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Detroit, 4:03 AM
Thu Dec 3
32 posts in the last 24 hours

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    GM Ability To Continue Doing Business Classified As "Going Concern" By Auditors

    Nearly Half of California's Vehicle Fleet Missing?
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    Dsmvwl  Admin  Promote to frontpage Approve user Ban user ×
    Image of skyln95 skyln95
    03/05/09

    In reply to GM Ability To Continue Doing Business Classified As "Going Concern" By Auditors
    hey guys. i'm making my re-entry for those of you who remember me. i lost my job in ontario, ca last summer and fled to lafayette, la. pretty much back to home for me, the party ended on the west coast. as for the topic. i don't think anyone here is surprised. it's too little too late for them to turn it around. and that goes with alot of situations right now. let the ship sink. on the other, hated by the manufacturers, side of the auto industry, autozone is reporting record profits and its stock is higher than it has ever been.
     Reply
    skyln95 was starred skyln95 was unstarred
    Image of Six Flags Over Tomsk Six Flags Over Tomsk
    03/05/09

    @skyln95: Welcome back. The upturn in Autozone's fortunes isn't surprising; people are having to try to make the cars they have last longer instead of getting a new one.
     Reply
    Six Flags Over Tomsk was starred Six Flags Over Tomsk was unstarred
    Image of Tanshanomi Tanshanomi
    03/05/09

    In reply to GM Ability To Continue Doing Business Classified As "Going Concern" By Auditors
    In other news, General Motors was just given command of Fort Sedgewick.

    "Not what you would call much of a goin' concern, now is it?"
     Reply
    Tanshanomi was starred Tanshanomi was unstarred
    Image of Joshuman Joshuman
    03/05/09

    In reply to GM Ability To Continue Doing Business Classified As "Going Concern" By Auditors
    I've just come here from reviewing what Obama's tax proposals mean for my family (not good). I was looking for some levity and instead I find more doom and gloom. I have half a mind to get back in the car and head to the liquor store for some after breakfast scotch.
     Reply
    Joshuman was starred Joshuman was unstarred
    Image of Six Flags Over Tomsk Six Flags Over Tomsk
    03/05/09

    @joshman: Brunch scotch?
     Reply
    Six Flags Over Tomsk was starred Six Flags Over Tomsk was unstarred
    Image of 413wedge 413wedge
    03/05/09

    In reply to GM Ability To Continue Doing Business Classified As "Going Concern" By Auditors
    GM should just go on a mammoth "crack binge" like the FEDS are doin right now. They could start building Corvairs and Vegas again kinda' like the FEDS are doin right now. Hire a million or so friends, family and contractors to surf the web and sleep like the FEDS are doin right now. Crashtest overfilled side saddle fuel tanks with no gas caps and lit sparklers kinda like the FEDS are doin right now. Pass out huge bonuses for showing up and not getting caught stealing kinda like the FEDS are doin right now. Give daily press briefings telling the world how awesome they are like the FEDS are doin right now. After all, whats good enuff for the country is good enuff for GM and vicey versey!
     Reply
    413wedge was starred 413wedge was unstarred
    Image of DoctorNine DoctorNine
    03/05/09

    @bigblockautoX: Damn. I like the way you think.
     Reply
    DoctorNine was starred DoctorNine was unstarred
    Image of SeanKHotay SeanKHotay
    03/05/09

    In reply to GM Ability To Continue Doing Business Classified As "Going Concern" By Auditors
    With GM now "raising the SPECTRE of bankruptcy"...


    ...Does anyone think Fritz Henderson resembles, any, is Ernst Stavro Blofeld?

     Reply
    SeanKHotay was starred SeanKHotay was unstarred
    Image of OldeEnglishD OldeEnglishD
    03/05/09

    In reply to GM Ability To Continue Doing Business Classified As "Going Concern" By Auditors
    TTAC is going to have a field day with this one aren't they? Farrago probably sprouted wood as soon as he saw the article...
     Reply
    OldeEnglishD was starred OldeEnglishD was unstarred
    Image of Pesti-Esti Pesti-Esti
    03/05/09

    In reply to GM Ability To Continue Doing Business Classified As "Going Concern" By Auditors
    GM auditors claim the automaker's a "Going Concern." That means they're concerned about the company's ability to continue functioning as a business entity.


    That is almost the exact opposite of what it means.

