Official: Pontiac To Be Phased Out By 2010
Rumors had been buzzing about the potential death of GM's Pontiac brand, and a press release issued this morning confirms all of this to be true. The General plans to take swift action in bring about Pontiac's death, with the brand to be completely phased out by the end of 2010. At least Oldsmobile will now have a familiar friend in the afterlife.
As for the rest of GM's portfolio, the resolution of Saab, Saturn, and Hummer has been moved to the end of 2009 at the latest. GM is looking to sell these brands off since it will now be focusing on its four core brands, Chevrolet, Cadillac, Buick, and GMC.
Click through the post for the full press release which details the overall restructuring plan.
GM Accelerates its Reinvention as a Leaner, More Viable Company
Updated Viability Plan Speeds, Deepens Restructuring of U.S. Operations
DETROIT -- General Motors (NYSE: GM) today presented an updated Viability Plan that will speed the reinvention of GM's U.S. operations into a leaner, more customer-focused, and more cost-competitive automaker.
The Viability Plan is included in an exchange offer whereby GM is offering certain bondholders shares of GM common stock and accrued interest in exchange for certain outstanding notes.
Revised Viability Plan goes further and faster
The Viability Plan announced today builds on the February 17 Viability Plan submitted to the U.S. Treasury. http://media.gm.com/servlet/GatewayServlet?target=http://image.emerald.g.... The revised Plan accelerates the timeline for a number of important actions and makes deeper cuts in several key areas of GM's operations, with the objective to make us a leaner, faster, and more customer-focused organization going forward.
Significant changes include:
* A focus on four core brands in the U.S. - Chevrolet, Cadillac, Buick and GMC - with fewer nameplates and a more competitive level of marketing support per brand.
* A more aggressive restructuring of GM's U.S. dealer organization to better focus dealer resources for improved sales and customer service.
* Improved U.S. capacity utilization through accelerated idling and closures of powertrain, stamping, and assembly plants.
* Lower structural costs, which GM North America (GMNA) projects will enable it to breakeven (on an adjusted EBIT basis) at a U.S. total industry volume of approximately 10 million vehicles, based on the pricing and share assumptions in the plan. This rate is substantially below the 15 to 17 million annual vehicle sales rates recorded from 1995 through 2007."We are taking tough but necessary actions that are critical to GM's long-term viability," said Fritz Henderson, GM president and CEO. "Our responsibility is clear - to secure GM's future - and we intend to succeed. At the same time, we also understand the impact these actions will have on our employees, dealers, unions, suppliers, shareholders, bondholders, and communities, and we will do whatever we can to mitigate the effects on the extended GM team."
Fewer U.S. brands, nameplates, and dealers
As part of the revised Viability Plan and the need to move faster and further, GM in the U.S. will focus its resources on four core brands, Chevrolet, Cadillac, Buick and GMC. The Pontiac brand will be phased out by the end of 2010. GM will offer a total of 34 nameplates in 2010, a reduction of 29 percent from 48 nameplates in 2008, reflecting both the reduction in brands and continued emphasis on fewer and stronger entries. This four-brand strategy will enable GM to better focus its new product development programs and provide more competitive levels of market support.
The revised plan moves up the resolution of Saab, Saturn, and Hummer to the end of 2009, at the latest. Updates on these brands will be provided as these initiatives progress.
Working with its dealers, GM anticipates reducing its U.S. dealer count from 6,246 in 2008 to 3,605 by the end of 2010, a reduction of 42 percent. This is a further reduction of 500 dealers, and four years sooner, than in the February 17 Plan. The goal is to accomplish this reduction in an orderly, cost-effective, and customer-focused way. This reduction in U.S. dealers will allow for a more competitive dealer network and higher sales effectiveness in all markets. More details on these initiatives will be provided in May.
Sales volume and market share projections
The Viability Plan anticipates improved financial results despite more conservative U.S. sales volume expectations going forward. The lower volume expectations are the result of managing the business with fewer nameplates and dealers, leaner inventories, and reduced market share. To address the inventory issue, GM on April 23 announced U.S. production schedule reductions of approximately 190,000 vehicles during the second and early third quarters of 2009.
