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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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REPLIES (newest first)
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Champion Author Cleveland

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Message Posted: Jul 3, 2009 12:20:16

Give them there bankruptcy & stop asking us to bail them out.
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Champion Author Long Island

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Message Posted: Jul 3, 2009 12:18:00

Cut the crap and get on with it.
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Champion Author Atlanta

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Message Posted: Jul 2, 2009 11:57:54 PM

What a mess.
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Champion Author New York

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Message Posted: Jul 2, 2009 11:07:38 PM

The government shouldn't have bailed out GM in the first place.
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Champion Author Long Island

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Message Posted: Jul 2, 2009 9:23:34 PM

If GM does not go down in flames, I suspect the taxpayers will be on the hook for many more bailouts.
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Champion Author Alberta

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Message Posted: Jul 2, 2009 8:09:17 PM

For GM to survive this case needs to be closed quickly.
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Champion Author Fort Worth

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Message Posted: Jul 2, 2009 8:05:14 PM

government motors or obama motors what ever it is needs to give us our money back and go out of this game over they have tried ever thing and failed big time this is getting very old
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Champion Author Massachusetts

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Message Posted: Jul 2, 2009 8:05:06 PM

they should not have been bailed out with our tax money
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Champion Author Pittsburgh

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Message Posted: Jul 2, 2009 8:03:24 PM

Well, good luck GM, I'm rootin for ya.
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Sophomore Author Vancouver

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Message Posted: Jul 2, 2009 8:00:44 PM

the fate is sealed and it's better to stop depending on govt fundings
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Champion Author Arkansas

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Message Posted: Jul 2, 2009 7:46:44 PM

I feel rather certain that I already know the fate of General Motors, and as I see it the future doesn't look too rosy for that outfit.
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Champion Author Oklahoma City

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Message Posted: Jul 2, 2009 7:43:09 PM

Oh, the United Auto Workers Union will get theirs! They could care less about a good company...no sole!
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Champion Author Virginia

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Message Posted: Jul 2, 2009 7:43:05 PM

Give back that money
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Champion Author Austin

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Message Posted: Jul 2, 2009 7:43:02 PM

I cant fix it can you.
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Veteran Author Tampa

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Message Posted: Jul 2, 2009 7:42:27 PM

Folks...
This is a sad day. When corporations who are failing, replace the CEO, with someone who never worked for that company, so they don't know the problems that company is experiencing, when bonuses are not bonuses, but another form of compensation, for the top teir of the company, when the company loses money, but doesn't lay off anyone, until they are bankrupt. The Feds should charge every executive, of a failing company, who does nothing to remedy the situation, with malfeasance in office, criminally. Then, the rank and file, and the consumers will have some protection!

And, this stupidity would soon cease!

God Help Them!
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Champion Author Illinois

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Message Posted: Jul 2, 2009 7:36:31 PM

OK give us our mony back and go your own way!
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Champion Author Michigan

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Message Posted: Jul 2, 2009 7:32:01 PM

Obie and his nitwits, Nancy P., Bucktoothed Henry etal. continue to run this country into the ground with their control and destroy tactics.
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All-Star Author Tucson

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Message Posted: Jul 2, 2009 7:31:46 PM

I understand we gave them a tremendous amount of money so far, but never throw good money after bad. As an old country song goes, "know when to hold them and know when to fold". This is a FOLD.
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Champion Author Connecticut

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Message Posted: Jul 2, 2009 7:29:10 PM

Too much money has been invested in Government Motors to let them die now.
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Champion Author Fort Worth

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Message Posted: Jul 2, 2009 7:20:17 PM

SEE YA!!!
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Champion Author Dallas

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Message Posted: Jul 2, 2009 7:16:18 PM

I would gladly let them go away, the failure that they are.

but there's the matter of all the money they were given.

sort of a waste to give them a billion, and then not have
them around to kick.
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Champion Author Oklahoma City

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Message Posted: Jul 2, 2009 7:12:53 PM

And solicitor Miller's hourly billing rate is...?
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Champion Author Syracuse

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Message Posted: Jul 2, 2009 7:03:41 PM

While Pres Obama and Congress gains more control over American businesses!! His power grab for American companies is far from over, I believe. Just look around and almost everyday beside his daily tv chat another company is in danger of falling to government control.

[Edited by: pliskin at 7/2/2009 7:05:09 PM EST]
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Champion Author Kentucky

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Message Posted: Jul 2, 2009 7:02:11 PM

What's to decide, the time has come to pay the piper.
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Champion Author Mississippi

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Message Posted: Jul 2, 2009 7:00:35 PM

Let they sleep in the bed they have made!
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Champion Author Dallas

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Message Posted: Jul 2, 2009 6:59:47 PM

too late to quit.
they just spent over 1 billion propping GM up.
seems like a waste now, doesn't it?
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Champion Author Virginia Beach

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Message Posted: Jul 2, 2009 6:53:24 PM

GM is now Government Motors, it will go in circle like congress before any decision is made.
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Champion Author Dallas

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Message Posted: Jul 2, 2009 6:51:24 PM

well, this is the point.
GM cannot straighten out anything.
a bunch of legislators and lawyers will figure it all out for them now.

that's sorta what a bankruptcy is all about.
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All-Star Author Albany

