"Canuck57" wrote in message
...


GMs problems are simple, they are one or more of the following:

- cost to much
- unreliable crap compared to others
- costs are out of control
- crappy management and destructive unions
- can't afford it
- credit no good

Solve the first 4 and their problems go away. The only way right now to
do that is chapter 11.

Recovery plan that will work.

1) Chapter 11 - Judge calls the shots.

2) If the plant or facility is losing money, bye-bye, close it with a
4-sale sign. Axe everyone, no transfers especially poisoned dysfunctional
management.

3) If the plant is marginal, fire senior management and replace them from
outside with real bottom like customer orientated business people. Give
the union 72 hours to accept a new contract which simply states: "You can
quit at any time, you will have a job if you stay in so long as this plant
makes money in the month, every month. We reserve the right to close
without notice. We now pay 1/2 (or less) of prior rates. Severance is
not an option.".

4) Fire ALL senior executives including the CEO and board. A board member
may stay provided they own more than 5% of the company in common stock or
preferred shares. Otherwise they pack, no severance.

5) Liquidate excess inventory, fire sale. Raise cash to pay creditors in
order.

6) Pension and other benefits, now a union issue.

7) New HR policies, no show, slackers, poor quality gets you fired. If
union resists, close the facility.

8) Reorganize debt. Common shares, preferred shares and bond holders are
likely out.

9) Anyone getting in the way, or hindering 1-8 above is in contempt of
court. Set the hearing date and fire them.

Problem solved. Lean and mean. Run it by the books for a year or two,
then put it back on the market. Probably go for $100 share.

I think I mean take control of the company.


I like your style. I don't think I want to work for you though ... :-)

Eisboch