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GM

By: weco in FFFT | Recommend this post (0)
Mon, 16 Apr 12 10:46 PM | 48 view(s)
Boardmark this board | Food For Further Thought

Msg. 40737 of 65535
Jump:

What actually happened:

1) GM did go through chapter 11 bankruptcy, reorganization.

2) Chapter 11 only means that creditors can not reclaim assets shipped to you or sue you and place claims on your assets. It does not mean that creditors that haven't been paid have to keep shipping to you.

3) GM was out of cash and could not continue operating. It could not buy parts; it could not meet payroll.

4) At that point in time 2008, no one had money to loan GM to keep it operating

5) Absent government intervention it would have been chapter 7 bankruptcy, dissolution.

That is what Romney was advocating.

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