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We begin with the auto makers remember GM's financing on GM AC was joined the big loser of the stress test right.
It -- -- company needs a raise another eleven and a half billion dollars in new capital.
That sparked a new round of bankruptcy fears for the company.
And CEO Fritz Henderson is giving another update on general -- is it just wrapped up Jeff Flock joining us now from grossing their GM.
CN -- would Illinois a and Jeff as is usually works some of the key headlines coming out -- near the end right Fritz Henderson saying well it is more likely they could file for bankruptcy.
That is correct -- -- we've just ended the call right now prescription and over here as I listen to anybody our speakers here myself indeed that was one of the headlines at the end.
-- -- do -- Steve Harris of the PR department GM talking about the next to call.
At any rate.
He did say bankruptcy more.
Probable today than it was earlier but did is still a chance that they could do the reorganization outside of bankruptcy.
Other headlines throughout today a no no blockbusters we did learn that dealers though we're at a dealership today after grossing -- Auto plaques which is GM.
Dealers alike this and perhaps it won't be this what we feel like this one perhaps won't be on the list but they will get.
The later this week from GM saying.
They will or won't.
Continue to sell GM cars to them.
Some dealers and we don't know the exact number yet we'll get letters to say we're not gonna do business with you anymore essentially put them out of business.
-- -- slobbering lobbying congress right now considering.
Ways to attack that in court.
Just get to -- down the other headlines -- Brian.
No news on Hummer Saturn or Saab sales although -- has been narrowed to -- buyers that they're negotiating on right now.
Saturn has a number of parties a Saab also a number of parties a Fiat.
Obviously interest at GM's Opel operations -- the all other European operations.
I was a question about.
Are you looking at the Latin American operations.
Henderson didn't take anything off the board he said everything's on the board.
Also what kind of an interest want to be somebody asked about whether or not they would move consider moving their corporate headcount orders from the Renaissance Center in Detroit.
And Fritz Henderson said we are essentially looking at everything right now as we try to slim down -- -- a lot of layoffs -- they've got a lot of space in that building.
And potentially thinking about looking at a smaller location would not be something.
I think obliges us.
Brian I have you -- you know you've been there a lot more than I have and I've been the rents that as well that is known and it is a pretty.
And Henderson saying US treasury set a maximum of 10% equity.
For bond holders and any restructured GM.
So there you go we've already got the treasury saying.
We don't want is Chrysler stuff we're gonna set some caps for you already.
Exactly that was -- that was the last question on the call I didn't hear the response to -- but the question asking for his rationale.
Essentially the rational the only part I heard was that it's treasuries -- rationale.
And that's that's absolutely right you can see who's in the driver's seat on this part -- auto pawn.
Well listen I know you -- working get out there this morning -- -- hadn't had a chance check out the story in the Wall Street Journal about the negotiations the bat behind the scenes of Chrysler.
Fascinating inside stuff Jeff Flock we'll see -- and a -- thank you.
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