Holy Jalopniks! Ray Wert Calls For GM Bankruptcy

Edward Niedermeyer
by Edward Niedermeyer
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?
  • Statikboy Those tires are the Wrong Size.
  • Mustangfast I had an 06 V6 and loved that car. 230k trouble free miles until I sold it. I remember they were criticized for being too small vs competitors but as a single guy it was the right size for me. I recall the 2.3 didn’t have a reputation for reliability, unlike the V6 and I4. I think it likely didn’t take off due to the manual-only spec, price tag, and power vs the V6 engine and the way it delivered that power. It was always fun to see the difference between these and normal ones, since these were made in Japan whereas all others were flat rock
  • VoGhost Earth is healing.
  • ToolGuy "Having our 4th baby and decided a camper van is a better use of our resources than my tuner."Seller is in the midst of some interesting life choices.Bonus: Here are the individuals responsible for doing the work on this vehicle.
  • MaintenanceCosts Previous owner playing engineer by randomly substituting a bunch of components, then finding out. No thanks.