TGIF
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GM considering Chapter 11 filing, new company: report
1 hour, 12 minutes ago
CHICAGO (Reuters) - General Motors Corp, nearing a Tuesday deadline to present a viability plan to the U.S. government, is considering as one option a Chapter 11 bankruptcy filing that would create a new company, the Wall Street Journal said in its Saturday edition.
"One plan includes a Chapter 11 filing that would assemble all of GM's viable assets, including some U.S. brands and international operations, into a new company," the newspaper said. "The undesirable assets would be liquidated or sold under protection of a bankruptcy court. Contracts with bondholders, unions, dealers and suppliers would also be reworked."
Citing "people familiar with the matter," the story said that GM could also ask for additional government funds to stave off a bankruptcy filing.
GM declined to comment, the story said.
General Motors and Chrysler LLC face a Tuesday deadline to file restructuring plans to the government in exchange for receiving $17.4 billion in federal loans.
Automakers have struggled as U.S. auto sales have tumbled amid a recessionary economy. U.S. auto sales in January tumbled to a 27-year low.
GM has been in talks with bondholders and the United Auto Workers union to get an agreement on a restructuring that would wipe out about $28 billion in debt for the auto maker, sources have told Reuters. However, it appears unlikely a deal could be reached by the Tuesday deadline, they said.
GM has already announced plans to cut 10,000 salaried workers worldwide, or 14 percent of its staff, impose pay cuts for most remaining white-collar U.S. workers and has offered buyouts to its 62,000 U.S. workers represented by the UAW.
In addition, it is trying to sell its Hummer SUV and Swedish Saab brands and is reviewing the status of its Saturn brand.
(Editing by Eric Walsh)
Copyright © 2009 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
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GM considering Chapter 11 filing, new company: report
1 hour, 12 minutes ago
CHICAGO (Reuters) - General Motors Corp, nearing a Tuesday deadline to present a viability plan to the U.S. government, is considering as one option a Chapter 11 bankruptcy filing that would create a new company, the Wall Street Journal said in its Saturday edition.
"One plan includes a Chapter 11 filing that would assemble all of GM's viable assets, including some U.S. brands and international operations, into a new company," the newspaper said. "The undesirable assets would be liquidated or sold under protection of a bankruptcy court. Contracts with bondholders, unions, dealers and suppliers would also be reworked."
Citing "people familiar with the matter," the story said that GM could also ask for additional government funds to stave off a bankruptcy filing.
GM declined to comment, the story said.
General Motors and Chrysler LLC face a Tuesday deadline to file restructuring plans to the government in exchange for receiving $17.4 billion in federal loans.
Automakers have struggled as U.S. auto sales have tumbled amid a recessionary economy. U.S. auto sales in January tumbled to a 27-year low.
GM has been in talks with bondholders and the United Auto Workers union to get an agreement on a restructuring that would wipe out about $28 billion in debt for the auto maker, sources have told Reuters. However, it appears unlikely a deal could be reached by the Tuesday deadline, they said.
GM has already announced plans to cut 10,000 salaried workers worldwide, or 14 percent of its staff, impose pay cuts for most remaining white-collar U.S. workers and has offered buyouts to its 62,000 U.S. workers represented by the UAW.
In addition, it is trying to sell its Hummer SUV and Swedish Saab brands and is reviewing the status of its Saturn brand.
(Editing by Eric Walsh)
Copyright © 2009 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
Copyright 2009 © Yahoo! Inc. All rights reserved.
Privacy | Terms and Conditions | Send Feedback | Help
kex.v blipped yesterday for reasons unknown ....
sweet ride!
Mountain Capital terminates Ernestina Lake option
2009-02-11 16:50 ET - News Release
Mr. Blair Naughty reports
MOUNTAIN CAPITAL INC. UPDATE
Mountain Capital Inc., further to the company's news release reported in Stockwatch on June 26, 2008, has terminated, by mutual consent, the property option agreement dated July 31, 2008, with Universal Potash Corp. (formerly Utah Uranium Corp.).
In addition, and further to the company's news release reported in Stockwatch on Sept. 3, 2008, the company is awaiting finalization of an NI 43-101 technical report with respect to its Vermillion 15 potash property located in east-central Alberta.
BOB.v
Interesting volume!!!
Wow, no! Is that a Monte Carlo? Beautiful machine whatever it was ... looks like it was kinda souped up too!
Thanks for link ... I used to be a Camaro fanatic in those days ... had several of them (lol).
lol
beautiful
ENA crawling back up slowly but surely ...
HOU should rebound very soon, imo
Watching new Survivor Brazil
gutsy play
Freegold is getting worrisome with some bridge financing problems....
HOU has HUGE volume and falling fast!!
