DETROIT (AP) — General Motors Chief Executive Rick Wagoner says the automaker would end up being liquidated if it enters Chapter 11 bankruptcy protection.
Wagoner says restructuring out of court would accomplish 99 percent of what could be achieved in bankruptcy. But he says it wouldn't have the risk of scaring away customers or the huge expense of Chapter 11.
Wagoner made the statements Tuesday at a breakfast in Washington, D.C., sponsored by the Christian Science Monitor.
General Motors Corp. has received $13.4 billion in federal loans and is seeking another $16.6 billion. The company faces a March 31 deadline to finish its viability plan and show the government it's worthy of the money.
Ok. Liquidate. You guys have been fucking up for years now. Instead of really working on one of your best lines (Saturn), you let it fall to pieces. I wouldn't buy a new Saturn right now if you paid me! Instead of saving all those billions and billions from the SUV craze or turning into R&D for more sustainable, working vehicles, you just blew it on candy and soda.
GTFO. Same goes to AIG. Tired of paying for your fuckups. Why should we? Someone else is going to step in and take over where you left off. Maybe those people who got laid off can band together and form a company with ethics and actual GOOD business practices that won't lose tons of money and then be all, "Oh, yeah, hey, sooooo, we need some money because if you don't help us EVERYTHING WILL COME CRASHING DOWN AROUND YOUR EARS!!!"
Sounds like a ransom note, except instead of cutting off little Billy's toe to show that you are serious, they are trying to cut off the country's collective toe.
This is worse than the nihilists from the Big Lebowski.
Or maybe I'm wrong.