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BigPontiac

Bankruptcy, Shmankruptcy

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BigPontiac    28

Bankruptcy, Shmankruptcy

Jerry Flint, 02.13.06, 12:00 AM ET

Enough already on General Motors and Bankruptcy. I am tired of the B-word. GM isn't going bankrupt this year; GM isn't going bankrupt next year; 2008 is so far off that even Bill Gates could be bankrupt by then. It's dangerous to go three years out, but no, I wouldn't expect GM to go bankrupt in 2008, either.

Why not?

The company has $19 billion in the kitty and just about $100 billion in the pension fund. But there's more here than the balance sheet.

When I was a boy, there was one reason companies went bankrupt: They couldn't pay their bills. GM can pay its bills, so that's not a problem.

The new reason for bankruptcy is to break a union contract. That works with airlines because there are always some Navy top guns who owe on their Corvettes and will replace your striking pilots. And there are lots of women left to replace your striking stews.

Article continued

Full URL: http://www.forbes.com/columnists/global/2006/0213/023A.html

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Guest Josh   
Guest Josh

I'd like to hear Flints take on GM in the nineties. C'mon Flint I know you're reading this you took one of my business cards lets hear it!

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Ghost Dog    1

The PBGC believes GM's pension fund is 31 billion dollars short of its obligations. Twice what GM has in the " Kitty". So in Effect GM has no Kitty.

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BigPontiac    28

I'd like to hear Flints take on GM in the nineties. C'mon Flint I know you're reading this you took one of my business cards lets hear it!

While not Flint, this BusinessWeek article from Feb 1999 was kind of interesting to read now...

Reviving GM

Full URL: http://www.businessweek.com/1999/99_05/b3614001.htm

Edited by BigPontiac

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