General Motors Falls To Obama

A new history begins today. Führer Obama has extracted a dramatic victory over greedy, corrupt capitalists at General Motors!

The Fourth Reich Prevails

The Fourth Reich Prevails

General Motors: Property of the OBAMA State

NEW YORK, May 19 (Reuters) – General Motors Corp’s (GM.N) plan for a bankruptcy filing involves a quick sale of the company’s healthy assets to a new company initially owned by the U.S. government, a source familiar with the situation said on Tuesday.

The source, who would not be named because he was not cleared to speak with the media, did not specify a purchase price. The new company is expected to honor the claims of secured lenders, possibly in full, according to the source.

The remaining assets of GM would stay in bankruptcy protection to satisfy other outstanding claims.

GM has about $6 billion in secured debt, including a secured revolving credit and bank debt.

The government’s plans include giving stakes in the new company to GM’s union and bondholders, although the ownership structure of the company is still being negotiated, said the source who is familiar with the company’s plans.

In addition, the government would extend a credit line to the new company and forgive the bulk of the $15.4 billion in emergency loans that the U.S. has already provided to GM, the source said.

The government has given GM until June 1 to restructure its operations to lower its debt burden and employee costs.

If those talks failed, the company has said it would follow rival Chrysler LLC into bankruptcy.

Congratulations to Führer Obama on his brilliant victory over the enemies of the people; glorious victory over the degenerate capitalist failures of America.

What will our Führer call his new company, and the symbol and trophy of his great victory over capitalism? VolksMotorAbwürgen is proposed . . .

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