DIYbanter - View Single Post - Don't buy used GM cars

Canuck57

On 06/09/2011 7:20 PM, zzzzzzzzzz wrote:
On Tue, 06 Sep 2011 21:06:14 -0400, wrote:

On 9/6/2011 12:56 PM, zzzzzzzzzz wrote:
On Tue, 06 Sep 2011 10:36:08 -0500, Hell wrote:

On 9/5/2011 2:04 PM, aemeijers wrote:

I suppose they did what they had to do, to keep even more people off
unemployment. But if some Ma'n'Pa company with 49 workers proposed a
similar sweetheart deal, the judge would laugh them out of court.

On the contrary, this is standard operating procedure in the housing
construction and home remodeling business. Incorporate. Build
homes/remodel. Acquire a lengthy list of dissatisfied customers
demanding satisfaction, and creditors demanding payment. Go bankrupt,
dissolve corporation, meaning the corporation issuing the warranty no
longer exists. Reincorporate under a new name, thus neatly avoiding
liability for past work.

The only thing GM did different was to reuse the original name.

GM got rid of those pesky bond-holders, and Republican dealerships, too.

ISTR there is plenty of case law saying that people who play the shell
corporation game, and move assets between succeeding corporations
without a clear paper trail, lose their immunity from suits against
their old companies. IOW, the judge said 'who the hell do you think you
are kidding, here?' They were not really corporations, they were thinly
disguised DBAs.

Huh? GMs bond holders were thinly disguised DBAs? Dealerships?

Actually not. THe majority of holdings were mutuals in 401Ks and
pension plans. Just GM screwing Americans where it counts.

--
First rule of holes: If your in one, don't keep digging.
So in the hole, why do we insanely want more debt?