paologorgo
Chapter 11
che dire?
era un po' che non mi facevo vivo (e so che non vi sono mancato) ma un grazie mi sento di dovertelo
bentornato, potresti passare ogni tanto...
Obbligazioni societarie GM, Ford, Chrysler: il 3D dell'automotive USA
- Creatore Discussione Imark
- Data di Inizio
bentornato, potresti passare ogni tanto...
paologorgo
Chapter 11
in soldoni, se la richiesta verrà accettata, prima di Aprile sarà impossibile rimborsare i creditori (assegnare le azioni/warrant newCo).
General Motors filed with the U.S. Bankruptcy Court a motion seeking an extension of the exclusive period during which the Company can file a plan of reorganization and solicit acceptances thereof until January 27, 2010 and March 29, 2010. The motion states, “The Debtors submit that an extension of the Exclusive Periods are warranted and appropriate for cases of this size and complexity. Further, the relief requested will allow the Debtors to further their efforts to wind-down their estates in an orderly, efficient, and cost-effective way, analyze potential recoveries through the establishment of a bar date for the filing of claims, and, most importantly, afford the Debtors a full and fair opportunity to negotiate, propose, and seek acceptances of a chapter 11 plan.” The Company continues, “While the Debtors have successfully completed the 363 Transaction, the Herculean task of completing the sale of America’s largest OEM in a 39-day time frame required the Debtors to seek an extension of time, until September 29, 2009, in which to file their schedules of assets and liabilities, schedules of executory contracts and unexpired leases, and statement of financial affairs…, which, in turn, necessitated the deferral of the setting of a bar date in these cases. Moreover, the Debtors continue to work with the Purchaser on substantial post-closing activities. The resolution of these important contingencies alone inhibits the Debtors - and any other party in interest in these cases for that matter - from filing a confirmable chapter 11 plan at this time.” The Court scheduled a September 14, 2009 hearing to consider the motion.
General Motors filed with the U.S. Bankruptcy Court a motion seeking an extension of the exclusive period during which the Company can file a plan of reorganization and solicit acceptances thereof until January 27, 2010 and March 29, 2010. The motion states, “The Debtors submit that an extension of the Exclusive Periods are warranted and appropriate for cases of this size and complexity. Further, the relief requested will allow the Debtors to further their efforts to wind-down their estates in an orderly, efficient, and cost-effective way, analyze potential recoveries through the establishment of a bar date for the filing of claims, and, most importantly, afford the Debtors a full and fair opportunity to negotiate, propose, and seek acceptances of a chapter 11 plan.” The Company continues, “While the Debtors have successfully completed the 363 Transaction, the Herculean task of completing the sale of America’s largest OEM in a 39-day time frame required the Debtors to seek an extension of time, until September 29, 2009, in which to file their schedules of assets and liabilities, schedules of executory contracts and unexpired leases, and statement of financial affairs…, which, in turn, necessitated the deferral of the setting of a bar date in these cases. Moreover, the Debtors continue to work with the Purchaser on substantial post-closing activities. The resolution of these important contingencies alone inhibits the Debtors - and any other party in interest in these cases for that matter - from filing a confirmable chapter 11 plan at this time.” The Court scheduled a September 14, 2009 hearing to consider the motion.
frankiemachine
Mr. Tentenna
bentornato, potresti passare ogni tanto...
Ogni tanto passo...so che lo sai...altrimenti che mod saresti?
ciao damya, benvenuto sul forum.
sopravvivere a 140 pagine non deve essere stato facile...
veniamo alla tua domanda. è facile rispondere a quella che non fai. I detentori di bond in US$ non dovranno fare nulla. Il proof of claim e gli interessi della categoria verranno curati dall'indenture Trustee.
The following persons or entities are not required to file a Proof of Claim
on or before the applicable Bar Date, with respect to the claims described
below:
any person or entity whose claim is limited exclusively to the
repayment of principal, interest and other fees and expenses on or
under any agreements (a “Debt Claim”) governing any debt
security issued by any of the Debtors pursuant to an indenture
(together, the “Debt Instruments”) if the indenture trustee or
similar fiduciary under the applicable indenture or fiscal and
paying agency agreement files a Proof of Claim against the
applicable Debtor, on or before the Bar Date, on account of all
Debt Claims against such Debtor under the applicable Debt
Instruments
Wilmington Trust Company farà tutto, come ha scritto sul suo sito (in cui puoi anche controllare l'elenco dei bond).
Q: Do I need to file a proof of claim? A: As a bondholder you will be represented by Wilmington Trust Company as Indenture Trustee. This will include the filing of necessary documents in the courts, including proofs of claim.
https://www.wilmingtontrust.com/gmbondholders/faqs.html
vedi per brevità l'allegato con l'elenco dei bond a questo link.
