Word: gm
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Dates: during 2000-2009
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...bankruptcy court in eastern Michigan, though, is determined to do what it can to land a possible GM bankruptcy, as well as a potential Chrysler case. In December the court's six judges signed off on new rules that, among other things, allow the chief judge to divvy up the workload of a "very large, complex case of national significance" to keep such a bankruptcy running smoothly and quickly...
...though the Michigan court has deep experience with auto-related bankruptcies - it has handled those of partsmakers such as Collins & Aikman, Intermet and Plastech Engineered Products - and has fielded its share of megacases, including the landmark bankruptcy that resulted from lawsuits against Dow Corning over silicone breast implants, landing GM may be an uphill battle. "The [lawyers] for the automobile companies sleep much closer to New York and Delaware than they do to Detroit," says Hugh Ray, a partner at the Houston-based law firm Andrews Kurth who is also admitted to the New York bar. "You're afraid...
...GM and the people who would be affected by its bankruptcy, the issues are more prosaic. Consider that scores of suppliers could go under if GM does. Or think of the money owed to hundreds of companies that provide all manner of services to GM. One creditor in the Enron bankruptcy was a local lock-and-safe company; another was an airport car-service firm. Hiring out-of-state lawyers, traveling and staying for months in a city far from home - these might be prohibitive costs to outfits already reeling from GM's fate. "There is no district in this...
After decades of mostly good times, being in the car business is going to be a wretched experience for the next few years. Chrysler may not even be at the next show. GM may not show up with its Hummer or Saturn brands. If domestic car sales keep dropping at 40% per year, the 2010 show may be four used Fords on display in the Javits parking...
...tempting as it is in places like St. Helens to try to send the illegal immigrants packing, it would be a bit like letting AIG or GM collapse: it might feel good and it might be morally justified, but in the long run it would just increase the misery on Main Street. Like it or not, with more than 10 million Margaritos from coast to coast, illegal America is simply too big to fail...