GM to take future liability claims

The Associated Press reported today that General Motors will take responsibility for for future product liability claims, making it easier for the company to sell its assets and come out of its Chapter 11 a new company.
While GM did not offer this willingly (its hand was forced to take liability in order to sell assets,)it will help consumers hold GM accountable for defective vehicles it previously would not have assumed any liability for. From the story:

"The fact that 'New GM' will protect consumers injured by defective 'Old GM' cars is a positive development for public safety," The Ad Hoc Committee of Consumer Victims of Chrysler and GM said in a statement released Saturday. But the group said more needs to be done, noting that GM's concession doesn't help people that have already been hurt by its vehicles. It also said consumers hurt by fellow automaker Chrysler LLC still have little recourse."

View the story here.

Unforeseen Consequence

Today, The Wall Street Journal ran an online story discussing an unforeseen consequence of the auto-crisis and recession in Detroit.
While it was widely predicted Detroit's residents and businesses would suffer from the collapse of General Motors Corporation, few imagined the rate businesses would exodus from the city.
Retailers like Starbucks and Borders have pulled most of their locations from the city. The United Food and Commercial Workers union is thinking of building a grocery store due to a lack of national grocery chains and businesses selling fresh meat and produce. Residents of the city are struggling to get common goods readily available to them a few months ago. Car dealers have also started trekking from the 11th largest city in the nation. From the story:

"The lack of retail is one of the biggest challenges the city faces," said James Bieri, president of Bieri Co., a Detroit-based real-estate brokerage. "Trying to understand how to get it to come back will be one of the most important keys to its resurgence - if it ever has one."

Andrew Grossman's article strays from the collapse of GM and examines the extent the corporation's influence kept other businesses rooted. The story also acts as an interesting allegory of one corporation's ability to bring one of the largest cities in America to its knees.

View the story here.

What do you think of the backlash from General Motors in Detroit? What unforseen consequences of the auto industry crisis have you reported on? Comment and let us know.

Road to Ruin

MSNBC has created an interactive timeline charting the major business milestones of America's auto industry over since 1978. It also charts the stocks of General Motors Corp., Ford Motor Company and Chrysler as well as gas prices per gallon, new car dealerships, dealership employees and new vehicles sold.
There can never be too much context with complex issues like those plaging the automotive industry right now, and MSNBC helps give a fresh look at the big picture with its interactive media.
View the timeline here.

GM bankruptcy-what does it mean for me?

The Wall Street Journal has written an essential piece summing up how General Motor Corp.'s application for Chapter 11 will impact new-car deals, resale value, warranties, service and other car makers.
Summing up the Chapter 11 repercussions on businesses and individuals in layman's terms is the only way to address that ever-important question: What does it mean for me?
View the story here.

GM bankruptcy: an opportunity?

The New York Times journalists Jack Healy and David Stout wrote an interesting piece today examining the positive spin the White House and General Motors Corp. are trying to put on the company's recent filing for Chapter 11 bankruptcy.
Great analysis like this of how business events are framed by those involved will never fail to serve readers a healthy dose of perspective.
From the story:

"In Washington, Mr. Obama was more than halfway into a speech before he mentioned the word "bankruptcy” in the same breath with “G.M.” Fritz Henderson, the company’s chief executive, spoke for 20 minutes at a news conference before saying the b-word. And a press release from G.M. described the move as a 'fast track to competitive future.' "

View the story here.

GM chairman to resign, five GM directors to keep seats

General Motors Corp. Chairman Rick Wagoner is being forced to resign, according to The New York Times.
Five of G.M.'s 12 directors will keep their seats, according to The Wall Street Journal.
View the story here.
For a great overview of G.M., click here.

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GM plant closures

The Wall Street Journal has a short, straightforward story on the 17 factories and part centers General Motors Corp. will be closing as part of its Chapter 11. The story lists the plants by their town and state locations. WSJ states that G.M. plans to cut roughly 20,000 factory jobs (more than 1/3 of G.M.'s U.S. workforce).
According to the story, 3 plants may "reopen if market demand rebounds." The story also mentions G.M.'s plans to convert a factory currently unused into a place to construct small cars.
View the story here.

GM overview

Portfolio.com has a great overview of General Motors Corp. including:

• Its chief executive officer and contact information
• Recent news on the company
• The number of employees at G.M. and revenue per employee
• Quarterly and annual financial information
• Stock information

View the overview here.

GM retirees get the shorter end of the stick

A flood of stories on General Motors Corp. washed over the unsuspecting public this morning. As of 10:04 am MST, there were 52,479 stories on Google News about G.M. filing for bankruptcy.
While many stories covered the necessary basics of what happened, some went beyond to look at the more detailed picture of the company's financial collapse. Forbes' story "A Sickening Outcome For GM Retirees" is a good example of highlighting the personal and devastating in what could be the faceless falling of a company.
At a time when people are still waiting to see the full fallout of a company's chapter 11, it's important to remember the people at the heart of the company and the story.
View the story here.