Bond in Euro. io non avevo mai guardato il prospetto informativo, se devo essere sincero. Il fatto che, al momento del filing, Wilmington e Deutsche fossero indicati come primo e terzo maggior creditore mi avevano fatto pensare che Deutsche svolgesse la stessa funzione. Mi pare però che sia unicamente Fiscal Agent, ed infatti, vedi allegato, solo Wilmington viene espressamente chiamato Indenture anche nel primo filing di fallimento.
>>When bonds are issued under fiscal agency agreements, there is no trustee to represent holders’ interests. This means that thousands of bondholders around the world need to file proofs of claim. Many small bondholders, especially those outside the United States will not know how to do this (or even that they need to do this) and will not file claims at all.
questo è tratto da un filing fatto per il fallimento Lehman, situazione diversa per certi versi (complicata dal fatto che la holding USA in Chapter 11 è solo garante del debito eventualmente non rimborsato dalla filiale europea, facente parte di una procedura fallimentare distinta, per riassumere in maniera grossolana...), ma simile per altri. Le banche e le associazioni (tipo ABI) avevano presentato opposizioni per evitare il problema che ogni singolo obbligazionista dovesse presentare il proof of claim.
Quindi la mancanza dell'Indenture Trustee significa che non esiste un rappresentante dei bondholders, ai fini dell'insinuazione al passivo.
Il 14 Settembre, in corte, viene discussa la richiesta di GM di stabilire le regole per il proof of claim. Eventuali obiezioni debbono essere presentate entro domani. Ad adesso non ne ho viste relative a questo argomento. Va comunque ricordato che l'avvocato di GM è lo stesso che, nel caso Lehman, ha visto il giudice decidere di autorizzare degli "enti" (banche, etc.) ad effettuare l'insinuazione in nome e per conto dei clienti di cui detengono i titoli, se lo desiderano.
a hearing will be held before the
Honorable Robert E. Gerber, United States Bankruptcy Judge, in Room 621 of the United States
Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”), One
Bowling Green, New York, New York 10004, on September 14, 2009 at 9:00 a.m. (Eastern
Time),
PLEASE TAKE FURTHER NOTICE that any responses or objections to the
Motion must be in writing ... so as
to be received no later than September 9, 2009, at 4:00 p.m. (Eastern Time) (the “Objection
Deadline”).
/s/ Stephen Karotkin
Harvey R. Miller
Stephen Karotkin
Joseph H. Smolinsky
WEIL, GOTSHAL & MANGES LLP
767 Fifth Avenue
New York, New York 10153
Telephone: (212) 310-8000
Facsimile: (212) 310-8007
Attorneys for Debtors
and Debtors in Possession
Aspettiamo la discussione in corte (dopo alcuni giorni sono disponibili i transcripts...) e vediamo cosa viene deciso, prima di pensare al peggio (dovere fare l'insinuazione come singolo obbligazionista).
Una ultima nota: mentre i bond in $, grazie all'insinuazione dell'Indenture, resteranno disponibili per vendita/acquisto, la procedura "singola" o delle banche potrebbe (condizionale...) rendere i bond indisponibili fino al conguaglio (assegnazione azioni/warrant).
09/02/2009 3940 Motion to Approve/DEBTORS' MOTION FOR ORDER PURSUANT TO SECTION 502(b)(9) OF THE BANKRUPTCY CODE AND BANKRUPTCY RULE 3003(c)(3) ESTABLISHING THE DEADLINE FOR FILING PROOFS OF CLAIM (INCLUDING CLAIMS UNDER SECTION 503(B)(9) OF THE BANKRUPTCY CODE) AND PROCEDURES RELATING THERETO AND APPROVING THE FORM AND MANNER OF NOTICE THEREOF (Objection Deadline: 09/09/2009 at 4:00 p.m.) filed by Stephen Karotkin on behalf of Motors Liquidation Company with hearing to be held on 9/14/2009 at 09:00 AM at Courtroom 621 (REG) Responses due by 9/9/2009 (Karotkin, Stephen) (Entered: 09/02/2009)
Grazie per il benvenuto, e soprattutto grazie per la risposta decisamente chiarificatrice.
questo è quello che mi ha risposto la mia banca:
"in merito alla sua richiesta circa le obbligazioni
General Motors, la informiamo che ancora non sappiamo se
Fineco fornirà assistenza alla clientela e di che tipo,
in quanto la decisione spetta al legale, che sta già
valutando il tutto.
Le ricordiamo che il nostro Customer Care rimane a sua
disposizione, anche telefonicamente, ....."
FinecoBank
Mi chiedevo: dando per assodato che a questo punto bisogna aspettare il 14 settembre per sapere qualcosa di più, non ci sarebbe qualcuno di contattabile in Deutsche Bank, magari in Italia e non a Londra (se telefono a Londra poi non capisco che mi dicono, e devo pure pagare per non capire) che essendo più addentro alla faccenda sappia far luce riguardo ai Bond in Euro, e cioè quelli "dalla risposta non facile"?