The Viability Plan also reduces GM's market share projections to adjust for the impact of the brand and dealer consolidation, as well as for the short-term impact of speculation regarding a GM bankruptcy. The plan assumes a 19.5 percent share in 2009, with share stabilizing in the 18.4 to 18.9 percent range in subsequent years.
"We have strong new product coming for our four core brands: the Chevrolet Camaro, Equinox, Cruze and Volt; Buick LaCrosse; GMC Terrain; and Cadillac SRX and CTS Sport Wagon and Coupe," said Henderson. "A tighter focus by GM and its dealers will help give these products the capital investment, marketing and advertising support they need to be truly successful."
Lower structural costs, lower breakeven point
The Viability Plan also lowers GMNA's breakeven volume to a U.S. annual industry volume of 10 million total vehicles, based on the pricing and share assumptions in the plan. This lower breakeven point (at an adjusted EBIT level) better positions GM to generate positive cash flow and earn an adequate return on capital over the course of a normal business cycle, a requirement set forth by the U.S. Treasury in its March 30 viability plan assessment.
GM will lower its breakeven point by cutting its structural costs faster and deeper than had previously been planned:
* Manufacturing: Consistent with the mandate to accelerate restructuring, we plan to reduce the total number of assembly, powertrain, and stamping plants in the U.S. from 47 in 2008 to 34 by the end of 2010, a reduction of 28 percent, and to 31 by 2012. This would reflect the acceleration of six plant idling/closures from the February 17 plan, and one additional plant idling. Throughout this transition, GM will continue to implement its flexible global manufacturing strategy (GMS), which allows multiple body styles and architectures to be built in one plant. This enables GM to use its capital more efficiently, increase capacity utilization, and respond more quickly to market shifts.
* Employment: U.S. hourly employment levels are projected to be reduced from about 61,000 in 2008 to 40,000 in 2010, a 34 percent reduction, and level off at about 38,000 starting in 2011. This further planned reduction of an additional 7,000 to 8,000 employees from the February 17 Plan is primarily the result of the previously discussed operational efficiencies, nameplate reductions, and plant closings. GM also anticipates a further decline in salaried and executive employment as it continues to assess its structure and execute the Viability Plan. More details will be announced as soon as they are finalized with the various stakeholders.
* Labor costs: The Viability Plan assumes a reduction of U.S. hourly labor costs from $7.6 billion in 2008 to $5 billion in 2010, a 34 percent reduction. GM will continue to work with its UAW partners to accomplish this through a reduction in total U.S. hourly employment as well as through modifications in the collective bargaining agreement.As a result of these and other actions, GMNA's structural costs are projected to decline 25 percent, from $30.8 billion in 2008 to $23.2 billion in 2010, a further decline of $1.8 billion by 2010 versus the February 17 Plan.
Strengthening GM's balance sheet
Another key element of GM's restructuring will be taking the necessary actions to strengthen its balance sheet. GM today took an important step in improving its balance sheet by launching a bond exchange offer for approximately $27 billion of its unsecured public debt. If successful, the bond exchange would result in the conversion of a large majority of this debt to equity.
"A stronger balance sheet would free the company to invest in the products and technologies of the future," Henderson said. "It will also help provide stability and security to our customers, our dealers, our employees, and our suppliers."
Another important part of improving the balance sheet will be the ongoing discussions with the UAW to modify the terms of the Voluntary Employee Benefit Association (VEBA), and with the U.S. Treasury regarding possible conversion of its debt to equity. The current bond exchange offer is conditioned on the converting to equity of at least 50 percent of GM's outstanding U.S. Treasury debt at June 1, 2009, and at least 50 percent of GM's future financial obligations to the new VEBA. GM expects a debt reduction of at least $20 billion between the two actions.
In total, the U.S. Treasury debt conversion, VEBA modification and bond exchange could result in at least $44 billion in debt reduction.
