Law and Rights
Literally weeks before a government deadline to avoid bankruptcy, GM threw a Resort Getaway party for 500 of its biggest customers. Well, it's good to see that last billion dollar bailout is being put to good use (sarcasm intended).
CBS' KPHO television station reported that GM paid for airfare and treated 500 guests to a two night stay at the Phoenix lux resort Sheraton Wild Horse Pass Resort & Spa.
The GM guests work for rental car companies, government agencies and businesses that buy GM vehicles. To help them get around during their stay, GM reportedly shipped in 150 vehicles for them to use.
But not all the sun, fun, games, golf, and spa time is on GM. Apparently golf and spa costs aren't being covered by GM. Well, that's certainly reasonable, folks (more sarcasm intended).
Local tv station CBS 5 News wanted to get on the property to ask more questions about the event but the resort would not allow media inside. Here's a link to the station's news piece about it: http://www.kpho.com/video/19400972/index.html
GM bleeds and borrows and then parties on taxpayer loans. And then DFO Ray Young said GM will need almost $3 billion more of government loan money now and probably $9 billion more during the rest of the year. It makes you wonder what these bozo's are thinking.
"We cannot cut costs fast enough to offset that revenue loss," Young is reported to have said. "People are concerned about bankruptcy, and that's the reason why we want to avoid it if at all possible." He might as well have added, "cutting those greens fees and spa treatments really helped, too."
Well, there's certainly nothing like a good party to chase away those bankruptcy blues, that's for sure.
Detroit auto workers need help and that means the company needs help, but luxury weekend resort time on the government tab is not a good PR move. It doesn't take a genuis to realize it either. Stunts like this are a good example of why GM is sliding toward bankruptcy and more and more likely to land smack dab in the middle of a bankruptcy courtroom.
Meanwhile, if you've got a GM product and it needs warranty repair work, you better get it in the shop quick. Some dealers are already reported to be refusing to do warranty work out of fear that they won't get reimbursed for it by the factory. Gee, I guess those resort weekends can get expensive.
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Law and Rights
GM Parties on Government Money
Literally weeks before a government deadline to avoid bankruptcy, GM threw a Resort Getaway party for 500 of its biggest customers. Well, it's good to see that last billion dollar bailout is being put to good use (sarcasm intended).
CBS' KPHO television station reported that GM paid for airfare and treated 500 guests to a two night stay at the Phoenix lux resort Sheraton Wild Horse Pass Resort & Spa.
The GM guests work for rental car companies, government agencies and businesses that buy GM vehicles. To help them get around during their stay, GM reportedly shipped in 150 vehicles for them to use.
But not all the sun, fun, games, golf, and spa time is on GM. Apparently golf and spa costs aren't being covered by GM. Well, that's certainly reasonable, folks (more sarcasm intended).
Local tv station CBS 5 News wanted to get on the property to ask more questions about the event but the resort would not allow media inside. Here's a link to the station's news piece about it: http://www.kpho.com/video/19400972/index.html
GM bleeds and borrows and then parties on taxpayer loans. And then DFO Ray Young said GM will need almost $3 billion more of government loan money now and probably $9 billion more during the rest of the year. It makes you wonder what these bozo's are thinking.
"We cannot cut costs fast enough to offset that revenue loss," Young is reported to have said. "People are concerned about bankruptcy, and that's the reason why we want to avoid it if at all possible." He might as well have added, "cutting those greens fees and spa treatments really helped, too."
Well, there's certainly nothing like a good party to chase away those bankruptcy blues, that's for sure.
Detroit auto workers need help and that means the company needs help, but luxury weekend resort time on the government tab is not a good PR move. It doesn't take a genuis to realize it either. Stunts like this are a good example of why GM is sliding toward bankruptcy and more and more likely to land smack dab in the middle of a bankruptcy courtroom.
Meanwhile, if you've got a GM product and it needs warranty repair work, you better get it in the shop quick. Some dealers are already reported to be refusing to do warranty work out of fear that they won't get reimbursed for it by the factory. Gee, I guess those resort weekends can get expensive.
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Subscribe in a reader- Gm Predicted To File Bankruptcy Any Day
As of late afternoon on May 26, 2009, sources involved with the GM restructuring are saying it's all but over with. GM had to get 90% of its bondholders to accept its "debt for equity" swap to avoid filing the largest ever industrial bankruptcy in...
- Chrysler-fiat Iffy While Gm Gets Gloomy And Saturn Is Selling Out
Fiat has said that there's no better than a 50-50 chance they will work out a deal with Chrysler, which only has until the end of the month to get the deal done. Apparently Fiat has put some hard terms on the table that Chrysler may not be able to...
- Monaco Coach Files Bankruptcy
On March 5, 2009 Monaco Coach Company filed a chapter 11 bankruptcy in its home state of Delaware. The entities that appear to be covered by the bankruptcy look like Signature Motorcoach Resorts, Inc., MCC Acquisition Corp.: Signature Resorts, Naples...
- Rv Industry Collapsing ?
Last year several Rv builders went out of business and this year things aren't looking any better. So far, Country Coach, Monaco Coach and Fleetwood have all filed bankruptcy (of one kind or another). Who's next? That's become the name of...
- National Rv Files Bankruptcy
If you own a National RV motorhome still covered by warranty, you've got trouble. The day after the "National Rv Trade Show" came to an end in Louisville, factory reps from all over the country packed their bags and headed home. Things were different...