North Central US | Greg K - 6/26/2025 19:53
After 2008 I thought it changed its name from General Motors Corporation to General Motors Company as part of the bankruptcy restructuring. It happens to most companies. International harvester, Oliver, Chrysler, Hudson, Pierce, Studebaker, and the list goes on and on.
What happened in the bankruptcy is this:
GMCorp went into bankruptcy
GMCompany was created
GMCorp sold everything profitable to GMCompany
GMCorp changed its name to something like GMAC and was stuck with all the pensions and debt
The GMCorp basically exists to move money from the government emergency pension fund to some of the former pensioners. A lot were dumped and lost everything.
Also of note: GMCorp had stock matching, so many employees had hundreds of thousands of dollars in GMCorp stock. That did not transfer to GMComp. Many retired and current employees lost basically everything, their pension, insurance, retirement, investments, everything they had saved. |
Hope this is not correct, but fear it is.
