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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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playtimeCLE Champion Author Cleveland Posts:2,345 Points:425,775 Joined:Nov 2008	Message Posted: Jul 3, 2009 12:20:16 Ignore playtimeCLE Report Abuse Give them there bankruptcy & stop asking us to bail them out.
jmuse Champion Author Long Island Posts:2,219 Points:445,370 Joined:May 2008	Message Posted: Jul 3, 2009 12:18:00 Ignore jmuse Report Abuse Cut the crap and get on with it.
kelsielee Champion Author Atlanta Posts:2,612 Points:500,855 Joined:Sep 2008	Message Posted: Jul 2, 2009 11:57:54 PM Ignore kelsielee Report Abuse What a mess.
alterman156 Champion Author New York Posts:1,635 Points:412,175 Joined:Dec 2008	Message Posted: Jul 2, 2009 11:07:38 PM Ignore alterman156 Report Abuse The government shouldn't have bailed out GM in the first place.
FuelBarge Champion Author Long Island Posts:3,280 Points:926,990 Joined:Aug 2005	Message Posted: Jul 2, 2009 9:23:34 PM Ignore FuelBarge Report Abuse If GM does not go down in flames, I suspect the taxpayers will be on the hook for many more bailouts.
RobRD Champion Author Alberta Posts:3,698 Points:869,795 Joined:Jul 2007	Message Posted: Jul 2, 2009 8:09:17 PM Ignore RobRD Report Abuse For GM to survive this case needs to be closed quickly.
kidrockTX Champion Author Fort Worth Posts:3,396 Points:456,025 Joined:Sep 2008	Message Posted: Jul 2, 2009 8:05:14 PM Ignore kidrockTX Report Abuse 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
RAC110 Champion Author Massachusetts Posts:1,866 Points:1,073,715 Joined:Mar 2003	Message Posted: Jul 2, 2009 8:05:06 PM Ignore RAC110 Report Abuse they should not have been bailed out with our tax money
MINER Champion Author Pittsburgh Posts:7,680 Points:2,319,260 Joined:Jul 2002	Message Posted: Jul 2, 2009 8:03:24 PM Ignore MINER Report Abuse Well, good luck GM, I'm rootin for ya.
SngSingapore Sophomore Author Vancouver Posts:172 Points:126,965 Joined:Jun 2009	Message Posted: Jul 2, 2009 8:00:44 PM Ignore SngSingapore Report Abuse the fate is sealed and it's better to stop depending on govt fundings
BH24 Champion Author Arkansas Posts:4,930 Points:1,116,675 Joined:May 2005	Message Posted: Jul 2, 2009 7:46:44 PM Ignore BH24 Report Abuse 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.
OKRifle Champion Author Oklahoma City Posts:3,965 Points:678,870 Joined:Oct 2007	Message Posted: Jul 2, 2009 7:43:09 PM Ignore OKRifle Report Abuse Oh, the United Auto Workers Union will get theirs! They could care less about a good company...no sole!
Beboper Champion Author Virginia Posts:2,905 Points:1,015,235 Joined:Oct 2005	Message Posted: Jul 2, 2009 7:43:05 PM Ignore Beboper Report Abuse Give back that money
MissRita Champion Author Austin Posts:1,040 Points:423,790 Joined:Feb 2008	Message Posted: Jul 2, 2009 7:43:02 PM Ignore MissRita Report Abuse I cant fix it can you.
chuck sr Veteran Author Tampa Posts:393 Points:592,570 Joined:Apr 2004	Message Posted: Jul 2, 2009 7:42:27 PM Ignore chuck sr Report Abuse 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!
john382 Champion Author Illinois Posts:6,686 Points:1,343,750 Joined:Aug 2005	Message Posted: Jul 2, 2009 7:36:31 PM Ignore john382 Report Abuse OK give us our mony back and go your own way!
