GM Inside News Forum banner
1 - 20 of 50 Posts

·
Registered
Joined
·
3,557 Posts
Even if GM doesn't pick up those facilities, the automaker's obligation could still grow by billions of dollars, the newspaper said, citing people involved in the bankruptcy process.
Delphi: the gift that just keeps on giving...



 

·
Registered
Joined
·
673 Posts
And for all of this "Great Accomplishment" the Honorable Judge Drain approved bonuses in the millions of dollars to the dips who made it all happen.
 

·
Registered
Joined
·
8,904 Posts

·
Registered
Joined
·
8,861 Posts
...The U.S. government's pension-insurance agency has expressed concern about the growing possibility of liquidation.
This is the part that I find most delicious. Steve Miller, in all of his ineptness, will escape unscathed from the mess that he perpetuates daily, and taxpayers will be left holding [part of] the check. I bet there will be a golden parachute (that of course will be taxed as capital gains only) to make his landing softer. After all, he really deserves it.
 

·
Registered
Joined
·
2,791 Posts
Since the stock costs pennies, can't GM just repurchase all of Delphi? Rather then giving billions every quarter for nothing.
 

·
Registered
Joined
·
1,119 Posts
Why all of the hate for this Steve Miller guy? Does anyone know him? How do you know he is inept?

Clearly the old guard of the American supply industry was uncompetitive for a variety of reasons independent of the CEO.

As for him being paid -- weren't ALL of the Delphi employees paid during this time period. So why shouldn't he be. As for the amount of his pay -- who would you rather have leading a turnaround: a flunky CEO who makes sh1t or a quality CEO who commands a market salary?
 

·
Premium Member
Joined
·
3,040 Posts
I'm sure in the end he'll make some money but for a while he lowered his yearly salary to $1 per year. I read an article a while back about him and it was pretty good and mostly positive about him. He has gotten a lot of negative publicity however, can't say if he deserves it all. He also lost his wife to cancer in the middle of it all.
 

·
Premium Member
Joined
·
3,040 Posts
Can someone explain in 10 words or less why GM has these obligations to Delphi? I thought that it was spun-off. Doesn't that mean that it's a seperate entity?
Part of the spin-off deal was that if Delphi went bankrupt within a certain # of years then GM was obligated to help. I don't recall who the deal was with, the UAW perhaps, I don't remember. I think they filed just prior to the expiration date.

In addition to that GM would be in a world of hurt if Delphi stopped production because they couldn't pay their bills, they still supply a large amount of parts to GM plants. If GM doesn't help them out they could possibly take GM down with them, if GM can't make cars they are in trouble obviously.
 

·
Registered
Joined
·
6,231 Posts
Can someone explain in 10 words or less why GM has these obligations to Delphi? I thought that it was spun-off. Doesn't that mean that it's a seperate entity?
My understanding is that it's not legal for a company to spin-off an unprofitable division.

The people that ended up holding the bag for Delphi are GM stockholders. So, here comes the shareholder lawsuits.
 

·
Registered
Joined
·
547 Posts
Here is an update. I wasn't sure to create a new post since it ties in to the news earlier today.

Delphi revising plan to emerge from bankruptcy
8/29/2008, 2:46 p.m. ET
By VINNEE TONG
The Associated Press


NEW YORK (AP) — Auto parts supplier Delphi, which has been operating under bankruptcy protection for nearly three years, is working on a revision to its reorganization plan and is not talking about liquidating the company, a spokesman said Friday.

http://www.mlive.com/newsflash/index.ssf?/base/news-56/1220034561325650.xml&storylist=newsmichigan
 

·
Registered
Joined
·
8,904 Posts
So it's like divorcing your wife and letting her keep her Visa. Yikes.
Yup! The GMAC "divorce" is even worse... That one is like letting some stranger down the street sleep with your wife and you agree to take her back when he is done and raise any kids that the two of them had.
 

·
Registered
Joined
·
8,861 Posts
Why all of the hate for this Steve Miller guy? Does anyone know him? How do you know he is inept?

Clearly the old guard of the American supply industry was uncompetitive for a variety of reasons independent of the CEO.

As for him being paid -- weren't ALL of the Delphi employees paid during this time period. So why shouldn't he be. As for the amount of his pay -- who would you rather have leading a turnaround: a flunky CEO who makes sh1t or a quality CEO who commands a market salary?
What an interesting post. Lots of perverted thinking-can you imagine how poorly Delphi would be doing if its CEO was paid peanuts?-but interesting, nonetheless.
 

·
Registered
Joined
·
8,904 Posts
Why all of the hate for this Steve Miller guy? Does anyone know him? How do you know he is inept?

Clearly the old guard of the American supply industry was uncompetitive for a variety of reasons independent of the CEO.

As for him being paid -- weren't ALL of the Delphi employees paid during this time period. So why shouldn't he be. As for the amount of his pay -- who would you rather have leading a turnaround: a flunky CEO who makes sh1t or a quality CEO who commands a market salary?
Wow I guess you are right, if they had a lousy CEO they might be producing crap parts in China, be in Chapter 11, slipping toward Chapter 7, looking for bail outs from GM (or anyone else), their Bond rating would be total crap, and they would have share prices worth less then nothing.

Wow, if that is sucess, how do you define failure?
 
1 - 20 of 50 Posts
Top