.. se non altro per far passare sta settimana non del tutto invano. Anche perchè se Deutsche Bank prevedesse la tutela dei "suoi clienti"... uno potrebbe valutare anche un cambio banca, che costa sempre meno dell'impelagarsi in una situazione simile da singolo.
P.S. Il fatto di non poter disporre delle obbligazioni fino al concambio per me non sarebbe un problema, visto già dal C.11 per me sono solo una riga rossa nella schermata del portafoglio
paologorgo
Chapter 11
questo è quello che mi ha risposto la mia banca:
"in merito alla sua richiesta circa le obbligazioni
General Motors, la informiamo che ancora non sappiamo se
Fineco fornirà assistenza alla clientela e di che tipo,
in quanto la decisione spetta al legale, che sta già
valutando il tutto.
Le ricordiamo che il nostro Customer Care rimane a sua
disposizione, anche telefonicamente, ....."
FinecoBank
Mi chiedevo: dando per assodato che a questo punto bisogna aspettare il 14 settembre per sapere qualcosa di più, non ci sarebbe qualcuno di contattabile in Deutsche Bank, magari in Italia e non a Londra (se telefono a Londra poi non capisco che mi dicono, e devo pure pagare per non capire) che essendo più addentro alla faccenda sappia far luce riguardo ai Bond in Euro, e cioè quelli "dalla risposta non facile"?
.. se non altro per far passare sta settimana non del tutto invano. Anche perchè se Deutsche Bank prevedesse la tutela dei "suoi clienti"... uno potrebbe valutare anche un cambio banca, che costa sempre meno dell'impelagarsi in una situazione simile da singolo.
P.S. Il fatto di non poter disporre delle obbligazioni fino al concambio per me non sarebbe un problema, visto già dal C.11 per me sono solo una riga rossa nella schermata del portafoglio
dubito che qualcuno da Deutsche ti possa dire di più, in questo momento. anche avessero deciso, per spirito caritatevole, di prendersi l'impegno di fare tutto loro, per i loro clienti o per tutti, potrebbero solo formulare una richiesta al giudice (pubblica in un filing) ed aspettare l'udienza per vedere cosa decide. I precedenti sono belli, a volte anche in apparente contradizione tra loro, ma alla fine conta la decisione del caso specifico.
a mio modesto avviso sprechi solo del tempo.
sulla disponibilità dei bond ammetto di essere una borsa. però a me piacciono le "cose" vendibili. in un caso che capisco non simile, Delphi, Gaudente evidenziò che i bond erano arrivati, nel corso del Chapter 11, a valere 100 (rimborso totale). Poi c'è stata una evoluzione sfortunata della vicenda, e sono risprofondati...
diciamo che a chi volesse comperare adesso bond GM suggerisco quelli in $, per evitare sia di preoccuparsi per l'insinuazione, che di trovarseli, forse, immobilizzati fino alla fine del ch 11.
questo grafico del bond Delphi 7,125% 01.05.2029
dubito che qualcuno da Deutsche ti possa dire di più, in questo momento. anche avessero deciso, per spirito caritatevole, di prendersi l'impegno di fare tutto loro, per i loro clienti o per tutti, potrebbero solo formulare una richiesta al giudice (pubblica in un filing) ed aspettare l'udienza per vedere cosa decide. I precedenti sono belli, a volte anche in apparente contradizione tra loro, ma alla fine conta la decisione del caso specifico.
a mio modesto avviso sprechi solo del tempo.
sulla disponibilità dei bond ammetto di essere una borsa. però a me piacciono le "cose" vendibili. in un caso che capisco non simile, Delphi, Gaudente evidenziò che i bond erano arrivati, nel corso del Chapter 11, a valere 100 (rimborso totale). Poi c'è stata una evoluzione sfortunata della vicenda, e sono risprofondati...
diciamo che a chi volesse comperare adesso bond GM suggerisco quelli in $, per evitare sia di preoccuparsi per l'insinuazione, che di trovarseli, forse, immobilizzati fino alla fine del ch 11.
questo grafico del bond Delphi 7,125% 01.05.2029Immagini allegate
IO sono d'accordo con te. non li comprerei mai ora. ma io li ho in portafoglio, in euro. ci ho investito una somma che per me è importante, pensando che senza troppo pensare con le cedole ci pagavo le tasse scolastiche dei figli almeno fino all'università. Ora vendendole "OTC" , come dicono in Fineco, ci recupero una miseria tale che tra commissioni e via dicendo mi conviene ancora tenerle e puntare sul famoso recovery in azioni e warrant.
certo, per non dover troppo pensare mi son ficcata in una situazione da incubo. sembra una punizione da contrappasso
P.S. Collegandomi, il segnalatore di siti sicuri mi ha detto che questa pagina/sito è segnalata come piena zeppa di malware etc etc
paologorgo
Chapter 11
Henderson Said to Get 60% Odds From Car Task Force on Fixing GM
Sept. 8 (Bloomberg) -- General Motors Co.’s board was told by the Treasury’s auto task force that Chief Executive Officer Fritz Henderson has about a 60 percent chance of fixing the automaker, a person familiar with the briefing said.