     Reply
    Pesti-Esti was starred Pesti-Esti was unstarred
    Image of Ash78, tryptophanatic Ash78, tryptophanatic
    03/05/09

    @Pesti-Esti: At least we're telling Ray now, rather than letting him go on CNBC and say it in front of other people. :D
     Reply
    Ash78, tryptophanatic was starred Ash78, tryptophanatic was unstarred
    Image of Tanshanomi Tanshanomi
    03/05/09

    @Pesti-Esti: What? Wert makes mistakes?
     Reply
    Tanshanomi was starred Tanshanomi was unstarred
    Image of pauljones pauljones
    03/05/09

    @Tanshanomi: Nope. Wert is my Dragon-God. He is above mere mortal mistakes.
     Reply
    pauljones was starred pauljones was unstarred
    Image of Van Sarockin, rogue trebuchet Van Sarockin, rogue trebuchet
    03/05/09

    In reply to GM Ability To Continue Doing Business Classified As "Going Concern" By Auditors
    I would suggest that we all whistle much louder as we stroll past the graveyard.
     Reply
    Van Sarockin, rogue trebuchet was starred Van Sarockin, rogue trebuchet was unstarred
    Image of engineerd engineerd
    03/05/09

    In reply to GM Ability To Continue Doing Business Classified As "Going Concern" By Auditors
    Bankruptcy On

    Apply directly to the company


    Bankruptcy On

    Apply directly to the company


    Bankruptcy On

    Apply directly to the company

     Reply
    engineerd was starred engineerd was unstarred
    Image of aSoundofSleep-less nights aSoundofSleep-less nights
    03/05/09

    @engineerd thinks cannoli is deserving of a star:


    That commercial makes me want to stab babies.

     Reply
    aSoundofSleep-less nights was starred aSoundofSleep-less nights was unstarred
    Image of A strolling player A strolling player
    03/05/09

    @aSoundofSleep hates work: Reduces Jalop time: Bankruptcy On, I hate your commercial. But I looove your product!
     Reply
    A strolling player was starred A strolling player was unstarred
    Image of justabunchofwords justabunchofwords
    03/05/09

    In reply to GM Ability To Continue Doing Business Classified As "Going Concern" By Auditors
    Um, Ray, please read the definition that you linked. If GM was a "Going Concern", that would be great! The Auditors feel as though it is at risk. Also, their filing is nothing new, just stuff they have to say at specific times to satisfy SEC/SOX type regulations.
     Reply
    justabunchofwords was starred justabunchofwords was unstarred
    Image of pauljones pauljones
    03/05/09

    @justabunchofwords: Everything you know is wrong:
     Reply
    pauljones was starred pauljones was unstarred
    Image of tekamul tekamul
    03/05/09

    In reply to GM Ability To Continue Doing Business Classified As "Going Concern" By Auditors
    They may think it's a going concern, but they may want to check with their doctor. It could turn out it's a growing concern. Maybe they need some Avodart for their growing prostate (Hummer)
     Reply
    tekamul was starred tekamul was unstarred
    Image of Ash78, tryptophanatic Ash78, tryptophanatic
    03/05/09

    @tekamul: You rock. I was just thinking about that.
     Reply
    Ash78, tryptophanatic was starred Ash78, tryptophanatic was unstarred
    Image of engineerd engineerd
    03/05/09

    @tekamul: They may want to get their prostate checked, too.
     Reply
    engineerd was starred engineerd was unstarred
    Image of engineerd engineerd
    03/05/09

    @engineerd thinks cannoli is deserving of a star: Dammit, you said that. I should read the whole thing.


    I blame the plague.

     Reply
    engineerd was starred engineerd was unstarred
    Image of pauljones pauljones
    03/05/09

    In reply to GM Ability To Continue Doing Business Classified As "Going Concern" By Auditors
    Somewhere out there on that horizon

    Out beyond the neon lights

    I know there must be somethin' better

    But there's nowhere else in sight

    It's survival in the city

    When you live from day to day

    City streets don't have much pity

    When you're down, that's where you'll stay

    In the city, oh, oh.

    In the city


    I was born here in the city

    With my back against the wall

    Nothing grows, and life ain't very pretty

    No one's there to catch you when you fall

    Somewhere out on that horizon

    Faraway from the neon sky

    I know there must be somethin' better

    And I can't stay another night

    In the city, oh, oh.

     Reply
    pauljones was starred pauljones was unstarred
    Image of elwood elwood
    03/05/09

    @pauljones-Jo Schmo's saintly and opposite twin.: The Eagles? Really?
     Reply
    elwood was starred elwood was unstarred
    Image of pauljones pauljones
    03/05/09

    @elwood: It was that or Savage Garden.
     Reply
    pauljones was starred pauljones was unstarred
    Image of engineerd engineerd
    03/05/09

    @pauljones-Jo Schmo's saintly and opposite twin.: Truly Madly Deeply? The line "Until the sky falls down on me" might be appropriate.


