Judge Approves GM's 363 Sale

**nsap** · 06-02-2009, 11:31 PM

Judge Approves GM's 363 Sale
GM's bankruptcy seems to be going as quickly as Chrysler's, so far.
www.gminsidenews.com
June 2, 2009
By: Nsap

Earlier this afternoon GMI was informed that the bankruptcy judge preceding over the bankruptcy of General Motors has already made another fairly substantial ruling in the matter. As many media outlets, including GMI, have reported, GM is seeking a 363 sale in Chapter 11 bankruptcy. This process will allow the company to seperate it's toxic assets to be liquidated in court while the good assets can emerge from bankruptcy protection and start a new life.

According to sources, the judge approved of GM's purposed 363 sale this afternoon. What this means is that the bankruptcy proceedings can continue on according to the pre-packaged plan that was put in place by the Auto Task Force and GM management.

Today's approval of the 363 sale has also brought out the last date in which someone can bid on the new GM, which will be June 22. In order to upset the government's bid on the new company, a firm would have to bid over $35 Billion for new GM. In other words, it is unlikely that anyone will bid over the government. We're also told that final approval of the sale is expected as soon as June 30th. If that is the case, it appears that GM's bankruptcy will be as speedy as Chrysler's was.

In addition, GMI was told that as of late last week 52% of GM's bondholders had agreed to the latest deal. This is important in that those that have agreed to the new deal will not be voicing any opposition to the bankruptcy plan.

**ChevyRules** · 06-02-2009, 11:35 PM

I say we all put our money together and outbid the gov't.

FenwickHockey65 · 06-02-2009, 11:36 PM

Quote:

Originally Posted by ChevyRules

I say we all put our money together and outbid the gov't.

Imagine the headlines...

GROUP OF GM FANBOYS OUTBID US GOV'T FOR NEW GENERAL MOTORS.

jmlee0695 · 06-02-2009, 11:40 PM

Quote:

Originally Posted by FenwickHockey65

Imagine the headlines...

GROUP OF GM FANBOYS OUTBID US GOV'T FOR NEW GENERAL MOTORS.

I got a few thousand in the bank burning a hole in my pocket!!

NfamousZ24 · 06-02-2009, 11:52 PM

Quote:

Originally Posted by jmlee0695

I got a few thousand in the bank burning a hole in my pocket!!

I have already lost $15k on GM...........Might as well risk the rest that I had for GM when new stock is issued. LOL

megeebee · 06-03-2009, 12:39 AM

Quote:

Originally Posted by jmlee0695

I got a few thousand in the bank burning a hole in my pocket!!

Can I have some?

mattyman1010 · 06-03-2009, 12:52 AM

Quote:

I say we all put our money together and outbid the gov't.

Haha I love it!!!
maybe the media could turn its negative attention to us

jmlee0695 · 06-03-2009, 01:16 AM

Quote:

Originally Posted by megeebee

Can I have some?

.No.

ne_one · 06-03-2009, 01:28 AM

I'm willing to throw in 1 meeeeeeeelyun.

2005 Equinox LS · 06-03-2009, 01:30 AM

I guess mt questions are:

1. Which cars are dissapearing? What I mean is that I know Pontiac,Saab,Hummer and Saturn are dissapearing but which Chevrolets,Buicks,and Caddillacs are also going in this effort?

2. For the dealers that are closing, what will they do with the leftover cars.

FenwickHockey65 · 06-03-2009, 01:38 AM

Quote:

Originally Posted by 2005 Equinox LS

I guess mt questions are:

1. Which cars are dissapearing? What I mean is that I know Pontiac,Saab,Hummer and GMC are dissapearing but which Chevrolets,Buicks,and Caddillacs are also going in this effort?

2. For the dealers that are closing, what will they do with the leftover cars.

GMC's not going anywhere.

blue3231 · 06-03-2009, 01:41 AM

Quote:

Originally Posted by ChevyRules

I say we all put our money together and outbid the gov't.

The GMI member list has 14566 members...divided by $35 billion is only approximately $2.4 million apiece. And that's just to match the U.S. government's bid...they can always go print more money.

