GM Could Sell Detroit Headquarters

[Stéphane Dumas]

Originally Posted by Generous Motors

Nobody lives in Detroit for long.......

GM should sell it and get the hell outta Detroit to a safer suburb, the savings in security would get GM back in the black.

Ford is in Dearborn.

How about moving the HQ south of Detroit at Windsor ONT? And which others suburbs around Detroit besides Dearborn(Ford) and Auburn Hills(Chrysler) are safer?

[Buickman]

Originally Posted by Stéphane Dumas

How about moving the HQ south of Detroit at Windsor ONT? And which others suburbs around Detroit besides Dearborn(Ford) and Auburn Hills(Chrysler) are safer?

what will it take to displace Red Ink Rick?

[skylark68]

Originally Posted by Buickman

what will it take to displace Red Ink Rick?

Global Thermonuclear War

[hunchman]

Originally Posted by Buickman

key words in article...financially strapped and survive. remember, I've been saying it for years, Red Ink Rick is intentionally dismantling GM. no one is so stupid as to keep doing what they do and losing consistently. btw along those lines, more incentives starting Saturday, they just don't get it, or do they?

Besides politicians the only non government career person I know of that can be wrong half the time and keep their job is the weather person or Ricky.

[johnny smallblock]

Originally Posted by 1931Chevy

Lets see GM bought RenCen back in 1996, it sold it some years later and leased it for the office they where using, buy the building back in 08 for 626 million and after GM investing some billions in it and now they are planning to only get 500million

They're not selling the Ren Cen for 500m. They want to refinance their loan - probably to get the monthly payments down - or they are thinking of selling it. Read the article before you line up behind Buick Blowhard to bash GM.

Originally Posted by Buickman

key words in article...financially strapped and survive. remember, I've been saying it for years, Red Ink Rick is intentionally dismantling GM. no one is so stupid as to keep doing what they do and losing consistently.

You're right, if GM would just stop charging customers a destination fee (even thought every other company in the world does) GM would be rolling in cash. Oh, and I forgot your other gem - make better cars. Thanks for helping with the details Blowhard.

Originally Posted by Buickman

btw along those lines, more incentives starting Saturday, they just don't get it, or do they?

Again, way to have your finger on the pulse of the economy. You want them to be the only company out there not doing incentives???

[prototype66]

Move everything to Milford!

[CadiEldo67]

Why don't they just lease part of it, they've already bought it and this would allow them continuous income, rather than a one shot deal.

[FBODYRULES]

PATHETIC! thats real bad

[JerryL]

I've only been in the RENCEN once...last summer. Tt seemed like there was plenty of room for a Lutzberger Cafe on the ground level. Or maybe a VW dealer too.

[steverino]

Originally Posted by Generous Motors

Nobody lives in Detroit for long.......

GM should sell it and get the hell outta Detroit to a safer suburb, the savings in security would get GM back in the black.

Ford is in Dearborn.

Yes, they should have built a Headquarters at their Warren MI. Tech Center complex years ago. Don't know why they are so beholden to the city of Detroit. They've spent a ton of money the past several yrs. refurbishing the RenCenter and the surrounding waterfront. More people are moving out of the city than moving in, plus the only visitors go to the 3 casinos. What a waste of resources.

[2002 Caddy]

Before someone else posts it...

They are only selling it on paper...
And the money they will get for the RenCen is a loan not a bailout.

BTW GM shares tanked again today... down to 7.56... With a Market Cap of only 4.3 Billion.

[cyclone]

man, its sad.

________________________________
Current 2008 Chevrolet Silverado 2500HD
2007 GMC Acadia

Former 2003 GMC Sierra 1500
2000 Chevrolet S-10 ZR2

Future 2010 Camaro

[rozz]

Originally Posted by 2002 Caddy

Before someone else posts it...

They are only selling it on paper...
And the money they will get for the RenCen is a loan not a bailout.

BTW GM shares tanked again today... down to 7.56... With a Market Cap of only 4.3 Billion.

That is nothing...Ford is way down- down to about $2.92.

[mgescuro]

Originally Posted by Buickman

THEY PAID $626 MILLION LAST MAY. this is another desparate act by a management that simply doesn't know how to sell cars and that problem will not go away as long as Red Ink Rick remains.

UGH.
I said it back in May when they did it.
"Why in the heck did they bother spending good money on a building!!??"

ANd people said, "It was a good investment." I disagree that it was a good investment back then, and it most definitely isn't a good investment NOW.

And true, it is, but in a RECESSIONARY MARKET??
The majority of real estate will be flat to down, and GM wouldn't expect to make any money off that purchase for at least 3 years.

It was just a bad bad bad bad decision.

[drew770]

This is a scary time in America as far as the economy. I thought that GM, Ford & Chrysler could hold on until the economy turns around but I don't think 1 of them will.

The credit market is shot and it's harder to get a car loan. Even folks with 800 credit scores are being turned down.

This isn't doom and gloom but its reality. GM & Ford will have to do something massive in order to avoid bankruptcy.