JCUBE Champion Author Michigan Posts:2,719 Points:788,815 Joined:Aug 2003	Message Posted: Jul 2, 2009 7:32:01 PM Ignore JCUBE Report Abuse Obie and his nitwits, Nancy P., Bucktoothed Henry etal. continue to run this country into the ground with their control and destroy tactics.
Chiron All-Star Author Tucson Posts:752 Points:281,790 Joined:Aug 2008	Message Posted: Jul 2, 2009 7:31:46 PM Ignore Chiron Report Abuse 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.
Doubleeez Champion Author Connecticut Posts:1,879 Points:394,285 Joined:Sep 2005	Message Posted: Jul 2, 2009 7:29:10 PM Ignore Doubleeez Report Abuse Too much money has been invested in Government Motors to let them die now.
Helms Champion Author Fort Worth Posts:3,555 Points:1,073,195 Joined:Jun 2005	Message Posted: Jul 2, 2009 7:20:17 PM Ignore Helms Report Abuse SEE YA!!!
jakTDI Champion Author Dallas Posts:2,780 Points:265,995 Joined:Aug 2008	Message Posted: Jul 2, 2009 7:16:18 PM Ignore jakTDI Report Abuse 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.
esquared Champion Author Oklahoma City Posts:3,257 Points:1,002,975 Joined:Jan 2006	Message Posted: Jul 2, 2009 7:12:53 PM Ignore esquared Report Abuse And solicitor Miller's hourly billing rate is...?
pliskin Champion Author Syracuse Posts:2,541 Points:814,270 Joined:Apr 2005	Message Posted: Jul 2, 2009 7:03:41 PM Ignore pliskin Report Abuse 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]
Hugo40 Champion Author Kentucky Posts:1,909 Points:485,555 Joined:Aug 2008	Message Posted: Jul 2, 2009 7:02:11 PM Ignore Hugo40 Report Abuse What's to decide, the time has come to pay the piper.
pulpwood Champion Author Mississippi Posts:3,320 Points:1,033,870 Joined:Sep 2006	Message Posted: Jul 2, 2009 7:00:35 PM Ignore pulpwood Report Abuse Let they sleep in the bed they have made!
jakTDI Champion Author Dallas Posts:2,780 Points:265,995 Joined:Aug 2008	Message Posted: Jul 2, 2009 6:59:47 PM Ignore jakTDI Report Abuse too late to quit. they just spent over 1 billion propping GM up. seems like a waste now, doesn't it?
Muke Champion Author Virginia Beach Posts:2,624 Points:669,980 Joined:Jun 2007	Message Posted: Jul 2, 2009 6:53:24 PM Ignore Muke Report Abuse GM is now Government Motors, it will go in circle like congress before any decision is made.
jakTDI Champion Author Dallas Posts:2,780 Points:265,995 Joined:Aug 2008	Message Posted: Jul 2, 2009 6:51:24 PM Ignore jakTDI Report Abuse 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.
Vette1967 All-Star Author Albany Posts:781 Points:176,820 Joined:Jun 2009	Message Posted: Jul 2, 2009 6:50:30 PM Ignore Vette1967 Report Abuse 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.
jakTDI Champion Author Dallas Posts:2,780 Points:265,995 Joined:Aug 2008	Message Posted: Jul 2, 2009 6:49:43 PM Ignore jakTDI Report Abuse 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.
BWD Champion Author Charleston Posts:1,558 Points:1,447,805 Joined:May 2004	Message Posted: Jul 2, 2009 6:47:11 PM Ignore BWD Report Abuse GM will get it straightened out.
jakTDI Champion Author Dallas Posts:2,780 Points:265,995 Joined:Aug 2008	Message Posted: Jul 2, 2009 6:47:10 PM Ignore jakTDI Report Abuse yep, just cannot let a good campaign contributor fade away.
korklenut All-Star Author Tacoma Posts:755 Points:153,655 Joined:Mar 2009	Message Posted: Jul 2, 2009 6:46:09 PM Ignore korklenut Report Abuse Obama will allow only one decision; and that is in favor of Government Motors.
