to continue if they show they have learned something from all this. OTherwise, it will be the same thing all over again. Them flying to the president in multi-million dollar jets asking for bailouts while making an inferior product. Hey, I'd rather buy american, but first I have to buy something that will not break down and will get good gas. When are they going to get this?
DellDude2 Champion Author Nashville Posts:2,469 Points:867,535 Joined:Aug 2005	Message Posted: Jul 2, 2009 4:36:56 Ignore DellDude2 Report Abuse If GM can weather all these wonderful "changes", it'll be a miracle.
E-Squirrel Champion Author Orange County Posts:1,162 Points:285,070 Joined:Feb 2005	Message Posted: Jul 2, 2009 4:32:33 Ignore E-Squirrel Report Abuse Chris46 opines: "GM bigwigs did not think about the publics concerns, they should not be allowed to continue business. Where is my stock? They flushed it down the toilet." Well, the GM management, together, with the UAW put your stock in the toilet, then the government came along and flushed the toilet for you. I understand your anguish...
Chris46 Champion Author Dayton Posts:8,038 Points:991,555 Joined:Sep 2005	Message Posted: Jul 2, 2009 4:22:53 Ignore Chris46 Report Abuse GM bigwigs did not think about the publics concerns, they should not be allowed to continue business. Where is my stock? They flushed it down the toilet.
rocket_up Champion Author Albuquerque Posts:1,339 Points:312,640 Joined:Apr 2008	Message Posted: Jul 2, 2009 4:22:33 Ignore rocket_up Report Abuse Just think that if they went Chapter 11 to begin with a lot of this could have been avoided.
Cheepo Champion Author Tampa Posts:3,777 Points:1,923,740 Joined:Apr 2003	Message Posted: Jul 2, 2009 4:21:04 Ignore Cheepo Report Abuse What is the problem??? This should have bin done long ago! Go chapter 11 !!!!
Tucker1961 Sophomore Author Seattle Posts:202 Points:21,125 Joined:Jun 2009	Message Posted: Jul 2, 2009 4:20:05 Ignore Tucker1961 Report Abuse That's why I buy Japanese cars