GM bondholders wont swap debt for stock, bankruptcy looms [DetroitNews]
Ken Czubay, head of Ford's U.S. sales and marketing, today noted along with ambitious product strategy they're "going to aggressively market new products," because "we still have some very competitive Asian and European competitors." He's right, Ford's posted big conquest sales on the backs of their American rivals.
Six GM executives, including outgoing product czar "Maximum" Bob Lutz, disclosed Monday they sold almost $315,000 in stock and liquidated their remaining direct holdings in the automaker ahead of a probable stock-value-rendered-worthless bankruptcy.
The market-watchers at Thomson Reuters seem to think a heading-toward-bankruptcy "Dollar Menu-priced" GM may be dropped from the list of 30 stocks comprising the DJIA. Will Google, Apple or Amazon replace it?
GM just announced a preliminary fourth quarter 2008 net loss of $9.6 billion, bringing the net cash hemorrhaged for all of 2008 to $30.9 billion.
The CEOs of the not-so-Big Three made it to DC for committee hearings beginning today at 10:00 AM. According to Bloomberg's sources, GM and Chrysler execs are considering a pre-arranged bankruptcy (which we've already said is a good thing) as a last-resort of getting a multibillion-dollar government loan.