"Marcie:
Delightful to see GM post a profit today... What a surprise! All of the "greedy" bond holders have not had an interest payment in over 20 months and were told to stand down by the US Treasury as they gave the company to the UAW,…"
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Matthew Burril commented on Alex Kwanten's blog post Toyotapocalypse?"Marcie: The Audi compariison is interesting, but probably not equally appliciable in this situation with Toyota. First of all, Toyota is the name brand for passenger cars in America, manufactured in America, and has very deep dealer roots in the US.…"
Matthew Burril commented on Marcie Belles's blog post Fresh Funds for GMAC"Marcie: This has been priced into GMAC debt since mid March. GMAC has several billion in callable bonds all with coupons above 6%. The FDIC debt so far has been priced below 2.3% and this upcoming traunch will probably be priced similarily. This…"
Matthew Burril commented on Marcie Belles's blog post Ford’s Figo: A Small Car for a Big Market"Marcie: Any numbers on how Nano has sold? Thanks for your diligence on the credit topic."
Matthew Burril commented on Marcie Belles's blog post Auto Financiers Prep $7B of Loans for Talf"Marcie:
This is exactly the enviornment we were calling for back in April. Remember GMAC still has about 4 Billion yet to issue and that debt will have FDIC insurance allowing GMAC to borrow for less than 3%. The auto market is going to get flooded…"
Marcie Belles commented on Matthew Burril's blog post Not really bankruptcy"Thanks so much for your post, Matthew. One of my big concerns, actually, is the effects that all this government intervention in GM and Chrysler will have on Ford and other manufacturers. I've talked to lots of industry folks who have said that…"
Matthew Burril posted a blog postNot really bankruptcy
Marcie, thanks for the continuous updates. Unfortunately this was not a bankruptcy at all. This was a government reorganization simply being masked by the 363 code of the U.S. Treasury. There were so many more options available, yet the traditional bankruptcy would have caused more pain to the UAW than the Obama administration was willing to permit. It is no conincedence that Tim Geihtner was instructed to "make this happen" directly from the White House in a public effort to "save American…See More
Matthew Burril commented on JJ Hornblass's blog post Not Surprisingly, GMAC Cuts Off Certain Chrysler Dealers"And they will. GMAC is setting up for a great run later in Q3 and 4. Remember, GM and Cerebus must sell down their GMAC voting shares, and getting themselves in a solid position by culling Chrysler dealerships is just one step in improving the value…"
Matthew Burril commented on JJ Hornblass's blog post It Is Not Over for Ford"Don't be surprised in a few months when GMAC offers packages to all auto dealers... Ford, Toyota, BMW, KIA, Saturn, etc... Part of the reorganization effort is to get GMAC in front of as many auto loans as possible. Last Wednesday, GMAC sold…"
Matthew Burril commented on Matthew Burril's blog post GMAC, The missing link"GMAC represents a large asset to GM and Cerebus Capital. Under the TARP rules, Treasury is requiring GM to reduce it's ownership of GMAC to less than 10% and Cerebus less than 14.9%. Since GMAC received bank status on December 24, 2008, Sheila…"
JJ Hornblass commented on Matthew Burril's blog post GMAC, The missing link"Matthew, thanks for your post. Forgive me, but what exactly do you mean by "GMAC as the missing link"? Do you mean GMAC is the linchpin to the new GM's success? If so, please elaborate on that. Do you see GMAC with its ability to…"
Michael Smitka commented on Matthew Burril's blog post GMAC, The missing link"Now, if we can judge where residuals are heading so that GM can contemplate leasing without subvention ... fleet sales have been down for some time, so that ought to boost values, but who knows what impact Chapter 11 will have on new and used GM…"
Matthew Burril's blog post was featuredGMAC, The missing link
Now that GM has been informed by Treasury that bondholders will cry Uncle, let's ask about equity in the new GM. What is GMAC now worth to GM and the newly rearranged equity? Prior to Thursday of last week, GMAC was basically locked out of the unsecured bond market, but as soon as the UAW made an agreement with GM, Sheila Bair immediaetly gave GMAC FDIC approval to issue AAA rated debt in the open market. This has giant implications for GMAC, their owners GM and Cerebus Capital. As part of the…See More
Matthew Burril posted a blog postGMAC, The missing link
Now that GM has been informed by Treasury that bondholders will cry Uncle, let's ask about equity in the new GM. What is GMAC now worth to GM and the newly rearranged equity? Prior to Thursday of last week, GMAC was basically locked out of the unsecured bond market, but as soon as the UAW made an agreement with GM, Sheila Bair immediaetly gave GMAC FDIC approval to issue AAA rated debt in the open market. This has giant implications for GMAC, their owners GM and Cerebus Capital. As part of the…See More
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Matthew Burril's Blog
Not really bankruptcy
Posted on July 12, 2009 at 9:34am 1 Comment 0 Likes
Marcie, thanks for the continuous updates. Unfortunately this was not a bankruptcy at all. This was a government reorganization simply being masked by the 363 code of the U.S. Treasury. There were so many more options available, yet the traditional bankruptcy would have caused more pain to the UAW than the Obama administration was willing to permit. It is no conincedence that Tim Geihtner was instructed to "make this happen" directly from the White House in a public effort to "save American… Continue
GMAC, The missing link
Posted on May 28, 2009 at 12:12pm 3 Comments 0 Likes
Now that GM has been informed by Treasury that bondholders will cry Uncle, let's ask about equity in the new GM. What is GMAC now worth to GM and the newly rearranged equity? Prior to Thursday of last week, GMAC was basically locked out of the unsecured bond market, but as soon as the UAW made an agreement with GM, Sheila Bair immediaetly gave GMAC FDIC approval to issue AAA rated debt in the open market. This has giant implications for GMAC, their owners GM and Cerebus Capital. As part of the… Continue
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