Created Sat 15th Nov 2008 10:35pm PST by 
curios
All questions » Business » Deals » curios 
Will General Motors file for bankruptcy or receive federal help?
Settled as Yes
Should have been settled as of the announcement on Friday, December 19....here's more information:
President Bush announce a loan package to both GM and Chrysler totaling $17.4 billion to insure that the companies would not go bankrupt.
The White House released the statement at 9:01 AM EST and AP reported on the conference, including Bush's live speech at 9:44 AM EST. The speech was scheduled to begin at 9:30 AM EST, so I'm sure mention of the plan had been completed by 9:35 AM EST and that will be the settlement time for this question. Any wagers placed after this time will be voided and refunded.
Background:
NEW YORK (CNNMoney.com) -- If General Motors really does run out of money by the end of the year, as it predicted was possible, the impact would be felt far and wide - to hundreds of suppliers, rival automakers and ultimately dealers across the nation.
"Once the first domino falls, it rapidly takes out all the other dominoes," said Dennis Virag, president of the Automotive Consulting Group.
Suppliers would be among the first to feel those effects since GM only manufactures the body, the engine and the transmission used in its cars.
In the United States alone, GM spends $31 billion on parts from 2,100 different suppliers. These include the "direct suppliers" involved in producing a vehicle - those that provide everything from steering wheels and seatbelts to brakes and airbags - as well as "indirect suppliers" - those that make things such as gloves, protective eyewear, shop rags and lightbulbs
http://money.cnn.com/2008/11/14/autos/auto_failure_ripple_effect/index.htm
SETTLEMENT: Bankruptcy must be declared by 12/31/08 or an announcement of federal assistance to GM made by 12/31/08 to be settled as a yes.
"Once the first domino falls, it rapidly takes out all the other dominoes," said Dennis Virag, president of the Automotive Consulting Group.
Suppliers would be among the first to feel those effects since GM only manufactures the body, the engine and the transmission used in its cars.
In the United States alone, GM spends $31 billion on parts from 2,100 different suppliers. These include the "direct suppliers" involved in producing a vehicle - those that provide everything from steering wheels and seatbelts to brakes and airbags - as well as "indirect suppliers" - those that make things such as gloves, protective eyewear, shop rags and lightbulbs
http://money.cnn.com/2008/11/14/autos/auto_failure_ripple_effect/index.htm
SETTLEMENT: Bankruptcy must be declared by 12/31/08 or an announcement of federal assistance to GM made by 12/31/08 to be settled as a yes.
Settlement details:
As reported by a major mainstream news source.
Settled
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Yes |
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No |
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Activity: H$80,267
Settled as Yes on Tue 23rd Dec 2008 5:06am PST
Suspend date: Wed 24th Dec 2008 7:59am PST Settlement date: Tue 23rd Dec 2008 5:06am PST
Initial likelihoods: Yes: 30%
Action history:
Created Sat 15th Nov 2008 10:35pm PST by curios
curios
Changed Question text Sun 16th Nov 2008 6:25am PST by 
bayoubear![[Admin]](http://www.hubdub.com/images/icon_admin.gif "This user is an admin")
: show details
bayoubear: show details ... WILL, GMHWill General Motors file for bankruptcy or receive fedfederal help?
Changed Description Sun 16th Nov 2008 6:25am PST by bayoubear: show details
bayoubear: show details ... /autos/auto_failure_ripple_effect/index.htm</a>> <br/> <br/> SETTLEMENT: Bankruptcy must be declared by 12/31/08 or an announcement of federal assistance to GM made by 12/31/08 to be settled as a yes.
Settlement requested Fri 19th Dec 2008 4:49pm PST by 
deanthoreau
: I beleive it was announced today that the US Govt was loaning GM and chrysler 14 billion
deanthoreau: I beleive it was announced today that the US Govt was loaning GM and chrysler 14 billion
Settled as 'No' Tue 23rd Dec 2008 5:03am PST by bayoubear: Should have been settled by the announcement on Friday, December 19 by President Bush....Suspension and Settlement time will be set to 9:35 AM EST, 12/19/08
Here's more info on the issue:
President Bush announce a loan package to both GM and Chrysler totaling $17.4 billion to insure that the companies would not go bankrupt.