Throughout the Plan, GM will continue to make significant investment in future products and new technologies, with an investment of $5.4 billion in 2009, and investments ranging from $5.3 to $6.7 billion from 2010 to 2014. Very importantly, development and testing of the Chevy Volt extended-range electric car remains on track for start of production by the end of 2010 and arrival in Chevrolet dealer showrooms soon thereafter.
"The Viability Plan reflects the direction of President Obama and the U.S. Treasury that GM should go further and faster on our restructuring," Henderson said. "We appreciate their support and direction. This stronger, leaner business model will enable GM to keep doing what it does best - provide great new cars, trucks and crossovers to our customers, and continue to develop new advanced propulsion technologies that are vital for our country's economy and environment."
# # #
About GM - General Motors Corp. (NYSE: GM), one of the world's largest automakers, was founded in 1908, and today manufactures cars and trucks in 34 countries. With its global headquarters in Detroit, GM employs 243,000 people in every major region of the world, and sells and services vehicles in some 140 countries. In 2008, GM sold 8.35 million cars and trucks globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Hummer, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's largest national market is the United States, followed by China, Brazil, the United Kingdom, Canada, Russia and Germany. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. More information on GM can be found at www.gm.com.
Forward-Looking Statements - In this press release and in related comments by our management, our use of the words "plan," "expect," "anticipate," "ensure," "promote," "believe," "improve," "intend," "enable," "continue," "will," "may," "would," "could," "should," "project," "positioned" or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to comply with the requirements of our credit agreement with the U.S. Treasury; our ability to execute the restructuring plans that we have disclosed, our ability to maintain adequate liquidity and financing sources and an appropriate level of debt; the ability of our foreign subsidiaries to restructure and receive financial support from their local governments or other sources; our ability to restore consumers' confidence in our viability and to continue to attract customers, particularly for our new products; our ability to sell, spin-off or phase out some of our brands, to manage the distribution channels for our products, and to complete other planned asset sales; and the overall strength and stability of general economic conditions and of the automotive industry, both in the U.S. and globally.
Our most recent reports on SEC Forms 10-K, 10-Q and 8-K provide information about these and other factors, which may be revised or supplemented in future reports to the SEC on those forms.
- Discuss (11 comments)
- Digg It
- Del.icio.us
- StumbleUpon
Comments
xenon28
Pontiac should have been downsized to three models a decade ago.
Small import fighter ( Mazda 3 fighter)
Intermediate sedan ( Not the G6-something that was unique in design, performance-value driven).
Crossover based mid-sized CUV.
Three unique vehicles, improved on a yearly basis. Pontiac had a heritage, GM didn't recognize it.
Pablo
NPR is reporting that Saturn will be shut down first (by the end of 2009!).
Trinks
It's a sad day for a historic brand that's been left neglected for so long. RIP, Pontiac.
Bob Martel
So who is going to build BMW look alikes now?
GregT
My first Pontiac was a powder blue '63 Bonneville convertible. Thus began a brand loyalty that has never wavered, though there were years I needed a car and was thwarted by bad management at Pontiac. Ten years ago, I bought a Formula and have enjoyed every minute in it. I waited in vain for Pontiac to build a modern replacement, but that will never come. I predict much loving maintenance of an old, white Firebird.
Anonymous
Your [b][url=http://www.coolingame.com/wow-power-leveling.php]wow power leveling[/url][/b] adventure in Iysa begins in the city of [b][url=http://www.coolingame.com/wow-power-leveling.php]wow powerleveling[/url][/b] Roumen. This quaint town will be your home base until around [b][url=http://www.coolingame.com]powerleveling[/url][/b] level 20. Begin your adventure by talking to Elemental Helper Remi and get your first [b][url=http://www.coolingame.com]power leveling[/url][/b] quest! She will give you a few instructions and then send you to Healer Julia. To locate NPCs (non-player characters) on the map, press the M button. Healer Julia is just up the [b][url=http://www.coolingame.com]wow power level[/url][/b] steps to the right.