2b2 · 06-03-2009, 02:03 AM

Quote:

Originally Posted by blue3231

The GMI member list has 14566 members...divided by $35 billion is only approximately $2.4 million apiece. And that's just to match the U.S. government's bid...they can always go print more money.

well we could too

but nobody would accept it

also
thanks for supplying those numbers before I could check

...it really gives a feeling for how freaking big these funding numbers are
&
they're small compared to TARP

chinamonty · 06-03-2009, 06:45 AM

Quote:

Originally Posted by blue3231

The GMI member list has 14566 members...divided by $35 billion is only approximately $2.4 million apiece. And that's just to match the U.S. government's bid...they can always go print more money.

gee and here was i thinking they borrowed it from Japan and China.

redfox · 06-03-2009, 06:55 AM

Quote:

Originally Posted by FenwickHockey65

GMC's not going anywhere.

It should go away.

06-02-2009, 11:31 PM	#1 (permalink)
nsap Editor-in-Chief Join Date: Jan 2003 Drives: 2009.5 Pontiac G8 GT Posts: 17,669	Judge Approves GM's 363 Sale Judge Approves GM's 363 Sale *GM's bankruptcy seems to be going as quickly as Chrysler's, so far.* www.gminsidenews.com June 2, 2009 By: Nsap Earlier this afternoon GMI was informed that the bankruptcy judge preceding over the bankruptcy of General Motors has already made another fairly substantial ruling in the matter. As many media outlets, including GMI, have reported, GM is seeking a 363 sale in Chapter 11 bankruptcy. This process will allow the company to seperate it's toxic assets to be liquidated in court while the good assets can emerge from bankruptcy protection and start a new life. According to sources, the judge approved of GM's purposed 363 sale this afternoon. What this means is that the bankruptcy proceedings can continue on according to the pre-packaged plan that was put in place by the Auto Task Force and GM management. Today's approval of the 363 sale has also brought out the last date in which someone can bid on the new GM, which will be June 22. In order to upset the government's bid on the new company, a firm would have to bid over $35 Billion for new GM. In other words, it is unlikely that anyone will bid over the government. We're also told that final approval of the sale is expected as soon as June 30th. If that is the case, it appears that GM's bankruptcy will be as speedy as Chrysler's was. In addition, GMI was told that as of late last week 52% of GM's bondholders had agreed to the latest deal. This is important in that those that have agreed to the new deal will not be voicing any opposition to the bankruptcy plan. __________________ Get the latest news from GMI...Join the "GMInsidenews.com Facebook Page!! Follow me on TWITTER E-Mail Me Last edited by nsap : 06-02-2009 at 11:33 PM.

06-02-2009, 11:35 PM	#2 (permalink)
ChevyRules GMI Staff Member Join Date: May 2005 Drives: 2007 BMW 335xi, 2007 Saturn Aura XR Posts: 3,623	Re: Judge Approves GM's 363 Sale I say we all put our money together and outbid the gov't. __________________ Follow me on Twitter

06-03-2009, 01:28 AM	#9 (permalink)
ne_one 3.6 Liter SIDI V6 Join Date: Sep 2008 Location: St. Catharines, Ontario Posts: 1,026	Re: Judge Approves GM's 363 Sale I'm willing to throw in 1 meeeeeeeelyun.

06-03-2009, 01:30 AM	#10 (permalink)
2005 Equinox LS 2.8 Liter Turbocharged V6 Join Date: Mar 2005 Location: Fox Valley Wisconsin Drives: 2008 Impala,1981 Bonneville, 1985 Caprice Posts: 951	Re: Judge Approves GM's 363 Sale I guess mt questions are: 1. Which cars are dissapearing? What I mean is that I know Pontiac,Saab,Hummer and Saturn are dissapearing but which Chevrolets,Buicks,and Caddillacs are also going in this effort? 2. For the dealers that are closing, what will they do with the leftover cars. __________________ 2008 Chevrolet Impala LS. 1981 Pontiac Bonneville. "The last full sized RWD Bonneville". 1985 Chevrolet Caprice. 2007 Sears Craftsman Lawn Tractor. 1986 John Deere Lawn Tractor. Last edited by 2005 Equinox LS : 06-03-2009 at 10:12 AM.

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