Volume on HEG and AAE
Homeland to extend South African asset sale timeline
2009-02-09 09:20 ET - News Release
Mr. Stephen Coates reports
HOMELAND ENERGY AND GMR ENERGY IN DISCUSSION ON SALE OF SOUTH AFRICAN ASSETS; DEADLINE FOR DELIVERY OF SHARES EXTENDED
GMR Energy Ltd. of Bangalore, India (GMR), has requested an additional extension for the completion date by which Homeland Energy Group Ltd.'s Homeland Energy Corp. must repurchase the shares of the company's South African operations from GMR. GMR has cited the need to conclude discussions with its bankers as the reason for this extension.
Homeland and GMR are in discussion whereby GMR will purchase 100 per cent of Homeland's South African subsidiary, Homeland Mining & Energy, SA (Pty.) Ltd. (HMESA), for $80-million (U.S.) (approximately $98-million (Canadian)) less the $30-million (U.S.) (approximately $37-million (Canadian)) that GMR has invested to date. There are additional costs which GMR must bear, such as accounts receivable and surplus cash currently in the South Africa operations account, which will be settled upon closing of this transaction.
Both Homeland and GMR are actively working to complete discussions and enter into a binding agreement by Feb. 23, 2009, at which time GMR will make an initial payment of $10-million (U.S.) (approximately $12.5-million (Canadian)). The balance payment of $40-million (U.S.) (approximately $49-million (Canadian)) will be made upon closing of the transaction, and following receipt of required shareholder and regulatory approvals in Canada and in South Africa. In the event that a binding agreement is not finalized and the initial payment made by Feb. 23, 2009, Homeland reserves the right to issues the common shares as approved by Homeland shareholders in December.
Background
On April 17, 2008, GMR acquired a 5-per-cent interest in HMESA for $15-million (U.S.) with an option to purchase an additional 5 per cent and 40 per cent over time. On May 6, 2008, GMR acquired an additional 5 per cent of HMESA for $15-million (U.S.), bringing ownership of Homeland's South African subsidiary to 10 per cent for a total of $30-million (U.S.). On Nov. 5, 2008, GMR elected not to acquire the additional 40 per cent of HMESA as per the original agreement. Homeland Energy Corp. was required to repurchase GMR's 10-per-cent ownership in accordance with the terms of the option agreement, a value of $30-million (U.S.) payable in cash or shares of Homeland.
On Nov. 18, 2008, Homeland gave notice to GMR that the company intended to issue Homeland Energy Group shares at a price of approximately 45.5 Canadian cents per share as a means for Homeland to regain 100 per cent of HMESA to satisfy the repayment of GMR's $30-million (U.S.) investment for 10 per cent of HMESA. Homeland continued discussions with GMR on alternatives to the issue of shares and on Jan. 4 and Jan. 20 granted extensions to the share delivery date in order to accommodate these discussions.
OSK on watch
Breaking News Alert
The New York Times
Tuesday, February 10, 2009 -- 1:00 PM ET
-----
Senate Approves Stimulus Plan
After a 61-to-37 vote that was largely along party lines,
negotiations with the House over the $838 billion bill will
begin.
interesting one ...
Looks good at this price. I need to look at shar structure and history, but the concept is there.
I like Barrick Gold a lot!!
HOU new low ... on watch
Husband ends marriage on Facebook, court hears
2 hours, 7 minutes ago
LONDON (AFP) - A 39-year-old husband ended his six-year marriage by announcing it on social networking website Facebook, a court heard Friday.
Emma Brady, 35, only found out about her husband Neil's intentions when he changed his Facebook status to read, "Neil Brady has ended his marriage to Emma Brady," and a friend in Denmark called her to ask how she was coping.
The mother-of-one, who works as a conference organiser, was "shell-shocked" by her husband's decision despite the fact that their marriage had had its "ups and downs", magistrates in Blackburn heard.
Neil Brady's lawyer Gareth Price told the court, however, that Emma Brady had not first learnt of the divorce over Facebook, saying their marriage had already become strained.
The details of Neil Brady's decisions were told to the court during sentencing for assaulting his wife at their home in nearby Accrington.
At Christmas last year, the pair had gone on separate nights out and upon returning, an argument broke out, with Neil Brady, an IT consultant, demanding to see his wife's mobile phone.
When she refused, he grabbed her hand, injuring her wrist, and then threw her out of the house.
Neil Brady, who is currently living with his mother, pleaded guilty to the charge and was handed a fine of 580 pounds along with 175 pounds in compensation and legal costs.
Copyright © 2009 Agence France Presse. All rights reserved. The information contained in the AFP News report may not be published, broadcast, rewritten or redistributed without the prior written authority of Agence France Presse.
Copyright 2009 © Yahoo! Inc. All rights reserved.
A man said to the universe: "Sir, I exist!"
"However," replied the universe, "The fact has not created in me a sense of obligation."
--Stephen Crane (1871-1900) US writer
RailPower Technologies under TSX delisting review
2009-02-04 13:28 ET - Miscellaneous
TSX bulletin
The following trader note was released by the Toronto Stock Exchange on Feb. 4, 2009, at 10:31 a.m.