Advisers to the federal panel offered that assessment at an Aug. 3 meeting that was closed to management, said the person, who asked not to be identified because the session was private. The aides said the board could improve the odds by being engaged with Henderson and hiring outside executives to help him change GM’s mind-set, according to the person.
The task force’s analysis suggests there will be close board scrutiny of Henderson, a 25-year employee, as he tackles a corporate culture that dragged GM into bankruptcy. Directors were told that GM is too insular, has too little accountability and lacks urgency in decision making, the person said.
“Everybody recognizes that things have to change going forward,” Chairman Ed Whitacre said in an Aug. 27 interview. “Fritz recognizes that. He knows our feelings about the corporate strategy and plan. I think he will succeed.”
Whitacre said in the interview that he recalled the presentation, while declining to discuss details. A GM spokeswoman said today that Whitacre wouldn’t comment further. Henderson declined to comment yesterday when asked about the meeting, which he didn’t attend.
The 90-minute session at GM’s Technical Center in Warren, Michigan, served as a handoff from the federal overseers of the biggest U.S. automaker and was the first since the 13-member board was revamped by the Treasury with 7 new directors led by Whitacre, 67, a former AT&T Inc. CEO and chairman.
Advisers’ Assessment
When the board asked how the task force viewed Henderson’s prospects for a GM turnaround, lead adviser Ron Bloom responded, “Sixty percent yes, 40 percent no, or 40-60, depending on who you ask,” according to a person familiar with the meeting.
“More 60-40,” said another adviser, Harry J. Wilson, who crafted GM’s recovery plan for its U.S.-backed bankruptcy, according to the person.
The GM spokeswoman, Renee Rashid-Merem, reaffirmed Whitacre’s endorsement of Henderson today.
“He and the rest of the board are unanimously backing Fritz and are giving him the support he needs to achieve the goals that have been set forth for the company,” Rashid-Merem said. “Relative to business matters involving the board, or presumed conversations, our board meetings are confidential, and we won’t comment on them.”
No Deadline
The board hasn’t set a deadline for judging Henderson and his team, Whitacre said in the Aug. 27 interview. Directors will meet today and tomorrow in Detroit and may decide whether to sell, keep or close the money-losing Opel unit in Europe, people familiar with the options have said.
Taxpayers have a stake in Detroit-based GM’s fate because the Treasury is the largest shareholder after providing $50 billion in restructuring aid. Henderson, 50, must end losses of $88 billion since 2004 and revive sales amid the weakest U.S. auto market since the 1970s. He took over in March after the task force asked Rick Wagoner to step aside.
Five themes shaped the advisers’ Aug. 3 critique of the largest U.S. automaker, the person said. Besides finding insularity, a need for new blood and lack of accountability and urgency, the task force concluded that managers accept good- enough results instead of demanding excellence, the person said.
The presentation ran about 30 pages, and was introduced by Bloom and led by Wilson and another adviser, David Markowitz, the person said.
The task force isn’t commenting on the meeting, said Meg Reilly, a Treasury spokeswoman. The government’s approach to GM is to encourage “constant discipline in all of GM’s forthcoming decisions by testing assumptions at every juncture,” she said.
‘Unsustainable Position’
“Long-term success requires a fundamental change to the corporate culture that contributed to the unsustainable position GM found itself in just a few months ago,” Reilly said. “We have seen great progress with GM management in approaching new decisions with a more-critical eye.”
President Barack Obama named Bloom as senior adviser for manufacturing policy on Sept. 6. He will continue to direct the auto task force. The “recognition of Mr. Bloom’s work is well deserved,” GM said in a statement.
Henderson and his team can satisfy Whitacre provided they show progress and speed corporate decision making, said James Kahan, a former AT&T executive who worked with the GM chairman for 20 years and remains a friend.
Onus on Management
“On the other hand, if management ignores the board, doesn’t take the board’s concerns as the highest of priorities and doesn’t deliver results, then I assume the board would act on that,” Kahan said. “The onus is on senior management.”
Management accountability hasn’t been valued at GM, the task force said in its presentation to the board.
Poor financial results didn’t bring dismissals, controls were weak, consumers’ wishes weren’t considered and opportunities to win more buyers with brands such as Saturn were missed, the board was told last month, according to the person familiar with the task force’s briefing.
Whitacre said he has been meeting with members of GM’s new executive committee, other employees, dealers, government officials and industry figures outside the automaker, without being specific.
“We have a big job to do here,” Whitacre told select salaried employees in two meetings last week, according to participants. He said in one session that employees should expect changes during the next 12 weeks, a person familiar with that forum said.
Henderson said in an Aug. 31 interview he is moving to reshape GM attitudes at the board’s direction.
