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The court heard Darren Upton had written a letter to Judge Sally Cahill QC saying he wasn’t “a typical inmate of prison”.
But the judge said: “That simply demonstrates your arrogance continues. You are typical. Inmates of prison are people who are dishonest. You are a thoroughly dishonestly man motivated by your own selfish greed.”
Interesting if GM goes bust. What happens to the regional subsidiaries/factories? Might be a way to get a mass production car company back into UK ownership - the latest Vauxhalls are competent enough.
Delphi (GM main parts supplier) has already filed for chapter 11. GM bonds are now rated "junk" by analysts.
Losses and debts at GM are abysmal.
What does this mean for Vauxhall/Opel? (part of GM)
The court heard Darren Upton had written a letter to Judge Sally Cahill QC saying he wasn’t “a typical inmate of prison”.
But the judge said: “That simply demonstrates your arrogance continues. You are typical. Inmates of prison are people who are dishonest. You are a thoroughly dishonestly man motivated by your own selfish greed.”
Don't forget, companies in the US are in and out of chapter 11 like no-one's business all the time. It doesn't mean much over there and nothing like calling in the administrators means over here. And if you think the Fed will let GM go bust leaving all those key voters on the rock 'n' roll you're living in fairy land.
Mind you, I've got my hat and some salt 'n' pepper here all nice and ready.
No. It’s a big tier 1 parts supplier. Spun off from GM some time ago. Like Visteon was spun off from Ford (now being refinanced by them), and Denso from Toyota. Not that I work for any of these, but it's the same thing.
Don't forget, companies in the US are in and out of chapter 11 like no-one's business all the time. It doesn't mean much over there and nothing like calling in the administrators means over here.
True. And the rules for chapter 11 changed a few months ago. Leading to a rush of companies filing before the new rules came in.
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