It's SOP that in a BK common shareholders get wiped out. Even preferred
shareholders usually get nothing; once in a while they get tossed a bone.
Bondholders usually get something on the dollar, but nobody gets made whole.
This thing has all the appearance of a cramdown, but a lengthy stay in BK
isn't workable with GM. You can argue liquidation is better, but I don't
think any other company or private investment group would have bought it at
almost any price.
I believe Penske has a good deal though. Certainly not risk-free, but he's
a smart guy.
'93 40th Anniversary coupe, 6 sp (both tops)
" believe Penske has a good deal though. Certainly not risk-free, but he's
a smart guy."
Smart guys have egos. He dumped California Speedway in Fontana years ago at
a very nice profit because he anticipated the lack of growth in motorsports
I really wonder how he intends to run Saturn because he seems to be lacking
some abilities that GM had. I guess he is going to outsource the mfg of the
car. I do not know about new design. I can't believe we will see the same
model cars for years to come.
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