The TSX is reviewing the common shares and common share purchase warrants of the company with respect to meeting the requirements for continued listing. The company is being reviewed on an expedited basis.
HNU wants to move ...
ncx says KABOOM!
XE volume
lol
so much for that one!
;-(
Any rumour of a sale and this goes through the roof ...
yes, would not take much to push up
bbd.b on radar
Global Hunter drills 168.7 m of 0.059% Mo, 0.116 g/t Re
2009-02-02 11:30 ET - News Release
Mr. Rod Husband reports
GLOBAL HUNTER HITS 169 METERS OF 0.059% MOLYBDENUM; NEAR SURFACE MO INTERSECTIONS SUPPORT GEO-MODEL IN WIDTH AND GRADE
Global Hunter Corp. is releasing the results from the first four diamond holes drilled on its Rabbit South project, located in the Quesnel trough in British Columbia.
Highlights include:
14 diamond drill holes completed;
Assay results from two holes include hole RS-D-08-123, 168.70 metres of 0.059 per cent molybdenum (Mo) and 0.116 gram per tonne (g/t) rhenium (Re), and hole RS-D-08-127, 105.0 metres of 0.042 per cent Mo and 0.092 g/t Re;
Assay results are pending for the remaining 10 holes.
Drill hole From (m) To (m) Length (m) Mo (%) Re (g/t)
RS-D-08-123 11.30 180.00 168.70 0.059 0.116
including 11.30 104.00 92.70 0.069 0.131
RS-D-08-124 results still pending
RS-D-08-125 22.00 240.00 218.00 0.023 0.036
including 128.00 198.00 70.00 0.032 0.049
RL-D-08-126 13.00 61.00 48.00 0.039 0.077
RL-D-08-127 13.00 118.00 105.00 0.042 0.078
including 13.00 77.00 64.00 0.050 0.092
and 95.70 118.00 22.30 0.054 0.100
"We are very excited to be moving the Rabbit South molybdenum project along with our drill program; we continue to verify historical drilling and are looking forward to explore the higher-grade section of the deposit with our next drill program. Our belief remains that Rabbit South has the potential to become a strategic asset, considering it is located in a prolific mining area with substantial history," said Rod Husband, president of Global Hunter.
All assays were done by EcoTech Laboratory Ltd. in Kamloops, B.C. The laboratory is ISO 9001-2000 certified and is a division of the Alex Stewart Group. For complete details on the assay procedures, please refer to the company's news release in Stockwatch dated Sept. 17, 2008. The remaining results are currently being reviewed and undergoing quality assurance/quality control (QA/QC) analysis, and will be released once this process is complete.
About Rabbit South
The property consists of 1,900 hectares near Kamloops, B.C., a town with a deep history of mining. Rabbit South is strategically located in the southern end of the Quesnel trough, a rich geological belt that stretches throughout the centre of British Columbia, from Elk Valley to Kemess mine. The Quesnel trough hosts several major ore deposits, including the Highland Valley copper mine (B.C.'s largest porphyry copper mine), 25 kilometres southwest of Rabbit South, and Afton mine (B.C.'s richest porphyry copper mine), 12 kilometres northeast of the property. Access to the property is available year-round by highways and logging roads.
The molybdenum mineralization at Roper Lake was discovered in 1959, by Kennco Exploration (Western) Ltd. and was first drilled by Dominic Lake Mining Co. Ltd. in 1967, before being explored further between 1979 and 1981, by Cominco Ltd. Global Hunter optioned the property in January, 2004, and has since completed three drill programs in 2005, 2007 and 2008.
Previous operators drilled a portion of the Rabbit South property extensively and established the existence of a large body of molybdenum mineralization. Historical work included 104 holes, of which 79 were percussion holes (6,009 metres) and 25 were diamond drill holes (2,968 metres). Near-surface mineralization was intersected in 44 of these drill holes, but mineralization at depth was not fully explored.
The mineralized zone is horseshoe shaped, and hosted by a molybdenite-bearing quartz vein stockwork in quartz monzonite porphyry intrusion from surface to the low-angle thrust fault that defines the contact with the underlying Nicola Group andesite and andesite tuffs.
Global Hunter is systematically confirming the historical results, as well as defining the low-angle, northerly dipping thrust fault that is the lower limit of mineralization. The fault extends from approximately 100 metres deep in the south to over 400 metres deep in the northern end of the mineralized zone.
The contents of this news release, including the technical information contained herein, was reviewed by Mr. Husband, PGeo, a qualified person as defined by National Instrument 43-101.
We seek Safe Harbor.
"Don't be too timid and squeamish about your actions. All life is an experiment."
--Ralph Waldo Emerson (1803-1882, American Poet, Essayist)
P.t (Railpower) skating on bottom at .07
"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
--Henry Ford (1863-1947) Founder of Ford Motor Company
Listening to their press conference right now