Just filed for bankruptcy:
http://biz.yahoo.com/rb/051008/auto...uptcy.html?.v=7
This can’t be good for GM, or the economy. Delphi was to be responsible for a lot of pension funds for Delphi AND GM/American Axle plant workers. I wonder what will happen to the local Delphi plant?
oh fuck, i thought it was chapter 11, not bankrupcy.
That is not good…
Jeesus that sucks. Delphi was a awesome company.
Isn’t filing for backrupcy the same thing as Chapter 11??
Those dumasses owe my dad a lot of money too!
I believe that chapter 11 says that you cant pay your bills right now but you WILL pay them. I think bankrupcy says that your a waste of space and you arent gonna pay off anything.
My parents were talking about it tonight, owning a house in Lockport and my father having retired from there, they are a bit nervous about it. They mentioned something about executives taking big bonuses to stay with the company, all the while these big bonuses are killing the company. Way to go… :bloated:
Yeah, well the delphi plant is still spending alot of $ on maint. so my belief would be that they will remain open or I will be hunting down my $ owed
Wow that is not good at all. The Lockport plant is enormous. If that thing goes away there are a lot of jobs being lost.
Those bonuses must have been HUGE.
http://money.cnn.com/2005/10/10/news/delphi_gm/index.htm?cnn=yes
This report says one analyst believes that GM’s chances of going bankrupt is up 30% O.o;
Wow. . .so who will buy out GM in 5 years like my plan forsees 
My bet is on Toyota
just talked to a buddy of mine at keybank. he told me this:
Their stock price as of Friday was just over 2 dollars. As of 12:30 today it was only $0.47. Nice eh? they filed for chapter 11 restructuring Late Friday or early Saturday. Possible cuts in average worker pay by up to 65% and about 50% of pension.Oh yeah… and it’s not just Lockport… it’s the entire corporation. That hurts.
not good. :tdown:
Those parts could be made in China for 20 cent an hour.
Manufacturing unions will be a thing of the past pretty soon.
The only strong unions are the ones that don’t have foreign competition.(teachers, construction, government, utilities, etc)
We are in a global market, get used to it people.
tell that to the people getting 50% of their pensions. still no good.
It may not be good for them but it is a fact of life the USA must come to grips with.
Its just a ploy for the execs with the bonuses to buy stock in the next sucker who is going to make the parts for all those GM’s while dumping delphi and those over paid UNION auto workers.
Yup, yet another company in Buffalo brought to it’s knee’s by a union… I guess no jobs are better than unjustifiably high paying jobs…
agreed… part two of my convo with banker boi…
One of 2 things will happen. Either they will restructure, shaving they’re pensions, salaries and emerge leaner and meaner. Or, they’ll be reacquired by GM. That’s why this all started, they wanted to re-merge with GM and they said no. Delphi made the case that they each had an intrinsic need for each other and that they had overlapping services (payroll, health care, etc.) and that it would save money. GM didn’t want the hassle for whatever reason… so Delphi made good on they’re threats of bankruptcy protection putting anyone who has a contract with them (hehe… GM in a big way) at risk to having it re-opened and chopped down by Federal Mediators.
It’s actually quite ingenious and would be beatifully elegant if it weren’t for real people and they’re lives being affected.
I understand that this is “the new way of the world” and all that happy horseshit. however, life is going to get very rough very quickly for a lot of your neighbors and friends in wny, and nobody should just dismiss this so casually. I know two people that have been there for over ten years, one was about 6 or so years out from retirement.
I’m not going to play the bleeding heart game though, just thought it deserved some counterpoint.
i will tell them, and then i will make them look like asses for thinking someone else was going to take care of them. perhaps instead of buying useless and unneeded junk people should have been investing the money they were making.
bah, thats just dumb… instant gratification > *
if these people werent so blind they would have seen this coming. just wait until the chinese cars start making their way over here. no one in the auto industry will be safe.
edit: while were at it, let not privatize SS, and leave it for someone else to take care of. this way when it fails its not our/your fault… then we can blame that problem on someone else too.
Social Security. Bahaha! I’m 23 years old and less than a year into my engineering career and I’m already planning for my retirement. I have just fully accepted the fact that social security will not be there when I am of retirement age.
Wow, I am pretty glad I started my own business rather than trying to get in with delphi