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Politics : Formerly About Advanced Micro Devices
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To: Alighieri who wrote (594238)11/24/2010 11:56:14 AM
From: Bill2 Recommendations  Read Replies (1) of 1580618
 
I'm not sure that article supports your position because technically GM did file bankruptcy. It was a government endorsed reorganization plan that was filed under chapter 11, allowing the company to wipe out creditors and certain stakeholders while giving the government a 60% stake. Most of the dire consequences of such a filing outlined in the article did not occur. However, sales did drop over 40% well BEFORE the filing.

Of course, the government's involvement was largely to protect the status quo on the labor agreements. The unions received special treatment they wouldn't have received under a normal chapter 11 filing. And of course that is what will ultimately take the company down, in my opinion.
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