Holy Jalopniks! Ray Wert Calls For GM Bankruptcy

holy jalopniks ray wert calls for gm bankruptcy

The lovable dudes at Jalopnik are usually too busy trying to shoehorn Hemis into Datsuns or photoshopping NSFW dragon-on-car action to comment at length on the sad state of the American car industry. When they do, Jalop-in-Chief Ray Wert is usually trying too hard to love all God’s internal-combustion children equally to live up to TTAC’s lofty standards of callin’-it-like-it-is. Hell, the “industry apologist” label might even stick on Wert, thanks to his proliferation of the “Not A Bailout” meme just a few short months ago. But time has a funny way of bringing even the most fun-loving of auto enthusiasts around to the TTAC perspectiv e. In response to GM’s stock price free-fall, Wert has penned a lengthy piece calling on GM to declare bankruptcy. At least he had the decency to begin the piece by acknowledging “I’m not the first person to say it.” With that qualification aside, Wert proceeds to spit hot fire. “The pundits saying ‘bankruptcy is not an option’ are completely ignorant of the facts, living in an alternate reality or parroting the GM PR public line (a line I don’t begrudge GM for pushing given the need to be positive or else face a rush for the hills), because let’s be clear here — if the marketplace for credit does not change in the next year, bankruptcy is not only an option, it’s the only option.” And, says Wert channeling his inner Robert Farago (circa 2005), bankruptcy shouldn’t be feared. “Any form of court-mandated reorganization allows GM to reevaluate all sorts of deals — like the one recently signed with the UAW, with suppliers and most importantly, with creditors seeking repayment on the $43 billion in debt and $80 billion in other liabilities on the books at the General — potentially allowing the automaker to wipe some of that out.” Interminable sentences aside, Wert’s got a point. Better late than never.

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  • GBG GBG on Oct 10, 2008

    I actually thought about buying 100 shares of Ford today. At $2 a share, it is a small gamble, and if GM sh*ts the bed, Ford wont look so bad. But I pretty much lose every bet, so me buying it would pretty much kill Ford...

  • Happy_Endings Happy_Endings on Oct 10, 2008
    GM spokeperson was saying on CNBC just a few mins ago that Chapter 11 was not an option for them? Counting there chickens I guess eh? I notice Chapter 7 was conspicuously absent from the quote. Is that on the table?

  • Luke42 I like the Metris quite a bit, but I never bought one.Two problems kept me from pulling the trigger:[list=1][*]It was expensive for what it was.[/*][*]For the price they were asking, it needed to have a plug for me to buy it.[/*][/list=1]I wanted a minivan that could tow, and I test drove one and liked it. The Mercedes dealer stocked both cargo versions and conversion vans. It was a nice vehicle, and I really wanted one for a while.This is the inevitable fate of cars that I like, but don't actually buy.
  • Garrett I would have gone for one of these if it had AWD. If they had offered it, it could have done far better.
  • Michael500 Sorry, EV's are no good. How am I supposed to rev the motor to impress girls? (the sophisticated ones I like).
  • Michael500 Oh my dog- this is one of my favorite cars in human history! A neighbor had a '71 when I was a child and I stopped and gazed at that car every time it was parked outside its garage. Turquoise with a black vinyl. That high beltline looks awesome today!
  • ScarecrowRepair I'd love an electric car -- quiet, torque, drive train simplicity -- but only if the cost was less, if recharging was as fast as gas (5 minutes) and as ubiquitous. I can take a road trip and know that with a few posted exceptions (US 50 from Reno to Utah), I don't have to wonder where the next fuel station is, and if I do run out, I can lug a gallon of gas back.Sure I'd miss the engine sounds and the joys of shifting. But life is all about tradeoffs.