    I'll be your dream

    I'll be your wish

    I'll be your fantasy.

    I'll be your hope

    I'll be your love

    Be everything that you need.

    I love you more with every breath

    Truly madly deeply do..

    I will be strong I will be faithful

    'Cos I'm counting on a new beginning.

    A reason for living.

    A deeper meaning.


    I want to stand with you on a mountain.

    I want to bathe with you in the sea.

    I want to lay like this forever.

    Until the sky falls down on me...

     Reply
    engineerd was starred engineerd was unstarred
    Image of elwood elwood
    03/05/09

    @pauljones-Jo Schmo's saintly and opposite twin.: I would have gone with Savage Garden, personally. I think that the Eagles are one of the most vastly overrated bands out there. I don't even think that Hotel California is particularly good.
     Reply
    elwood was starred elwood was unstarred
    Image of pauljones pauljones
    03/05/09

    @engineerd thinks cannoli is deserving of a star:


    Set and spike!


    Now that's what I call teamwork.


    Nice finish.

     Reply
    pauljones was starred pauljones was unstarred
    Image of pauljones pauljones
    03/05/09

    @elwood:


    Sacrilege!


    But whatever. As long you don't start dissing my Weird Al Yankovic collection.

     Reply
    pauljones was starred pauljones was unstarred
    Image of Feds Feds
    03/05/09

    @elwood:


    You've clearly never stood on a corner in Winslow Arizona.

     Reply
    Feds was starred Feds was unstarred
    Image of engineerd engineerd
    03/05/09

    @Feds: I stood on a corner in Winslow, Arizona. I was there 15 minutes and never saw a flatbed Ford.


    Of course, it was 3AM and I was lonely.

     Reply
    engineerd was starred engineerd was unstarred
    Image of pauljones pauljones
    03/05/09

    @engineerd thinks cannoli is deserving of a star:


    Such a fine sight to see.


    Wait, what?

     Reply
    pauljones was starred pauljones was unstarred
    Image of Jo Schmo Jo Schmo
    03/05/09

    @pauljones-Jo Schmo's saintly and opposite twin.: Eagles are awesome. They are coming here in the summer I think but tickets are ridiculously kidney-selling expensive.
     Reply
    Jo Schmo was starred Jo Schmo was unstarred
    Image of A strolling player A strolling player
    03/05/09

    @pauljones-Jo Schmo's saintly and opposite twin.: Come on, man. I had a rough night and I hate the fuckin' Eagles, man
     Reply
    A strolling player was starred A strolling player was unstarred
    Image of pauljones pauljones
    03/05/09

    @A strolling player can't keep his name from changing every ...:


    It's okay, man. Love will keep you alive.

     Reply
    pauljones was starred pauljones was unstarred
    Image of elwood elwood
    03/05/09

    @pauljones-Jo Schmo's saintly and opposite twin.: Bad Hair Day was awesome. Aint no way anyone can front on Weird Al.
     Reply
    elwood was starred elwood was unstarred
    Image of MushyHeirloom MushyHeirloom
    03/05/09

    @elwood: A Toyota's a Toyota.
     Reply
    MushyHeirloom was starred MushyHeirloom was unstarred
    Image of pauljones pauljones
    03/05/09

    @Foozy Ploosh Room: Unless it's a Toyoda.
     Reply
    pauljones was starred pauljones was unstarred
    Image of A strolling player A strolling player
    03/05/09

    @elwood: Running with Scissors was my entire childhood, man!
     Reply
    A strolling player was starred A strolling player was unstarred
    Image of GasGuzzler GasGuzzler
    03/05/09

    In reply to GM Ability To Continue Doing Business Classified As "Going Concern" By Auditors
    In all honesty I wouldn't say anyone's been living in a cave Ray. Not doing well and being in danger of bankruptcy can sometimes be worlds apart. I think the fact that GM has posted enormous losses for four years with no upside in sight has finally put the nail in the coffin so to speak.


    Despite Chrysler's crappy products, etc. it doesn't have the mountains of debt GM does. Product side, GM looks decent, but operationally that company is in the worst shape of all of them. It just may take Chapter 11 to get out of this one.
    -----Original Message-----

     Reply
    GasGuzzler was starred GasGuzzler was unstarred
    Image of DoctorNine DoctorNine
    03/05/09

    @GasGuzzler: "..Product side, GM looks decent, but operationally that company is in the worst shape of all of them..."


