GM will NOT "go on" after a Ch 11 filing, they'll end up liquidating and Mike, "All collection efforts by creditors are put on hold." Yup, that includes the suppliers and where will GM get their parts and "go on" when the companies that make them can't get paid for what their owed already? The "creditors" are largely suppliers (big and small) who are on the verge of bankrupcy themselves. Can someone please explain to me how GM's Ch 11 filing will NOT cause ripple effects? People make it sound so easy. "Just file and restructure". Yet, they have no clue about the nuts and bolts of this event. Very few people who oppose the bridge loan have thought it through, including naysayers on this Board. Assembly plants shut down very quickly when even ONE supplier doesn't ship parts. Compound that by the hundreds that will quickly go out of business just waiting for a bankruptcy judge to ok payments and the auto industry will be in paralysis. That includes the transplants as many suppliers that supply to GM also supply to Toyota, Honda, Nissan, etc.
Please, please, someone explain to me how these comments are logically wrong? Don't just rant and rave about mismanagement, greedy unions, etc. Explain to me how "life will go on" in the auto industry.
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Today's Featured Article - Gatherin of the Orange - by Rick Nikolich. In July of 1998 I was talking to fellow Allis Chalmers collector Mike Schilling about the annual "Gathering of The Orange" AC show coming up in August of 1999. He got this wild idea that we should get a convoy of AC tractors and drive them from Charlotte, Michigan 105 miles to LaGrange, Indiana.
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