Una domanda… QUalcuno di voi ha una vaga idea di coem verranno gestiti i CDS in questa sitauzione di default pilotato? Ho chiesto a più fonti ma nessuno ha saputo spiegarmi se i possessori avranno degli indennizzi oppure no… E soprattutto se qualcuno dovrà dissanguarsi per pagare…

OK

GM Bankruptcy to Bring Taxpayer Ownership, Less Debt (Update1)
2009-06-01 03:22:30.984 GMT

(Adds administration comment in ninth paragraph.)

By John Hughes, Caroline Salas and Jeff Green
June 1 (Bloomberg) — General Motors Corp., the world’s
largest automaker for 77 years, will file for bankruptcy today,
and emerge with majority ownership by taxpayers and liabilities
reduced by more than 50 percent, the U.S. government said.
The “new GM” will get $30.1 billion in bankruptcy
financing from the government, and the Treasury “does not
anticipate providing any additional assistance” after that, the
Obama administration said yesterday in a statement. The federal
government will have a 60 percent equity stake in the retooled
automaker, and 12 percent will be held by the Canadian
government, which is lending $9.5 billion to the company.
The filing, which GM executives said last year wouldn’t
happen, marks the plunge of a company that once made more than
half the cars bought in the U.S. The Detroit-based automaker
became burdened by higher costs than competitors and a reliance
on fuel-guzzling light trucks as gasoline prices rose. GM has
been battered by almost $88 billion of losses since 2004.
“GM going through bankruptcy is a very positive thing for
the auto industry: They should emerge as a reasonable
competitor,” said Len Blum, managing director at investment-
banking firm Westwood Capital LLC in New York. “The only thing
that’s been holding GM back is labor contracts and relationships
with debtors and franchisees. All that should be cleansed in a
bankruptcy.”
GM intends to close 11 factories and idle an additional
three, while attempting to reopen one idled facility to build a
new small car, the administration said, without estimating how
many jobs would be eliminated. The automaker has said it aims to
reduce its U.S. hourly workforce to about 40,000 next year from
61,000 at the end of last year.

‘Reluctant’ U.S. Owner

The government is “a reluctant equity owner” that “will
protect the taxpayers’ investment by managing its ownership
stake in a hands-off commercial manner,” the Obama
administration said yesterday in a “statement of principles”
for its management of private firms.
President Barack Obama’s administration finds itself in
control of an icon of American industry after rejecting a
recovery plan filed in February and ousting Chief Executive
Officer Rick Wagoner.
The terms of the filing were hammered out by a government
task force led by Quadrangle Group LLC co-founder Steven
Rattner, which demanded concessions by the company, the United
Auto Workers and bondholders.
“The resulting agreement is tough but fair,” the
administration said in the statement.

60 to 90 Days

The administration expects the new GM to emerge from
bankruptcy in 60 to 90 days, said administration officials, who
asked not to be identified in advance of the filing, on a
conference call yesterday with reporters.
The U.S. Treasury and GM prepared the way for the
bankruptcy filing by getting 54 percent of bondholders to agree
to the revised reorganization plan, bondholder representatives
said yesterday. GM also got approval in the past week from the
United Auto Workers union for an agreement that may save the
company $1.3 billion annually.
Al Koch, a managing director at the advisory company
AlixPartners LLP in New York, will be GM’s chief restructuring
officer, reporting to Chief Executive Officer Fritz Henderson,
according to the people familiar with the matter, who asked not
to be identified because the plans haven’t been announced.
The process for picking the new board majority is already
under way, as chief executives, former chief executives and
people with business experience are being examined, one of the
Obama administration officials said. The new members will join
the revamped company as GM’s desirable assets emerge from
bankruptcy, one of the officials said.

$19.8 Billion Already

GM, which has already received $19.8 billion in U.S.
Treasury loans, will be the largest manufacturer to file for
bankruptcy, surpassing Chrysler LLC. A bankruptcy judge would
supervise the sale or liquidation of unprofitable brands, such
as Saturn and Hummer, and the 14 factories that would be closed
or idled.
The new GM would emerge armed with vehicles from its
Cadillac, Chevrolet, Buick and GMC units. It will be built to
survive in a market of 10 million annual U.S. car sales, down
from 16 million, the Obama administration said.
New cars and light trucks probably sold at an annual rate of
9.9 million vehicles in April, based on the average of 7 analyst
estimates compiled by Bloomberg. Sales totaled 13.2 million in
2008 and averaged 16.8 million this decade through 2007.

United Auto Workers

The United Auto Workers’ health trust fund for retirees,
which is owed $20 billion by GM, will be replaced by a new
entity that will own 17.5 percent of the new company with
warrants to purchase an additional 2.5 percent. Bondholders and
other creditors would get a 10 percent stake in the new GM, with
warrants for an additional 15 percent, in exchange for $27.1
billion unsecured debt.
Administration officials said GM will have to comply with
executive compensation limits the Treasury announced in February
for financial institutions that receive more than $500 million
in federal funds, as well as the so-called Dodd Amendment. The
provision is named after Senate Banking Committee Chairman Chris
Dodd, a Connecticut Democrat, who attached the pay restrictions
to the $787 billion economic stimulus bill Congress passed on
Feb. 13.
Those restrictions place a $500,000 salary cap on the top
five executives at banks, and the 20 most highly paid employees
below them, and require them to forgo cash bonuses.
Japan’s Toyota Motor Corp. surpassed GM last year as the
world’s largest automaker.

news by BLOOMBERG

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4 – potrebbe essere un’idea.
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3- il piccione viaggiatore !!!!!!!!!!

Per DT: c’è verso di contribuire senza usare la carta di credito?

Per Faust: se sei in zona, tempo fa il tuo sistema aveva detto short. Dopo i recenti rialzi, quello odierno incluso sei sempre dello stesso parere?

DT: quindi tutta quella valanga ipotizzata sui cds Aig ecc. è un pericolo sventato…?