bankrupt and rats have left

May 11 (Bloomberg) -- General Motors Corp. reported that six executives sold shares in the company, as the largest U.S. automaker said it’s more probable than previously thought that it will need to
file for bankruptcy.
Vice Chairman Bob Lutz and North America President Troy Clarke sold all their holdings in the Detroit-based company, according to regulatory filings today.
The sales were in a window when such transactions are allowed, following the company’s quarterly earnings report on May 7, said Julie Gibson, a spokeswoman. The period may be the last for the executives before the government-imposed June 1 deadline for GM to restructure or file for bankruptcy, she said.
Chief Executive Officer Fritz Henderson made the comment about the probability of bankruptcy on a conference call today. He declined to specify its likelihood. Henderson also had said bankruptcy was “more probable” on March 30, after former CEO Rick Wagoner was ousted by the Obama administration, and made the same point in a conference call two weeks ago.
“It should be clear now where they’re headed,” said Mirko Mikelic, who helps manage $19 billion, not including GM shares, at Fifth Third Asset Management in Grand Rapids, Michigan. “There are too many competing interests. They’re definitely going there. Everyone is positioning for bankruptcy now.”
Add pictures here
✖
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
Björn wrote:

Additional info on a GM move out of Detroit (Detroit News):
GM may consider move from RenCen http://tinyurl.com/qvkml8
--
Civis Romanus Sum

Add pictures here
✖
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

GM had been leasing the RenCen until May 2008, when it paid $626 million to take full ownership of the building. Last fall, it tried to sell the building and lease back office space to raise funds, but a city pension fund balked at a loan request, and other funding was not available."
Yet another stupid decision by rikky
"All that's left, with few exceptions, is service businesses and food," Nakfoor said. "Take away the workers, and there won't be anyone left for even those businesses."
Add pictures here
✖
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
May 11 (Bloomberg) -- General Motors Corp. reported that six executives sold shares in the company, as the largest U.S. automaker said it’s more probable than previously thought that it will need to file for bankruptcy.
Vice Chairman Bob Lutz and North America President Troy Clarke sold all their holdings in the Detroit-based company, according to regulatory filings today.
The sales were in a window when such transactions are allowed, following the company’s quarterly earnings report on May 7, said Julie Gibson, a spokeswoman. The period may be the last for the executives before the government-imposed June 1 deadline for GM to restructure or file for bankruptcy, she said.
Chief Executive Officer Fritz Henderson made the comment about the probability of bankruptcy on a conference call today. He declined to specify its likelihood. Henderson also had said bankruptcy was “more probable” on March 30, after former CEO Rick Wagoner was ousted by the Obama administration, and made the same point in a conference call two weeks ago.
“It should be clear now where they’re headed,” said Mirko Mikelic, who helps manage $19 billion, not including GM shares, at Fifth Third Asset Management in Grand Rapids, Michigan. “There are too many competing interests. They’re definitely going there. Everyone is positioning for bankruptcy now.”
That is actually old news, you could get it on Yahoo a week or so ago. Many of the execs sold off all they had.
Now that also makes me wonder why they are still there. GM bankruptcy pending or not, an officer in the executive suite of board room should have to hold a minimum number of shares. Because if they don't have those shares, and they don't have faith, why shoud we?
GM is set to open almost 10% down today. Looks like the cat is out of the bag.
Add pictures here
✖
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

all those exec who dumped their shares should be fired- their actions did damage to the company
Add pictures here
✖
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
On May 13, 3:05 pm, snipped-for-privacy@gmail.com wrote:

They have been doing damage to the company for years
Add pictures here
✖
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

Motorsforum.com is a website by car enthusiasts for car enthusiasts. It is not affiliated with any of the car or spare part manufacturers or car dealers discussed here. All logos and trade names are the property of their respective owners.