‘Change Agents’
In the last week of August, he chose 50 to 60 managers he described as “change agents” to “demystify” the cultural shift GM is seeking. Their task is to reinforce the new principles of speed, product and customer focus, accountability and risk taking, Henderson said.
“Taking risks, particularly here in North America, has been particularly hard to communicate,” he said. “We need to encourage people to go ahead and speak up and take risks.”
Using insiders to champion new corporate values is a step toward the task force recommendation. The panel suggested that the board hire outside executives to take on that role as soon as the Obama administration finishes pay guidelines for GM, said the person familiar with the proposal.
Weekly Meetings
Henderson’s other early moves to set a new tempo include creating a nine-member executive committee that meets weekly to make corporate decisions, replacing an automotive strategy board about twice that size that used to meet monthly.
It was the new group that scrapped a planned Buick sport- utility vehicle on Aug. 14, about a week after the SUV was unveiled to criticism from consumers, analysts and journalists.
“The conclusion was it wasn’t going to be a winning product; it wasn’t going to be a great Buick, so we killed it,” Henderson said.
Buick is one of four U.S. brands, along with Chevrolet, GMC and Cadillac, being kept as GM chops its domestic lineup in half. Saturn, Hummer and Saab are being sold, and Pontiac is being discontinued.
GM also said last month it will share more savings when partsmakers propose cost-cutting ideas, responding to a task force recommendation for forging stronger ties with suppliers.
Adapting to Autos
While Whitacre said in a June interview upon being named to his post that he didn’t “know anything about cars,” he also said at the time that the business principles are the same in the auto industry as in telecommunications.
After becoming CEO and chairman of SBC Communications Inc. in 1990, he built the smallest of the so-called Baby Bell regional companies into the biggest U.S. provider of phone services and renamed it AT&T. The company moved to Dallas from San Antonio last year after Whitacre retired in 2007.
“I intend to participate quite a bit,” Whitacre said in the Aug. 27 interview. “We have some very knowledgeable board members, members who are very, very familiar with the worldwide auto industry, people who are very good at marketing and sales, people who understand business from a standpoint of value, people who have been in manufacturing before, very good people from the accounting field.”
The other new directors are TPG Capital LP founder David Bonderman; Carlyle Group’s Daniel Akerson; former Morgan Stanley equity analyst Stephen Girsky; two former CEOs, Robert D. Krebs of Burlington Northern Santa Fe Corp. and Patricia F. Russo of Alcatel-Lucent SA; and Carol Stephenson, dean of the Richard Ivey School of Business at the University of Western Ontario.
Advertising Overhaul
One area of concern for Whitacre is that GM overhaul its advertising and spend more on its remaining U.S. brands, said people familiar with his views who asked not to be identified because those conversations were private.
Whitacre said spending on advertising will rise “significantly,” while declining to compare the new budget with earlier campaigns. He met in his San Antonio office in late July with Henderson and Vice Chairman Bob Lutz to review advertising and marketing plans before the board’s Aug. 3-4 session.
“What Ed brings to the party is a great appreciation for the role of advertising and communication in the role of changing a company,” Lutz said in an Aug. 13 interview. “He is convinced we need an all-out effort in communication and that we have a limited time window to do it.”
Will to Win
Whitacre wants to win, no matter what the task, said people who know him. That trait was crucial in his selection as chairman by the auto task force, a person familiar with the decision said.
“He’ll give them leeway,” said Kent Hance, a friend and one-time classmate of Whitacre’s who is now chancellor of Texas Tech University in Lubbock, where the engineering school bears Whitacre’s name. “But they’ll need to show what they’re doing.”
Hance, a former U.S. representative, described Whitacre as a leader who inspires respect and a desire to please among his subordinates, along with the recognition that failure won’t be tolerated.
“You don’t want to get on his bad side,” Hance said. “You stay on the good side by working hard and being persistent.”
Sept. 8 (Bloomberg) -- General Motors Co.’s board was told by the Treasury’s auto task force that Chief Executive Officer Fritz Henderson has about a 60 percent chance of fixing the automaker, a person familiar with the briefing said.
Advisers to the federal panel offered that assessment at an Aug. 3 meeting that was closed to management, said the person, who asked not to be identified because the session was private. The aides said the board could improve the odds by being engaged with Henderson and hiring outside executives to help him change GM’s mind-set, according to the person.
The task force’s analysis suggests there will be close board scrutiny of Henderson, a 25-year employee, as he tackles a corporate culture that dragged GM into bankruptcy. Directors were told that GM is too insular, has too little accountability and lacks urgency in decision making, the person said.
“Everybody recognizes that things have to change going forward,” Chairman Ed Whitacre said in an Aug. 27 interview. “Fritz recognizes that. He knows our feelings about the corporate strategy and plan. I think he will succeed.”
Whitacre said in the interview that he recalled the presentation, while declining to discuss details. A GM spokeswoman said today that Whitacre wouldn’t comment further. Henderson declined to comment yesterday when asked about the meeting, which he didn’t attend.
