Beyond making global warming denialist Bob Lutz a centerpiece of its executive team, beyond not being like to actually come out of bankruptcy for a full year or so, remnant GM has many other problems.
First, that touted plan to sell cars on eBay? The online auction site says it has no agreement with GM at this time. And, with Lutz specifically designed to head GM’s marketing department, what will we see on eBay even if there is a deal? Suburbans and Tahoes?
And, if you believe CEO Fritz Henderson that he intends to repay all government loans by 2015, then I have a brand-new 2009 Chevy Volt to sell you.
That’s still not all of GM’s woes. Or, rather, it’s not all the woes of you or me, the U.S. taxpayer. Per my poll on this subject, below and in the right-hand rail, “old” GM may take a number of years to clear bankruptcy.
Meanwhile, it looks like the government hugely overvalued “remnant” GM, judging by putting an equals sign between the government loan amounts and the equity stake percentage, then converting that into stock value.
And, CNN has an explainer on what “remnant” GM will look like.
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