• Oct 21, 2010
Attention is focused on the new General Motors, but behind the scenes the dismantling of the old GM, now known as Motors Liquidation Co., continues. Last week another auction was held in a series of highest-bidder events going back to September of 2009. The Livonia engine plant, home of Northstar V8 assembly among other things, had its old machinery and mementos sold to buyers around the world. The property itself, however, wasn't sold.

And as with any garage sale, even one spread among 14 states, there are things you wouldn't expect to find among the booty, like an abandoned Indiana church and a New Jersey golf course. The golf course we can understand. The church has our curiosity turning over all kinds of scenarios. The next auction will be November 4 at the Pontiac Assembly plant, each one doing its small part to address Motors Liquidation Co's $275 billion in debts in addition to funds needed for toxic site cleanups

[Source: Detroit News | Image: Stan Honda/AFP/Getty Images]


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    • 1 Second Ago
  • 29 Comments
      • 4 Years Ago
      In other news, Toyota recalls 1.53 million Lexus, Avalon, Highlander models.

      http://content.usatoday.com/communities/driveon/post/2010/10/toyota-recall-lexus-avalon-highlander/1

      It's starting to seem as if the TOY in Toyota is not a coincidence.

        • 4 Years Ago
        Hilarious, thanks!
        • 4 Years Ago
        The hits keep on coming.

        My, how things have changed from 2000 to 2010.
        • 4 Years Ago
        LOL. I voted you a plus sign Jake.
      • 4 Years Ago
      I wonder if it's that abandoned methodist church in Gary, IN. what a neat looking building.
      • 4 Years Ago
      GM should have been forced into Chapter 11 five years earlier, when their Liabilities were more than their Assets (when they were technically bankrupt). And we should have forced them to make tough concessions then: when the economy was relatively strong, when the economic reprocussions would be minimal and when they could have recovered more easily.

      Instead, we let them dig themselves almost $100 Billion dollars further into the hole, filing in the middle of a recession, and leaving taxpayers holding much of the bill. Bankruptcy regulations should be changed to prevent something like this from happening again.

      But what is perhaps most amazing about GM is the level of denial from their investors. When GM was technically bankrupt, investors had its stock price at ~$50. I don't feel bad for the shareholders for being liquidated-- but I do feel bad for some of their other creditors and the US taxpayer.
      • 4 Years Ago
      More than a quater of a trillion in debts?! Bloody hell, those amounts make my head spin!
        • 4 Years Ago
        well. that's how they turned profitable, chapter 11 shenigans. the debt's still there but it's on another companys name. I'd be mighty pissed if I was a creditor. it's like taking debt for building a house, then selling the house to your alter ego and letting the other alter ego keep the debt - that alter ego has some assets, but not enough by a long shot to pay it's liabilities and no income sources either. all legal and ready for IPO.



        http://en.wikipedia.org/wiki/General_Motors#Controversies

        • 4 Years Ago
        @ Not THAT Matt:
        I get tired of hearing people say things like that about Wikipedia. It's generally a solid resource from what I've seen. Plus, they always list a number of resources for the article. So, if you are so inclined, you can verify details.
        • 4 Years Ago
        Blame Wikipedia for GM's debt. I've heard their customer and demographics research was done with info from there. This is how they developed the Aztek.

        Thank God the new GM is using Encyclopedia Britannica now.
        • 4 Years Ago
        geo.stewart,
        The auto industry bailout was Bush's creation no matter how you try to spin it. He used 17.4 Billion of TARP money. Congress did not pass TARP with the intention of it being used for an auto bailout.
        Obama had no choice but to finish what Bush started. Otherwise every cent of that initial bailout would have been lost and the auto industry would have failed anyways.

        http://www.autoblog.com/2009/06/09/cheney-bush-left-gm-bankruptcy-for-the-next-guy/
        • 4 Years Ago
        It really is staggering how poorly run GM was. How broken, in debt, limping along.

        Why tax payers are being milked to save that poorly run dino is beyond me. I seriously doubt GM is ever going to make one penny of profit.
        • 4 Years Ago
        @glassfin

        Didn't your tenth grade teacher tell you Wikipedia wasn't allowed to be used to cite resources?
        • 4 Years Ago
        @glassfin

        It was that or the complete collapse. Which one would you pick?
        • 4 Years Ago
        @ Geo
        Wasn't it Bush, Co. who signed the auto bailout.
        • 4 Years Ago
        I think it was Obama and the Democratic congress if you look at it correctly.

        Bush signed a Democratic Congress' bill that provided loans for 6 months for them to organize. little different.

      • 4 Years Ago
      I wonder what that church was really used for ? !
        • 4 Years Ago
        I would be willing to bet the church was abandoned when GM purchased the property. Maybe they were looking for potential sites for an assembly plant or something...?
        • 4 Years Ago
        to praise the lord and GM
        • 4 Years Ago
        Perhaps the Obama's can purchase that church for Michelle's mother to practice her witch craft.
        • 4 Years Ago
        @Sportsbike80


        That's more of a tea party *cough* republican** thing
        • 4 Years Ago
        Oh nothing incriminating Im sure. Unless it was a catholic church.


        • 4 Years Ago
        Sportsbike80,
        Trying to bash Obama by bringing up his mother in law? Really?
        Typical.
      • 4 Years Ago
      mabey they should keep the church to have someplace to go to pray that the volt sells well
      • 4 Years Ago
      Wow.
      • 4 Years Ago
      My guess is that a large part of that $275 billion is basically the assets taken away from Old GM to form New GM.
      • 4 Years Ago
      You got to believe Obama Motors did not want a church
      • 4 Years Ago
      Being from and a resident of Indiana, I think I speak for all Hoosiers when I say GM, give our great state it's church(s) back!
      • 4 Years Ago
      golf course???
      really?
      It was a really HUGE plant....
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