    I have to agree that they have the worst balance sheet right now. In fact I said something similar about a year ago. I think it's going to take getting the legacy costs off their back, and selling off some major property/production assets to turn them around. They may have to go to bankruptcy to do this, since there are a lot of political forces opposing closure of any of their facilities, and those involved don't seem to grasp, that their historic response to these pressures won't work anymore. The parasite has drained so much blood from the host, that it is only being kept alive via transfusion. And all I hear, seems to be arguments that they have among themselves over who is entitled to how much of the beast's vital juices. If GM is a corporation in the legal sense, then its corpus is on life support. And people need to concentrate on keeping it alive, not argue over who gets the vital organs when it finally expires.

     Reply
    DoctorNine was starred DoctorNine was unstarred
    Image of pauljones pauljones
    03/05/09

    @DoctorNine:


    If GM is a corporation in the legal sense, then its corpus is on life support. And people need to concentrate on keeping it alive, not argue over who gets the vital organs when it finally expires.


    Bingo.


    But wait, that would be the intelligent thing to do, and it would be very anti-UAW thinking.

     Reply
    pauljones was starred pauljones was unstarred
    Image of elwood elwood
    03/05/09

    @DoctorNine: So when do you decide that it's too far gone and pull the plug?
     Reply
    elwood was starred elwood was unstarred
    Image of DoctorNine DoctorNine
    03/05/09

    @elwood: That's the $64,000 question, isn't it?
     Reply
    DoctorNine was starred DoctorNine was unstarred
    Image of e30 guy e30 guy
    03/05/09

    @DoctorNine: Instead of dumping $$$$ into GM/Ford/that other one, I'd rather see the cash go into taking over the retirement and medical of all their retirees. Roll their pensions into Federal Employee pension/retirement program and medical. If the companies still go on to fail, at least those people are taken care of...
     Reply
    e30 guy was starred e30 guy was unstarred
    Image of DoctorNine DoctorNine
    03/05/09

    @e30 guy: That may be the part of the deal that no one is talking about yet. In fact there may be a tie-in with Obama's health access plan. Not that I have any inside information on that, but I would not be at all surprised.
     Reply
    DoctorNine was starred DoctorNine was unstarred
    Image of Sloop_John_B Sloop_John_B
    03/05/09

    In reply to GM Ability To Continue Doing Business Classified As "Going Concern" By Auditors
    Back, back, backbackbackbackback...gone!
     Reply
    Sloop_John_B was starred Sloop_John_B was unstarred
    Image of MushyHeirloom MushyHeirloom
    03/05/09

    @Sloop_John_B: That's my kind of going concern!
     Reply
    MushyHeirloom was starred MushyHeirloom was unstarred
    Image of Ash78, tryptophanatic Ash78, tryptophanatic
    03/05/09

    In reply to GM Ability To Continue Doing Business Classified As "Going Concern" By Auditors
    doubt about its ability to continue as a going concern


    "Going concern" is just finance-speak for an entity without a finite life (as opposed to a proprietorship, for example). So they're not saying "GM is a going concern"--it has been since incorporation.

     Reply
    Ash78, tryptophanatic was starred Ash78, tryptophanatic was unstarred
    Image of Tiberiuswise is all ate up with sarcasm Tiberiuswise is all ate up with sarcasm
    03/05/09

    @Ash78:
    Did you know that or did you cheat and click the link to Wikipedia?
     Reply
    Tiberiuswise is all ate up with sarcasm was starred Tiberiuswise is all ate up with sarcasm was unstarred
    Image of Ash78, tryptophanatic Ash78, tryptophanatic
    03/05/09

    @Tiberiuswise - now with 20% more sarcasm.: Knew it already. B-school is occasionally useful on Jalopnik and Jeopardy. In life, not so much.
     Reply
    Ash78, tryptophanatic was starred Ash78, tryptophanatic was unstarred
    Image of If FromaBuick6 has to watch one more Chevy commercial, he's going to punch Howie Long in the face If FromaBuick6 has to watch one more Chevy commercial, he's going to punch Howie Long in the face
    03/05/09

    @Ash78: You could make that argument about most degrees. If I ever use more than 20% of what I've learned in engineering school I'll be pretty surprised.


    Instead, I've spent 5 years of effort to get a degree in one of the top job fields...and I can't find a job. Or even an interview. Or job posting that isn't at Target.


    Fucking Carpocalypse. Always messing with my shit.

     Reply
    If FromaBuick6 has to watch one more Chevy commercial, he's going to punch Howie Long in the face was starred If FromaBuick6 has to watch one more Chevy commercial, he's going to punch Howie Long in the face was unstarred
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