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-- -- court will be Penske.
Auto team drive to General Motors rescue never GM.
Not bankruptcy yet billionaire race car owner Roger Penske is emerging as a potential bidder for GM Saturn unit a move that would ease some pressure.
On their balance sheet and you have probably keep them out of bankruptcy court like I think Jeff Flock has the latest from our bureau in Chicago hijacked.
-- sure for a while there we thought nobody wanted any of GM's assets but then over the weekend comes news that Fiat suggested there European operations and now Penske.
Detroit to a news the first to report the Penske folks' interest did.
And now are now based on what we have learned -- three different suitors for GM's Saturn brand.
Let's take a look at Penske first as you point out -- a billionaire investor Roger Penske.
-- actually -- so much he was an actual race car driver.
At owns Penske automotive.
He's been a big Detroit booster he's been the guy who who.
Essentially a cleaned up Detroit for the Super Bowl that year.
They already control 300 dealers -- fall where they -- forty different brands does Penske upscale dealerships a lot of my visit the one at the Wynn hotel in Vegas very cool.
They also have the right to distribute US in the US Smart cars they are not planning -- however to build cars that they took over Saturn they use the dealer networks or distribution.
The other -- an interest -- one is an Ohio investment firm they.
Would actually plan to build cars it's made up of former -- executives they have a lot of auto making expertise on the team they plan to potentially I closed factories -- Chrysler or GM.
And they would even accept some of the legacy costs that the unions and that's probably the most attractive bid.
For the union lastly the first ones to come to -- for work tell -- -- ventures there essentially a group made up of black oak partners LLC and Saturn dealers they would use the 400 plus Saturn dealerships that not only sell.
GM's Saturn cars which they buy from GM but also eventually turn into a kind of up.
Best -- of autos -- -- a big box retailer of new cars -- by all sorts of different new cars there with a focus on foreign cars that had good fuel economy so.
Multiple different visions for shattered.
Everybody -- I think Cheryl and Tom is kind of look at noticing what the government might be willing to do that could help us out here you've maybe helped.
Everybody wants a fire sale right now -- low.
-- I believe you know and doesn't -- there with us I mean I keep want I think going back to what this means for General Motors as we get this court fight going.
With Chrysler all these documents are coming out about the administration's role the debt holders.
Roll on what this does -- -- yeah.
I just think it's tragic that it had to come to this point you know clearly both Chrysler and GM have some valuable assets they were valuable.
Six months ago they were valuable ten years ago why didn't have to reach this point why did they let it reach this point where everything is a fire sale everything is going being.
Occurring through a panic mode.
I wish this had been done for -- five years ago ten years ago when there was still time.
And the letter of the law as -- is what's gonna have to decide what's gonna happen with Chrysler and this have this big big administration may think I don't wanna -- -- going to bankruptcy.
-- -- -- -- A judge is it gonna say while I had in the political motives -- this -- -- -- Los says debts but you know again to -- at some point several years ago I said GM's management on death and here it is now.
You know I don't think back absolutely I think -- up against the wall I do you.
Well you can you can change the deck chairs around all you want but it's still.
The auto business it is is in a tough shape and it was before the economy -- that's weathered some Republicans economies of.
Governor Locke knows this better than anybody else mr.
Jeff Flock -- his sect.
They -- thank god.
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