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Message Posted: Jul 2, 2009 6:50:30 PM

I remember back in the mid 70's when fuel was high, scarce and lines were long. That's when we began looking for something different to drive that was more economical, comfortable and inexpensive. At a time, when everyone was driving one of the Big 3 automobiles....then came Honda, Toyota and Subaru. As "UnAmerican" it may have seemed....They set the pace for what we were looking for in a car and we bought them. They listened and produced some of the finest vehicles ever. It's nearly 35 years later and I don't think GM and Chrysler have ever gotten the messagage (Ford just barely). They all need to start from scratch with new technology, get off their pedestals to listen to the consumer and declare a war like attitude on these imports in order to produce the affordable and fuel efficient automobiles; we as Americans demand and can be proud of. That means huge sacrifices from top management, engineers, UAW's on down. No one deserves the high salaries, bonuses, etc. during a time when the company is looking for government hand outs to shore up their losses. I believe in Japan...a CEO in an embarssing position to do so would take the honorable way out and that would be by the sword or at least go down to the assembly line to finish out their careers. Just think back at those three stooges flying in from Detroit, in their multi million dollar private jets, to ask the Government for bail out money. What were they thinking? I was so embarrassed to watch that. It epitomizes the godlike attitude these clowns, on top, have. The sad thing is....I'm worried that big corporate America didn't flinch at all this and their attitudes will remain the same along with all their constituents. They just don't seem as hungry to succeed as the Japanese did. Please prove me wrong GM & Chrysler!!!! We will want our money back soon..... and with interest.
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Champion Author Dallas

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Message Posted: Jul 2, 2009 6:49:43 PM

if they just broke in into several smaller pieces, GM as a product would get scooped up AT NO expense to you and me.

European and Indian auto concerns are always in the market for a successful heavy-truck line like GMC. heck, they might even improve that dog of pick-up, the Colorado.
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Champion Author Charleston

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Message Posted: Jul 2, 2009 6:47:11 PM

GM will get it straightened out.
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Champion Author Dallas

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Message Posted: Jul 2, 2009 6:47:10 PM

yep, just cannot let a good campaign contributor fade away.
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All-Star Author Tacoma

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Message Posted: Jul 2, 2009 6:46:09 PM

Obama will allow only one decision; and that is in favor of Government Motors.
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Champion Author Detroit

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Message Posted: Jul 2, 2009 6:41:20 PM

Total liquidation sounds batter then down sizing!!! They should be expanding at this down market, once the market expands than they would be at there glory point again!!!
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Champion Author Montreal

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Message Posted: Jul 2, 2009 6:37:55 PM

DavoIL: I do agree with your post, but I have to say that the unions, with some of their outlandish demands did play a significant role in the destruction of GM.

Every offshore manufacture, be it from Japan, Korea or Germany who has built a plant in the US has always stipulated that the state they build in have an "open door" policy, ie: no unions. Take care of your employees properly and there is no need for a union. Ask anyone who has ever been forced into a strike mandate and had to walk the picket lines, "earning strike pay" just how much they were making.
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Champion Author Detroit

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Message Posted: Jul 2, 2009 6:37:27 PM

I still think GM will work things out.
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Champion Author Kansas City

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Message Posted: Jul 2, 2009 6:37:07 PM

with the government in there will be no good news
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Champion Author Illinois

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Message Posted: Jul 2, 2009 6:34:48 PM

gm did it to themselves. but we are the ones paying for it.
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Champion Author Michigan

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Message Posted: Jul 2, 2009 6:34:23 PM

Still a lot of greed involved.
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Champion Author Fort Worth

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Message Posted: Jul 2, 2009 6:33:23 PM

OK
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Champion Author London

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Message Posted: Jul 2, 2009 6:29:47 PM

Maybe its time to simply let them fall.
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Champion Author Mobile

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Message Posted: Jul 2, 2009 6:27:42 PM

DavoIL is right " bad corporate management" that is over paid did them in they were looking out for management and never GM or the people who work for them or the ones that got there cars and trucks
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All-Star Author Phoenix

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Message Posted: Jul 2, 2009 6:23:05 PM

Give money to the consumers not the poorly run companies.
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Sophomore Author Twin Cities

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Message Posted: Jul 2, 2009 6:17:18 PM

DavoIL-- Good post. Finally someone gets it.
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Champion Author Los Angeles

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Message Posted: Jul 2, 2009 6:13:36 PM

don't give them any more $$. Enough waste already
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Champion Author Tampa

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Message Posted: Jul 2, 2009 6:12:11 PM

I agree to let them go down in flames.
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Veteran Author Chicago

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Message Posted: Jul 2, 2009 6:12:10 PM

the unions definately did not ruin GM. They only did what management told them to do. What sunk GM was bad corporate management & the wholesale export of our nation's industrial base to China!
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Champion Author San Diego

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Message Posted: Jul 2, 2009 6:10:28 PM

Bye bye, GM... hope all those executes who screwed the company and the American people get tossed on their keasters.
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Champion Author Ontario

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Message Posted: Jul 2, 2009 6:07:24 PM

Make it are lose.
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Champion Author Toronto

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Message Posted: Jul 2, 2009 6:07:02 PM

Lawyers love this stuff. We just pay for it.
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