UAW would own 39% GM & 55% of Chrysler....

[sbark]

http://www.bloomberg.com/apps/news?pid=20601087&sid=al89RU9gWof8&refer=home

http://www.washingtonpost.com/wp-dyn/content/article/2009/04/27/AR2009042700872.html

Fifty-five percent of Chrysler owned by the UAW, 35% owned by Feds, common shares, which means voting, 39% of General Motors owned by the UAW, the rest owned by Feds.......

General Motors deal is really a royal screw job for people who invested in GM bonds. The people who invested in General Motors bonds are going to get maybe a dime on the dollar. Larry Kudlow puts it a good way. "The government is about to take over GM in a plan that completely shafts private bondholders and favors the unions. The GM bondholders own $27 billion and they're getting 10 percent of the common stock in an expected exchange. And the UAW owns $10 billion of the bonds and they're getting 40 percent of the stock

If the bondholders reject the terms, GM would probably declare bankruptcy, chief executive Fritz Henderson said, potentially raising uncertainties for suppliers, workers and customers. That possibility loomed large yesterday after bondholders called the offer "neither reasonable nor adequate."

.................I can't wait to see the UAW negotiate with the UAW, and I can't wait for the UAW to threaten to go on strike because the UAW didnt meet demands

appears the old adage..........as GM goes so goes Americka.......:eek: holds true....

[Kangaroo]

http://www.bloomberg.com/apps/news?pid=20601087&sid=al89RU9gWof8&refer=home

http://www.washingtonpost.com/wp-dyn/content/article/2009/04/27/AR2009042700872.html

Fifty-five percent of Chrysler owned by the UAW, 35% owned by Feds, common shares, which means voting, 39% of General Motors owned by the UAW, the rest owned by Feds.......

General Motors deal is really a royal screw job for people who invested in GM bonds. The people who invested in General Motors bonds are going to get maybe a dime on the dollar. Larry Kudlow puts it a good way. "The government is about to take over GM in a plan that completely shafts private bondholders and favors the unions. The GM bondholders own $27 billion and they're getting 10 percent of the common stock in an expected exchange. And the UAW owns $10 billion of the bonds and they're getting 40 percent of the stock

If the bondholders reject the terms, GM would probably declare bankruptcy, chief executive Fritz Henderson said, potentially raising uncertainties for suppliers, workers and customers. That possibility loomed large yesterday after bondholders called the offer "neither reasonable nor adequate."

.................I can't wait to see the UAW negotiate with the UAW, and I can't wait for the UAW to threaten to go on strike because the UAW didnt meet demands

appears the old adage..........as GM goes so goes Americka.......:eek: holds true....


Lol the last time the Union took over the business it did worse look no further than the Apple Tree/Safeway fiasco

:lmao::lmao::lmao::lmao:

Both companies will be in worse shape in 3 years with those clowns owning that much of the company

[sbark]

:star: The beginning of Tax on Wealth......in addition to tax on earnings.....

GM bondholders "wealth" gets taxed into GM re-ownership....instead of Govt giving money to UAW and stealing it from bondholders via taxation, ---net result is the same as taxing AIG bonus's 99%........worthless

this is the only recourse the Left will have to pay for the ballooning Mandated spending and the stimulus deficits.............tax on accumulated Wealth, of which the GM bondholders are a prime example.......

by destroying the value of thier bond..ie wealth, not just the earnings on the bonds.....Obama admin effectivly "taxes" those bondholders a quik 27 billion dollars..........and transfers the majority of it to UAW in political payoffs....

The next "wealth tax" in the name of public good---the absorbtion of 401k's etc into the SS "trust fund" as previously discussed.......

.....and obama and the left will try to say with a straight face ........we raise taxes........but then they wonder why "Gault" quit working.....

[Kangaroo]

:star: The beginning of Tax on Wealth......in addition to tax on earnings.....

GM bondholders "wealth" gets taxed into GM re-ownership....instead of Govt giving money to UAW and stealing it from bondholders via taxation, ---net result is the same as taxing AIG bonus's 99%........worthless

this is the only recourse the Left will have to pay for the ballooning Mandated spending and the stimulus deficits.............tax on accumulated Wealth, of which the GM bondholders are a prime example.......

by destroying the value of thier bond..ie wealth, not just the earnings on the bonds.....Obama admin effectivly "taxes" those bondholders a quik 27 billion dollars..........and transfers the majority of it to UAW in political payoffs....

The next "wealth tax" in the name of public good---the absorbtion of 401k's etc into the SS "trust fund" as previously discussed.......

.....and obama and the left will try to say with a straight face ........we raise taxes........but then they wonder why "Gault" quit working.....

It also ensures I will never by another GM Car since my last 4 have been one. I just refuse to buy one when the Government is driving everything. If the Union owns that much of the companies as well after the government is gone I still want buy one ever because the products will make Ugo's look like a Porsche. Lets say I have about as much faith in the UAW as i do the Government

[JBond]

http://www.ibdeditorials.com/IMAGES/CARTOONS/toon033109.gif

[MetalHead]

Mob(Union)owned,Federally run,Cafe standard designed.

Disaster by design.

[Dallas]

I literally hate all unions, and I am in a union.


I am forced to be in a union because all of the SOA workers are unionized.


They don't do crap for us and jack our dues every year.


Unions are an embarrassment to America now. They cause more harm than anything anymore.


Corruption and abuse of leadership is rampant.

[ABQCOWBOY]

I literally hate all unions, and I am in a union.


I am forced to be in a union because all of the SOA workers are unionized.


They don't do crap for us and jack our dues every year.


Unions are an embarrassment to America now. They cause more harm than anything anymore.


Corruption and abuse of leadership is rampant.

Can't say that I disagree.

[ninja]

39% and 53% of nothing is nothing. And nothing is the value of GM.

The bondholders will just push for bankruptcy. They most likely would get the same amount or more through a bankruptcy-driven asset sale.

Good riddance GM and Chrysler.

[JBond]

I literally hate all unions, and I am in a union.


I am forced to be in a union because all of the SOA workers are unionized.


They don't do crap for us and jack our dues every year.


Unions are an embarrassment to America now. They cause more harm than anything anymore.


Corruption and abuse of leadership is rampant.

Speaking of Obama and unions.....
http://cowboyszone.com/forums/showthread.php?t=152505

[sbark]

39% and 53% of nothing is nothing. And nothing is the value of GM.

The bondholders will just push for bankruptcy. They most likely would get the same amount or more through a bankruptcy-driven asset sale.

Good riddance GM and Chrysler.

......the real concern is the sudden Tax on Wealth, vrs tax on earned income..........tax on wealth can only be done once.....its either gone, or the holders of wealth make moves to insure it doenst happen to them......

.....but then again, the only way to pay for a 10 trillion dollar bar tab....is to confiscate wealth.........The Federal Tax receipts incomeing into Treas. Dept has fallen off like a rock........the high producers went "gault" summer of 08' in anticipation of this Admin.......