Word: cases
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...stock trades at $1.71, which is not even its 52-week low. Several news outlets have reported that the Treasury has asked the No.1 US car company to prepare for Chapter 11. The government will probably try to have GM broken into two pieces. In that case, most of the creditors may be stuck holding paper in the weaker of the operations which will be made of brands like Saturn and Hummer which have no economic value at all. If that tactic works, the money that GM owes to financial firms could end up being next to nothing...
...most important reason for the government to expend this great effort on GM and Chrysler is that the car business is such a large employer. There is no longer a case to be made that the auto manufacturing business is "strategic". If the auto industry was ever in a position to enjoy that designation, it was when the American car companies had 70% of the market. At this point, Toyota (TM) and Honda (HMC) could buy the divisions of GM that they believe can be profitable and the domestic auto market would see very little disruption...
...industry that has the largest number of employees in the US is not automotive. It is retail. If the economy does not recover quickly, there is a case to be made that one or more large retailers could face problems not unlike those being faced by GM. The largest retailers have two advantages over car companies. For the most part, they do not have crushing debt loads. Secondly, they do not have the legacy labor costs that are a result of UAW negotiations with The Big Three, although some have pension plans that are not completely funded...
...TEUs - 20-foot shipping containers - in temperature and humidity controlled conditions as part of the long-established Afloat Prepositioning Force, a strategy for storing the tools of war, known as "prepo." The ship will simply sit at anchor in the atoll's blue lagoon and wait, in case there is a major conflict in the area requiring U.S. involvement. This particular project, not the first prepo at Diego Garcia, is scheduled to begin in November and last for five years. Born in the Cold War, prepo proved so successful in speedy delivery of assets during the first Gulf...
...occasional helplessness of the crews - and a new wave of attacks in recent days despite the presence of an international flotilla off Somalia - has led some experts to demand that they be armed in case of attack. On Monday, Gortney told CNN that in addition to beefing up ship defenses on their vessels, shipping companies should deploy armed guards on ships that may come under threat. But such a move has many opponents, who argue that most crews are not properly trained to handle weapons, and such a decision would butt up against the laws of dozens of nations, which...