Amazing Revelations By Fritz Henderson
In the pigs-will-fly department, newly installed GM CEO Fritz Henderson told the Financial Times that “private investors are interested acquiring a stake in Opel.” Wow. Really? We know that there are a number of people who’ve expressed interest, amongst them such unlikely prospects as some Opel dealers and the workers council. But do they have the wherewithal, the money, and the blessing of the German government, which would have to guarantee a large chunk of the loans needed, and seems to be more reluctant to do so as the days go by?
There also could be a number of people who’ve expressed interest in order to take a peek at Opel’s plans during the due diligence phase. Says the FT:
Amid growing disbelief that GM would find anyone willing to inject cash into Opel, Fritz Henderson, chief executive of the carmarker, told the Financial Times that Commerzbank had identified some interested parties but declined to identify them. He predicted that GM could end up with a minority stake in Opel.
Haven’t we heard that before? Well, maybe not from Fritz. In the bankruptcy-is-not-an-option department, Fritz is changing his tack. He’s threatening to go under.
Mr Henderson also turned up the heat on the carmarker’s creditors and unions, saying a bankruptcy could ‘very well happen’ unless stakeholders agree to an aggressive restructuring plan…
“There were many people saying: ‘well, the government would never let that happen’. Well, it’s pretty clear that’s not the case.”
Wow. Really?
Bertel Schmitt comes back to journalism after taking a 35 year break in advertising and marketing. He ran and owned advertising agencies in Duesseldorf, Germany, and New York City. Volkswagen A.G. was Bertel's most important corporate account. Schmitt's advertising and marketing career touched many corners of the industry with a special focus on automotive products and services. Since 2004, he lives in Japan and China with his wife <a href="http://www.tomokoandbertel.com"> Tomoko </a>. Bertel Schmitt is a founding board member of the <a href="http://www.offshoresuperseries.com"> Offshore Super Series </a>, an American offshore powerboat racing organization. He is co-owner of the racing team Typhoon.
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your photos are so appropriate, thanks for the effort.
The monetary system is one big counterfeit racket...Do you realize this?
Yes. In the sense that paper money, etc. requires that society as a whole believe in the consensual illusion that it has value when in fact it cannot be eaten, used to live in, or really much of anything intrinsically. What's your point? What do you plan to do about it? Go back to bartering pigs for corn?
Does anybody really believe that Fiat wouldn't prefer a PP Ch.11 for CLLC? Damn, I expect that in the CLLC-Fiat Alliance Framework Agreement Fiat demands this... Doesn't seem to be a problem for the current stakeholders Daimler (who has written its share down to zero), and Cerberus, who's brain Steve Feinberg, is running around in D.C. (again, as in December) offering to give-up his equity in CLLC if it will help the cause (and if, in consideration, the gov't will allow him to merge Chrysler Financial into GMAC.)