The 90-minute session at GM’s Technical Center in Warren, Michigan, served as a handoff from the federal overseers of the biggest U.S. automaker and was the first since the 13-member board was revamped by the Treasury with 7 new directors led by Whitacre, 67, a former AT&T Inc. CEO and chairman.
Advisers’ Assessment
When the board asked how the task force viewed Henderson’s prospects for a GM turnaround, lead adviser Ron Bloom responded, “Sixty percent yes, 40 percent no, or 40-60, depending on who you ask,” according to a person familiar with the meeting.
“More 60-40,” said another adviser, Harry J. Wilson, who crafted GM’s recovery plan for its U.S.-backed bankruptcy, according to the person.
The GM spokeswoman, Renee Rashid-Merem, reaffirmed Whitacre’s endorsement of Henderson today.
“He and the rest of the board are unanimously backing Fritz and are giving him the support he needs to achieve the goals that have been set forth for the company,” Rashid-Merem said. “Relative to business matters involving the board, or presumed conversations, our board meetings are confidential, and we won’t comment on them.”
No Deadline
The board hasn’t set a deadline for judging Henderson and his team, Whitacre said in the Aug. 27 interview. Directors will meet today and tomorrow in Detroit and may decide whether to sell, keep or close the money-losing Opel unit in Europe, people familiar with the options have said.
Taxpayers have a stake in Detroit-based GM’s fate because the Treasury is the largest shareholder after providing $50 billion in restructuring aid. Henderson, 50, must end losses of $88 billion since 2004 and revive sales amid the weakest U.S. auto market since the 1970s. He took over in March after the task force asked Rick Wagoner to step aside.
Five themes shaped the advisers’ Aug. 3 critique of the largest U.S. automaker, the person said. Besides finding insularity, a need for new blood and lack of accountability and urgency, the task force concluded that managers accept good- enough results instead of demanding excellence, the person said.
The presentation ran about 30 pages, and was introduced by Bloom and led by Wilson and another adviser, David Markowitz, the person said.
The task force isn’t commenting on the meeting, said Meg Reilly, a Treasury spokeswoman. The government’s approach to GM is to encourage “constant discipline in all of GM’s forthcoming decisions by testing assumptions at every juncture,” she said.
‘Unsustainable Position’
“Long-term success requires a fundamental change to the corporate culture that contributed to the unsustainable position GM found itself in just a few months ago,” Reilly said. “We have seen great progress with GM management in approaching new decisions with a more-critical eye.”
President Barack Obama named Bloom as senior adviser for manufacturing policy on Sept. 6. He will continue to direct the auto task force. The “recognition of Mr. Bloom’s work is well deserved,” GM said in a statement.
Henderson and his team can satisfy Whitacre provided they show progress and speed corporate decision making, said James Kahan, a former AT&T executive who worked with the GM chairman for 20 years and remains a friend.
Onus on Management
“On the other hand, if management ignores the board, doesn’t take the board’s concerns as the highest of priorities and doesn’t deliver results, then I assume the board would act on that,” Kahan said. “The onus is on senior management.”
Management accountability hasn’t been valued at GM, the task force said in its presentation to the board.
Poor financial results didn’t bring dismissals, controls were weak, consumers’ wishes weren’t considered and opportunities to win more buyers with brands such as Saturn were missed, the board was told last month, according to the person familiar with the task force’s briefing.
Whitacre said he has been meeting with members of GM’s new executive committee, other employees, dealers, government officials and industry figures outside the automaker, without being specific.
“We have a big job to do here,” Whitacre told select salaried employees in two meetings last week, according to participants. He said in one session that employees should expect changes during the next 12 weeks, a person familiar with that forum said.
Henderson said in an Aug. 31 interview he is moving to reshape GM attitudes at the board’s direction.
‘Change Agents’
In the last week of August, he chose 50 to 60 managers he described as “change agents” to “demystify” the cultural shift GM is seeking. Their task is to reinforce the new principles of speed, product and customer focus, accountability and risk taking, Henderson said.
“Taking risks, particularly here in North America, has been particularly hard to communicate,” he said. “We need to encourage people to go ahead and speak up and take risks.”
Using insiders to champion new corporate values is a step toward the task force recommendation. The panel suggested that the board hire outside executives to take on that role as soon as the Obama administration finishes pay guidelines for GM, said the person familiar with the proposal.
Weekly Meetings
Henderson’s other early moves to set a new tempo include creating a nine-member executive committee that meets weekly to make corporate decisions, replacing an automotive strategy board about twice that size that used to meet monthly.
It was the new group that scrapped a planned Buick sport- utility vehicle on Aug. 14, about a week after the SUV was unveiled to criticism from consumers, analysts and journalists.
“The conclusion was it wasn’t going to be a winning product; it wasn’t going to be a great Buick, so we killed it,” Henderson said.