The White House released the statement at 9:01 AM EST and AP reported on the conference, including Bush's live speech at 9:44 AM EST. The speech was scheduled to begin at 9:30 AM EST, so I'm sure mention of the plan had been completed by 9:35 AM EST and that will be the settlement time for this question.
Any wagers placed after this time will be voided and refunded.
bayoubear: Should have been settled by the announcement on Friday, December 19 by President Bush....Suspension and Settlement time will be set to 9:35 AM EST, 12/19/08
Here's more info on the issue:
President Bush announce a loan package to both GM and Chrysler totaling $17.4 billion to insure that the companies would not go bankrupt.
The White House released the statement at 9:01 AM EST and AP reported on the conference, including Bush's live speech at 9:44 AM EST. The speech was scheduled to begin at 9:30 AM EST, so I'm sure mention of the plan had been completed by 9:35 AM EST and that will be the settlement time for this question.
Any wagers placed after this time will be voided and refunded.
Settled as 'Yes' Tue 23rd Dec 2008 5:06am PST by bayoubear: Should have been settled as of the announcement on Friday, December 19....here's more information:
President Bush announce a loan package to both GM and Chrysler totaling $17.4 billion to insure that the companies would not go bankrupt.
The White House released the statement at 9:01 AM EST and AP reported on the conference, including Bush's live speech at 9:44 AM EST. The speech was scheduled to begin at 9:30 AM EST, so I'm sure mention of the plan had been completed by 9:35 AM EST and that will be the settlement time for this question. Any wagers placed after this time will be voided and refunded.
bayoubear: Should have been settled as of the announcement on Friday, December 19....here's more information:
President Bush announce a loan package to both GM and Chrysler totaling $17.4 billion to insure that the companies would not go bankrupt.
The White House released the statement at 9:01 AM EST and AP reported on the conference, including Bush's live speech at 9:44 AM EST. The speech was scheduled to begin at 9:30 AM EST, so I'm sure mention of the plan had been completed by 9:35 AM EST and that will be the settlement time for this question. Any wagers placed after this time will be voided and refunded.
Suspend date: Wed 24th Dec 2008 7:59am PST Settlement date: Tue 23rd Dec 2008 5:06am PST
more info...
Get widget!Predictions (88)
88 predictions
vidal1
predicted No (H$100 at 18%)
storekeeperathscm
predicted Yes (H$100 at 83%)
mork![[Power User]](http://www.hubdub.com/images/icon_superuser.gif "This user is a super user"){kind=icon}
predicted No (H$100 at 23%)
predicted Yes (H$20 at 77%)
growthy
predicted Yes (H$100 at 77%)
chull
predicted Yes (H$100 at 77%)
pita_soup
predicted Yes (H$100 at 77%)
guruzilla
predicted Yes (H$50 at 76%)
chrisfmasseComments (6)
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score: 10
Report On Business 2 weeks ago
President George W. Bush said, Allowing the auto companies to collapse is not a responsible course of action. Bankruptcy, he said, would deal an unacceptably painful blow to hardworking Americans across the economy. Some $13.4-billion of the money will
score: 10
Boston Globe 2 weeks ago
- President Bush yesterday announced the federal government would provide up to $17.4 billion to troubled automakers General Motors and Chrysler, but warned that the loans would have to be paid back in several months if the companies fail to come up with
score: 10
IAfrica.com 2 weeks ago
on a hoped-for bailout from the federal government. Chrysler, the smallest of the Detroit Big Three automakers, and General Motors, the biggest, say they are on verge of imminent collapse unless the government throws them a financial lifeline. Chrysler
score: 10
Sydney Morning Herald 2 weeks ago
on a hoped-for bailout from the federal government. Chrysler, the smallest of the Detroit Big Three automakers, and General Motors, the biggest, say they are on verge of imminent collapse unless the government throws them a financial lifeline. Chrysler
score: 10
Wall Street Journal Online 3 weeks ago
backed by U.S. government funding and may emerge as a strong company, following a restructuring through the bankruptcy process.' The Wall Street Journal reviewed a copy of the survey, which won't be released publicly. A separate survey of 9,700 domestic
Basically, if GM receives either federal help or files for bankruptcy by 12/31 it would be a yes.
If no help is forthcoming, and GM is able to stay afloat past the 1st of the year, it would be a no.
Good question...good info...should draw a lot of interest!
Announcement was made to give the Big 3 14 billion dollars, why did this settle as no?
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