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Around? Talk about precision engineering . . . Official press release:
Detroit, Mich: (NYSE: GM) – General Motors President and CEO Fritz Henderson will host a press conference on Monday, June 1. The conference will be around mid-day at the GM Building, 767 Fifth Avenue, in New York. We expect to provide a final time, satellite feed, conference call number, and other details in a subsequent Media Advisory early Monday morning.
15 Comments on “GM to Announce Bankruptcy “Around Mid-Day” Monday...”
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I hope Fritz is flying commercial (economy of course) from Detroit for the big press conference in New York. Or maybe he’s driving over the weekend. The Congress and the President are watching very closely.
What’s New York have to do with the GM bankruptcy? GM is incorporated in Delaware. The new big stock holder is in the District of Control. Why not just do the announcement by a video feed from Detroit?
if they don’t change the marketing even bankruptcy won’t save them. killing dealer is sheer stupidity. the backlash will be brutal.
without immediately replacing Mark LaNaive and implementing Return to Greatness, GM will be dissolved within two years. even Obama and his cohort Tim can’t print enough money to save it.
Around Noon? Sure. Gotta wait for those last couple ‘pre BK’ checks to clear.
Just like marketing the Volt and Camaro. Leak or pre-announce everything so that by the time of the ‘real’ announcement, everyone is sick of it.
Sorry Fritz. I’m off to check my local Toyota dealer’s website for deals.
“What’s New York have to do with the GM bankruptcy?”
It is the home of Bankruptcy Judge Arthur “Peg Boy” Gonzalez.
This site needs a Fritz watch. How long will he last, and how much BS can be deal out before he leaves.
So this slow motion train wreck is finally going to end. Can’t help but wonder if this bankruptcy is only a small speed bump in the road to GM’s final destination/resting place.
Hard to believe the one time great GM has been reduced to this. In a world prior to the Oldsmobile diesel who would have guessed this?
But this ends the suspense of how low GM’s stock price will go!
It hit 75 cents today, and I bet we could see it go as low as a penny on Monday without a bankruptcy filing.
Fritzy ruins all the fun…
Plenty busy in Delaware lately then…. More to follow no doubt.
I wonder if they decided to wait until Monday to try to minimize the news of their May sales figures with the much bigger bankruptcy news.
I was just watching the Today show, and they had a woman on from a site called carlist.com. (I guess they couldn’t get RF) She said resale of GM vehicles will decrease by 20-30% once it’s announced. So it looks like we will have a new winner in horrible resale value. I bet Hyundai is pleased about that.
I doubt GM residual values can drop any further than they already have. They are pretty low as it is.
Loser: “In a world prior to the Oldsmobile diesel who would have guessed this?”People that bought Chevy Vegas probably aren’t too surprised.
Chevrolet Vega
Chevrolet Citation (X-car)
Cadillac Cimarron
Cadillac V8-6-4
Oldsmobile Diesel
Any one of the above, alone, could conceivably been enough to wipe out a smaller company. But at a corporate monolith like GM, these monumental catastrophies, combined with a myriad and unending number of slightly less noteworthy failures (Corvair, Aztek) and an entrenched, immovable, myopic corporate culture that put short-term financial gain above all else (badge-engineering), it just took a lot longer.
It’s a shame because, Roger Smith, the much maligned GM CEO from 1980-1990, of all people, made the most valiant attempt to correct the situation with Saturn. When the Saturn experiment collapsed, well, the writing was pretty much on the wall from that point forward.
“Around midday?”
What a bunch of incompetant assholes. Is somebody keeping track of all high-level management at GM?
I swear, there should be a very long blacklist. Not a single one of them should even be allowed to manage something so simple as the french fryer at a McDonalds.
If I were a hiring manager, I could see it going like this:
“I’m sorry, sir/ma’am, it is our policy here at (Best Buy / Walmart / Wendy’s / Taco Bell / WhipperSnapper’s Pizza Delivery / you fill in the blank) to not even grant interviews to former members of General Motors’ upper management. We’re afraid your past job performance and incompetence will resurface here and toxify our compay with bureaucracy and denial, beginning a long (or short) slide into bankruptcy.
I’m returning your resume; our scientists tell us we should not even keep it on file for fear that it will contaminate and infect our prospective employee pool.
Please follow the security guard to the front door. Please exit the grounds quickly so that we can begin fumigation, sanitation, and employee innoculation immediately.
Go. Now. Please. That’s too slow, please walk faster.”
tced2: “What’s New York have to do with the GM bankruptcy? GM is incorporated in Delaware. … Why not just do the announcement by a video feed from Detroit?”
Fritz hoped to score some theater tickets to “Annie.” He loves that song, “Tomorrow.”
Hey, Menno and other auto historians: soon we’ll be able to write that final wrapup, “Despite departure of former CEO William Durant, GM proves unable to thrive.”
It will be bitter sweet to see GM declare Bankruptcy, just when I believe they have decent products.
I saw the new Camero yesterday…it was breathtaking. I truly wanted one. But digressed because I have been disappointed by shoddy GM workmanship and poor quality.
The Malibu is a decent looking vehicle. But again my GM owning experience has been like eating cake while being sodomized.
Monday will be a root canal on Christmas morning.
I’ve been a fan from the very first “Death Watch”.
Cheers Robert.
Rakinyo1 :
…I have been disappointed by shoddy GM workmanship and poor quality.
And don’t forget piss-poor dealer service. Or non-service, as the case may be…
The Malibu is a decent looking vehicle. But again my GM owning experience has been like eating cake while being sodomized.
That was painful to read! But then, so were my own GM ownership experiences.