Buick is one of four U.S. brands, along with Chevrolet, GMC and Cadillac, being kept as GM chops its domestic lineup in half. Saturn, Hummer and Saab are being sold, and Pontiac is being discontinued.
GM also said last month it will share more savings when partsmakers propose cost-cutting ideas, responding to a task force recommendation for forging stronger ties with suppliers.
Adapting to Autos
While Whitacre said in a June interview upon being named to his post that he didn’t “know anything about cars,” he also said at the time that the business principles are the same in the auto industry as in telecommunications.
After becoming CEO and chairman of SBC Communications Inc. in 1990, he built the smallest of the so-called Baby Bell regional companies into the biggest U.S. provider of phone services and renamed it AT&T. The company moved to Dallas from San Antonio last year after Whitacre retired in 2007.
“I intend to participate quite a bit,” Whitacre said in the Aug. 27 interview. “We have some very knowledgeable board members, members who are very, very familiar with the worldwide auto industry, people who are very good at marketing and sales, people who understand business from a standpoint of value, people who have been in manufacturing before, very good people from the accounting field.”
The other new directors are TPG Capital LP founder David Bonderman; Carlyle Group’s Daniel Akerson; former Morgan Stanley equity analyst Stephen Girsky; two former CEOs, Robert D. Krebs of Burlington Northern Santa Fe Corp. and Patricia F. Russo of Alcatel-Lucent SA; and Carol Stephenson, dean of the Richard Ivey School of Business at the University of Western Ontario.
Advertising Overhaul
One area of concern for Whitacre is that GM overhaul its advertising and spend more on its remaining U.S. brands, said people familiar with his views who asked not to be identified because those conversations were private.
Whitacre said spending on advertising will rise “significantly,” while declining to compare the new budget with earlier campaigns. He met in his San Antonio office in late July with Henderson and Vice Chairman Bob Lutz to review advertising and marketing plans before the board’s Aug. 3-4 session.
“What Ed brings to the party is a great appreciation for the role of advertising and communication in the role of changing a company,” Lutz said in an Aug. 13 interview. “He is convinced we need an all-out effort in communication and that we have a limited time window to do it.”
Will to Win
Whitacre wants to win, no matter what the task, said people who know him. That trait was crucial in his selection as chairman by the auto task force, a person familiar with the decision said.
“He’ll give them leeway,” said Kent Hance, a friend and one-time classmate of Whitacre’s who is now chancellor of Texas Tech University in Lubbock, where the engineering school bears Whitacre’s name. “But they’ll need to show what they’re doing.”
Hance, a former U.S. representative, described Whitacre as a leader who inspires respect and a desire to please among his subordinates, along with the recognition that failure won’t be tolerated.
“You don’t want to get on his bad side,” Hance said. “You stay on the good side by working hard and being persistent.”
paologorgo
Chapter 11
IO sono d'accordo con te. non li comprerei mai ora. ma io li ho in portafoglio, in euro. ci ho investito una somma che per me è importante, pensando che senza troppo pensare con le cedole ci pagavo le tasse scolastiche dei figli almeno fino all'università. Ora vendendole "OTC" , come dicono in Fineco, ci recupero una miseria tale che tra commissioni e via dicendo mi conviene ancora tenerle e puntare sul famoso recovery in azioni e warrant.
certo, per non dover troppo pensare mi son ficcata in una situazione da incubo. sembra una punizione da contrappasso
P.S. Collegandomi, il segnalatore di siti sicuri mi ha detto che questa pagina/sito è segnalata come piena zeppa di malware etc etc
Il cedolone, purtroppo, ha tratto in inganno in tanti. L'augurio è per il meglio, purtroppo non bisogna che illudersi che la soluzione sia dietro l'angolo (fino ad Aprile 2010 non si avrà sicuramente la conversione in azioni/warrant, e non è detto che non possa slittare ulteriormente il termine, teoricamente).
Quanto all'ultimo commento, sono il meno indicato ad una spiegazione tecnica, ma questo problema, avvertito con alcuni antivirus, insieme alla difficoltà di accesso in altri casi hanno afflitto il sito negli ultimi due giorni, so che ci stanno lavorando per eliminare il problema...
paologorgo
Chapter 11
una opposizione alla richiesta di fissare scadenza e regole per il proof of claim c'è, e viene dal comitato vittime asbestos:
COUNSEL FOR AD HOC COMMITTEE OF
ASBESTOS PERSONAL INJURY CLAIMANTS
OBJECTION OF THE AD HOC COMMITTEE OF ASBESTOS PERSONAL INJURY CLAIMANTS TO MOTION FOR ORDER PURSUANT TO SECTION 502(b)(9) OF THE BANKRUPTCY CODE AND BANKRUPTCY RULE 3003(c)(3), ESTABLISHING THE DEADLINE FOR FILING PROOFS OF CLAIM (INCLUDING CLAIMS UNDER SECTION 503(b)(9) OF THE BANKRUPTCY CODE) AND PROCEDURES RELATING THERETO AND APPROVING THE FORM AND MANNER OF NOTICE THEREOF
Debtors’ contend that granting the Bar Date Motion will enable them to process and analyze creditors’ claims in order to formulate a chapter 11 plan and expeditiously conclude administration of these bankruptcy cases. As demonstrated below, there is no reason to establish a bar date for asbestos personal injury claims—doing so would serve no purpose. As also shown below, the proposed bar date and notice procedures do not provide adequate notice to the numerous and far-flung holders of asbestos personal injury claims.
