Obituary: Pontiac Dead At 80, GM Not Far Behind...

Deceased in better days:

Grand Prix

The Judge

Grand Prix

Grand Prix

Firebird

GM announced it is ending the production of Pontiac after 80 years, many of those years as GM's "Performance Division" and in addition the company could be majority owned by the federal government if a restructuring plan introduced Monday is implemented. It offers to swap roughly $27 billion in bond debt for GM stock and leaves current shareholders owning only 1 percent of company. The federal government would take more than 50 percent of common stock in exchange for canceling half the government loans to the company. Also, GM is offering stock to the UAW Union for at least 50 percent of the $20 billion the company must pay into a union run trust that will take over retiree health care expenses starting next year. If both are successful, the government and UAW health care trust would own 89 percent of the company in essence nationalizing the company.

Bottom line, get ready to give more of your money to the government to try to pump into a dead company and supplement "better than you have" health benefits to thousands of its workers as the U. S. Gov't decides what kind of car is best for you, comrade.


New U.S.A.W.G.M. Peoples Car!
(United States Auto Workers of General Motors)

Pontiac R.I.P.