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General Motors Insolvent 'til December

Carl Bank
post Nov 10 2008, 02:41 PM
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Study from Deutsche Bank leads to 23.4% drop of GM stocks today, DB sets stock price target at "Zero":

QUOTE
Deutsche Bank Says GM's (GM) Stock Is A Big Fat 'Goose Egg'

http://www.streetinsider.com/Downgrades/De...9;/4141640.html


November 10, 2008 8:38 AM EST

Deutsche Bank downgrades General Motors (NYSE: GM) from Hold to Sell with a $0 price target, saying witout external government intervention GM may not be able to fund its U.S. operations beyond December.

The firm said, "Even if GM's suppliers do not change the company's commercial payment terms, GM's U.S. cash position will likely decline to less than $5 bn by late December, and we believe that this level could be overwhelmed by payables coming due in early January."

Deutsche Bank said the U.S. will be compelled to give GM a bailout, saying a recent study by the Center For Automotive research projected an immediate loss of over 2.5 MM jobs, and a $125 bn decline in personal income if the company fails.

Deutsche Bank said a government bailout will not likely help shares, and therfore lowered their price target to Zero. They said, "Even if GM succeeds in averting a bankruptcy, we believe that the company's future path is likely to be bankruptcy-like. We believe that the U.S. may ultimately need to provide GM with at least $10 bn in loans to keep the company afloat through 2009/2010, and potentially as much as $25 bn to fund GM's cash burn and restructuring. While we believe that that GM's secured creditors may get a par recovery, unsecured creditors may get very low recovery. Equity shareholders are unlikely to get anything. We are lowering our target on GM equity to $0."
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Carl Bank
post Nov 10 2008, 02:43 PM
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ASK FOR EDIT:

can some of you mods please change the title misspelling from Mozors to Motors?


hasty typing at its best: Cral
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GroundPounder
post Nov 10 2008, 05:19 PM
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GM has been technically insolvent for the last two years. some analyst back then said that there was no way gm would ever have another profitable quarter.....which brings us to the rating agencies and the brokers w/ their pump and dump approach.

shame on them all...just go bankrupt already and fade away like nash, rambler, studebaker, hudson etc etc etc
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Carl Bank
post Nov 10 2008, 07:20 PM
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QUOTE (GroundPounder @ Nov 10 2008, 11:19 PM) *
GM has been technically insolvent for the last two years. some analyst back then said that there was no way gm would ever have another profitable quarter.....which brings us to the rating agencies and the brokers w/ their pump and dump approach.

shame on them all...just go bankrupt already and fade away like nash, rambler, studebaker, hudson etc etc etc


Some deserved to survive, imo (Tucker, Cord, Auburn, Duesenberg). These were just art.

But anyway, when such a great corporation like GM goes bankrupt, it won't dissapear.
More likelike is a govt. take-over followed by a shrink-to-fit-program... To fit in the
new American communism where every Bank, every Real Estate, every Insurance comp.
and every big corporation like GM is owned by the state. USSA.

In this light, Tucker, Cord, Auburn and Duesenberg wouldn't fit in anyway.



takes the bus: Carl
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dMz
post Nov 10 2008, 07:50 PM
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The old timers told me that the Studebaker cars and trucks were vastly superior (mechanically) to the Fords and Chevys back in the day, and 20-27 MPG wasn't unusual either with ~25-cent/gallon gasoline and crude carburetors.

Carl may find it interesting that a German immigrant engineer designed both Studebaker's and Chevrolet's relatively-efficient small-block OverHead Valve (OHV) V8 engines (that won countless races over the years), but I digress. GM finally abandoned that venerable 5.7-liter "small block" V8 a few years ago FWIW.

EDIT: Here's a 50-year old Studebaker that had an "Autobahn-worthy" 160 mph speedometer IIRC:

http://en.wikipedia.org/wiki/Studebaker_Golden_Hawk

"Speed Age magazine of July 1956 tested the Golden Hawk against the Chrysler 300 B, Ford Thunderbird and Chevrolet Corvette, finding that the Golden Hawk could out-perform the others comfortably in both 0-60 mph acceleration and quarter mile times. The fastest 0-60 reported in magazine testing was 7.8 seconds, while top speeds were quoted as 125 mph (201 km/h) plus."
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GroundPounder
post Nov 10 2008, 08:52 PM
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don't get me wrong...cords, tuckers..very innovative, no argument from me. a free market (if one really existed) stipulates what fluorishes and what doesn't. government( central planning) skews things in a big way.

put another way, what right does a man/group of men have in deciding who succeeds and who fails? the logical conclusion to a bailout is the gov't owning every business..central planning has never worked.

and yeah sure, betamax was better than vhs, but that is yesteryear.. where is vhs today?

oh, the sbc will live on!! nothing like a 383 stroker
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