It is entirely within this Court’s discretion to deny the Debtors’ request for a bar date for asbestos creditors. The Court should not require holders of asbestos personal injury claims to file proofs of claim by a certain date where, as here, filing those claims would serve no purpose whatsoever.
In the 2007 Annual Report to Shareholders of General Motors Corporation, Motors Liquidation Company (then known as General Motors Corporation) stated that its “liability recorded for asbestos-related matters was $627 million, $648 million and $628 million at March 31, 2009, December 31, 2008 and March 31, 2008, respectively.” 2007 Annual Report to Shareholders of General Motors Corporation at page 109. In its Quarterly Report (Form 10-Q) filed with the Securities Exchange Commission on May 8, 2009, Motors Liquidation Company reported that it had hired the firm of “Hamilton Rabinovitz & Associates, Inc., a firm specializing in estimating asbestos claims, to assist us in determining our potential liability for pending and unasserted asbestos personal injury claims.” General Motors Corporation, Form 10-Q filed May 8, 2009, for the Period Ending March 31, 2009. In response to the Ad Hoc Committee’s First Request for Production of Documents to the Debtors, served on June 25, 2009 and pursuant to a confidentiality agreement, the Debtors produced a Technical Report: Estimated Pending and Future Potential Asbestos Personal Injury Liabilities dated January 14, 2009 prepared by Hamilton, Rabinovitz & Associates, Inc. Accordingly, there is no need for Debtors to analyze individual asbestos personal injury claims; they have a current analysis in that regard.
docket 3997
COUNSEL FOR AD HOC COMMITTEE OF
ASBESTOS PERSONAL INJURY CLAIMANTS
OBJECTION OF THE AD HOC COMMITTEE OF ASBESTOS PERSONAL INJURY CLAIMANTS TO MOTION FOR ORDER PURSUANT TO SECTION 502(b)(9) OF THE BANKRUPTCY CODE AND BANKRUPTCY RULE 3003(c)(3), ESTABLISHING THE DEADLINE FOR FILING PROOFS OF CLAIM (INCLUDING CLAIMS UNDER SECTION 503(b)(9) OF THE BANKRUPTCY CODE) AND PROCEDURES RELATING THERETO AND APPROVING THE FORM AND MANNER OF NOTICE THEREOF
Debtors’ contend that granting the Bar Date Motion will enable them to process and analyze creditors’ claims in order to formulate a chapter 11 plan and expeditiously conclude administration of these bankruptcy cases. As demonstrated below, there is no reason to establish a bar date for asbestos personal injury claims—doing so would serve no purpose. As also shown below, the proposed bar date and notice procedures do not provide adequate notice to the numerous and far-flung holders of asbestos personal injury claims.
It is entirely within this Court’s discretion to deny the Debtors’ request for a bar date for asbestos creditors. The Court should not require holders of asbestos personal injury claims to file proofs of claim by a certain date where, as here, filing those claims would serve no purpose whatsoever.
In the 2007 Annual Report to Shareholders of General Motors Corporation, Motors Liquidation Company (then known as General Motors Corporation) stated that its “liability recorded for asbestos-related matters was $627 million, $648 million and $628 million at March 31, 2009, December 31, 2008 and March 31, 2008, respectively.” 2007 Annual Report to Shareholders of General Motors Corporation at page 109. In its Quarterly Report (Form 10-Q) filed with the Securities Exchange Commission on May 8, 2009, Motors Liquidation Company reported that it had hired the firm of “Hamilton Rabinovitz & Associates, Inc., a firm specializing in estimating asbestos claims, to assist us in determining our potential liability for pending and unasserted asbestos personal injury claims.” General Motors Corporation, Form 10-Q filed May 8, 2009, for the Period Ending March 31, 2009. In response to the Ad Hoc Committee’s First Request for Production of Documents to the Debtors, served on June 25, 2009 and pursuant to a confidentiality agreement, the Debtors produced a Technical Report: Estimated Pending and Future Potential Asbestos Personal Injury Liabilities dated January 14, 2009 prepared by Hamilton, Rabinovitz & Associates, Inc. Accordingly, there is no need for Debtors to analyze individual asbestos personal injury claims; they have a current analysis in that regard.
docket 3997
frankiemachine
Mr. Tentenna
so anche delle obiezioni del 'Comitato Vittime della Fistole Anale' e 'Amici dell'Onicofagia'.......vedremo 
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