GGAlbo Champion Author Detroit Posts:1,049 Points:855,815 Joined:Sep 2006	Message Posted: Jul 2, 2009 6:41:20 PM Ignore GGAlbo Report Abuse 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!!!
TheSnowstorm Champion Author Montreal Posts:3,699 Points:854,930 Joined:June 2005	Message Posted: Jul 2, 2009 6:37:55 PM Ignore TheSnowstorm Report Abuse 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.
the_peddler Champion Author Detroit Posts:1,273 Points:343,650 Joined:Sep 2008	Message Posted: Jul 2, 2009 6:37:27 PM Ignore the_peddler Report Abuse I still think GM will work things out.
flyfast Champion Author Kansas City Posts:3,658 Points:712,040 Joined:Jan 2008	Message Posted: Jul 2, 2009 6:37:07 PM Ignore flyfast Report Abuse with the government in there will be no good news
DerHahn Champion Author Illinois Posts:7,125 Points:977,810 Joined:May 2004	Message Posted: Jul 2, 2009 6:34:48 PM Ignore DerHahn Report Abuse gm did it to themselves. but we are the ones paying for it.
4warned Champion Author Michigan Posts:3,382 Points:1,086,415 Joined:Nov 2006	Message Posted: Jul 2, 2009 6:34:23 PM Ignore 4warned Report Abuse Still a lot of greed involved.
OleMiss79 Champion Author Fort Worth Posts:5,106 Points:567,770 Joined:May 2008	Message Posted: Jul 2, 2009 6:33:23 PM Ignore OleMiss79 Report Abuse OK
bad_sailor Champion Author London Posts:2,134 Points:556,880 Joined:Dec 2007	Message Posted: Jul 2, 2009 6:29:47 PM Ignore bad_sailor Report Abuse Maybe its time to simply let them fall.
billy44bo Champion Author Mobile Posts:2,562 Points:477,845 Joined:Feb 2008	Message Posted: Jul 2, 2009 6:27:42 PM Ignore billy44bo Report Abuse 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
FredericoAZ All-Star Author Phoenix Posts:771 Points:245,685 Joined:Mar 2009	Message Posted: Jul 2, 2009 6:23:05 PM Ignore FredericoAZ Report Abuse Give money to the consumers not the poorly run companies.
mwo Sophomore Author Twin Cities Posts:198 Points:751,020 Joined:Aug 2004	Message Posted: Jul 2, 2009 6:17:18 PM Ignore mwo Report Abuse DavoIL-- Good post. Finally someone gets it.
la90042 Champion Author Los Angeles Posts:2,081 Points:428,185 Joined:Nov 2008	Message Posted: Jul 2, 2009 6:13:36 PM Ignore la90042 Report Abuse don't give them any more $$. Enough waste already
Rageagainsttm Champion Author Tampa Posts:3,214 Points:805,840 Joined:Jul 2007	Message Posted: Jul 2, 2009 6:12:11 PM Ignore Rageagainsttm Report Abuse I agree to let them go down in flames.
DavoIL Veteran Author Chicago Posts:275 Points:226,510 Joined:May 2009	Message Posted: Jul 2, 2009 6:12:10 PM Ignore DavoIL Report Abuse 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!
PDQBlues Champion Author San Diego Posts:1,529 Points:353,675 Joined:Jan 2009	Message Posted: Jul 2, 2009 6:10:28 PM Ignore PDQBlues Report Abuse Bye bye, GM... hope all those executes who screwed the company and the American people get tossed on their keasters.
MUSTANGSRUS Champion Author Ontario Posts:3,828 Points:828,975 Joined:Sep 2006	Message Posted: Jul 2, 2009 6:07:24 PM Ignore MUSTANGSRUS Report Abuse Make it are lose.
DeHavilland Champion Author Toronto Posts:3,214 Points:863,645 Joined:Jun 2007	Message Posted: Jul 2, 2009 6:07:02 PM Ignore DeHavilland Report Abuse Lawyers love this stuff. We just pay for it.