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Wednesday, July 01, 2009

Next Question: Is Janesville Part Of "Old" Or "New" GM?

Chicago Tribune Excerpt:
Under a government-backed deal, GM will sell most of its assets to a newly created company, 60 percent owned by the U.S. government. The Canadian government will get a 12.5 percent stake while the United Auto Workers union will take a 17.5 percent share to fund its health care obligations. Unsecured bondholders receive the remaining 10 percent.

Existing GM shareholders are expected to be wiped out.

The remaining pieces of the company, including some closed plants, will become the "Old GM" and be liquidated.


Anonymous said...

This plant is one of the few real "assets" GM has, sad as that is. They cannot sell it, it's collateral. The powers that think they are, here in Janesberg, are clamoring to get their hands on the site, but it will just continue to sit there and decay. GM does not want to pay clean-up costs and neither do I. But that is exactly what will happen. We will pay for it one way or another. The people in this town are so clueless as to what is coming. But it doesn't matter to me, I'm moving far from this town with it's naieve people and hopleless newspaper. I really hope that blog of the Gazettes is not a real indicator of the intelligence level of this berg, because if it is...Janesville has no future.

Lou Kaye said...

I'd tend to agree in general with your comments here. But I can't blame many of the people for being the way they are. Many of the natives here have bought into the status quo fed by the monolithic Gazette and are so deeply vested in that, that their only instinct is to defend. It's the "you're either with us or against us mentality" and its handed down from one generation to the next. It won't be easy, but there is hope. A new way forward will only come if the regular people organize, not from the government. It won't come from city controlled listening sessions, city hall committees, the newspaper or from a political party. Those are the status quo. The silent majority have to form a political action grassroots local coalition completely independent from all of the regular power players, local officials, their media operatives and interlopers. It's been done hundreds of times in other localities. Nothing else will do it.

Regreader said...

Before you even get started the Gazette will be out there tearing the coalition down. They will align you with B'moon and call you anti-establishment and anti-business. You know it, Louis. But I like that "new way forward" thought. Its got a Janesville twang to it if you know what I mean.

Lou Kaye said...

You have a point but folks shouldn't let that (Gazette) stop us/them from organizing.

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