This company has a long way to go. It is a marathon, not a sprint. To buy these bonds you have to be in it for the long haul. It is very possible they will trade down before they trade up.
More Quotes from Shelly Lombard:
Today's announcement didn't do anything to calm my fears. They are probably still negotiating with their banks, but I can't believe the only issue is the credit rating. Deals don't blow up over ratings. Banks care about operating results.Shelly Lombard
A month ago I thought it was a greater than 50 chance they would strike a deal. Now I'm not so positive.
Shelly Lombard
The market has priced out near-term bankruptcy risk. But the company still has industry risk, execution risk and turnaround risk.
Shelly Lombard
The wildcard here is always management. The industry is slowing and it would be nice to see them pay down some debt and accumulate some cash instead of going off in all these different Don Quixote missions.
Shelly Lombard
It doesn't sound like the UAW is in the mood to be accommodating. So it looks like GM isn't going to get any more relief on the cost side until 2007. If they don't get it then, this is going to be an ugly situation.
Shelly Lombard
This tells us what we already know, that this is a company in deep trouble. Their GM business is falling away so fast that their non-GM growth cannot compensate for that.
Shelly Lombard
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