F. George McDuffee wrote:
On Sun, 20 Jul 2008 14:02:53 -0700, "John R. Carroll"
wrote:
snip
I also think that a bunch of AG's ganging up on GM would just push
them into a filing.
snip
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Given the General's capital burn rate, the sooner they are forced
into chapter 11 and then chapter 7 [after the FBI investigations
and IRS forensic audits] the better, as there will be that much
more capital available for the creditors, the fewer the bogus
"securities" unloaded on the public, and that much less in
executive compensation and bonuses.

In addition to their burn thay jave seen their exrensive real estate
hiolding loose half or so of their value.
Didn't Ford recently put up their properties to secure credit?


As the unilateral pension abrogation operationally results in a
very profitable debt cancellation for the General, will they have
to pay any tax on this? I know they don't pay any taxes on the
interest they save by forcing their suppliers to accept 60 and 90
days the same as cash payments.

You don't pay taxes if you don't have profit and they will possibly be able
to split it over two years.
They thought the timing out pretty carefully.
For instance, retirees have to have payment authorization forms filed by
August 4th if they want to avoid billing medicaid themselves.

--

John R. Carroll
www.machiningsolution.com