Once you talk with Julia [b][url=http://www.coolingame.com]wow powerlevel[/url][/b], she will tell you all about HP (health points - red) and SP (spirit points - blue) stones. These are used to refill your [b][url=http://www.leveln.de]wow powerleveling[/url][/b] health and spirit when they get low [b][url=http://www.leveln.de]wow power leveling[/url][/b]. You receive a few free stones from Julia when you start your adventure in Isya and can always buy more [b][url=http://www.leveln.de]wow power leveln[/url][/b] from her. Julia will also give you your first [b][url=http://www.leveln.de]wow powerleveln[/url][/b] quest – a monster hunt to kill Slimes and Mushrooms. They can be found in the forest at the edge of [b][url=http://www.game-market.de/Fiesta-Online-Gold.php]fiesta online[/url][/b] town.
World of Warcraft ([b][url=http://www.leveln.de/billig-wow-gold-kaufen.php]wow gold[/url][/b]) is a massively multiplayer online role-playing [b][url=http://www.leveln.de/billig-wow-gold-kaufen.php]world of warcraft gold[/url][/b] game (MMORPG). In World of Warcraft ([b][url=http://www.leveln.de/billig-wow-gold-kaufen.php]billig wow gold[/url][/b]), thousands of [b][url=http://www.game-market.de/wow-gold.php]wow gold[/url][/b] players adventure together in an enormous, persistent game [b][url=http://www.game-market.de/wow-gold.php]world of warcraft gold[/url][/b] world, forming friendships, slaying monsters, and engaging in epic [b][url=http://www.game-market.de/wow-gold.php]billig wow gold[/url][/b] quests that can span days or weeks.
World of Warcraft ([b][url=http://www.leveln.de/billig-wow-gold-kaufen.php]schnell wow gold[/url][/b]) differs from other MMORPGs in many ways. Players complete quests and experience the ([b][url=http://www.game-market.de/wow-gold.php]schnell wow gold[/url][/b]) world at their own pace, whether it be a few hours here and there or entire weeks at a [b][url=http://www.leveln.de/world-of-warcraft-gold.php]world of warcraft gold[/url][/b] time.
TIP
Before you battle [b][url=http://www.leveln.de/fiesta-online-gold.php]fiesta online[/url][/b], check out your character stats. Hit “C” or click the Character icon in the bottom right corner of the [b][url=http://www.leveln.de/fiesta-online-gold.php]fiesta online gold[/url][/b] screen. You will see the following character attributes:
STR (strength) – helps melee attacks and defense [b][url=http://www.leveln.de/last-chaos.php]last chaos[/url][/b]
DEX (dexterity) – increases ranged damage, chance to dodge attacks, and [b][url=http://www.leveln.de/last-chaos.php]lastchaos[/url][/b] attack speed
END (endurance) – increases hit points
INT (intelligence) – increases magic damage and [b][url=http://www.leveln.de/Last-Chaos-Gold.php]last chaos gold[/url][/b] resistance
SPR (spirit) – increases spirit points, chance to critical hit and spell cooldown
Your character begins the game with one free stat point and will receive an additional stat point for every increase in [b][url=http://www.leveln.de/Last-Chaos-Gold.php]lastchaos gold[/url][/b] level.
Equip your [b][url=http://www.game-market.de/Last-Chaos-Gold.php]last chaos gold[/url][/b] weapon and get ready to help save Isya! Hit the “I” key or click the Inventory icon in the lower right portion of the [b][url=http://www.game-market.de/Last-Chaos-Gold.php]lastchaos gold[/url][/b] screen. Your weapon will be in your inventory; right-click to equip [b][url=http://www.leveln.de/fly-for-fun-penya.php]fly for fun[/url][/b]. To attack a [b][url=http://www.leveln.de/fly-for-fun-penya.php]flyff penya[/url][/b] monster, double click on it. Mages start with an additional skill – the magic missile spell in their [b][url=http://www.leveln.de/buy-dofus-kamas.php]dofus[/url][/b] skill bar. Select a monster and right-click on a spell or skill to use [b][url=http://www.leveln.de/buy-dofus-kamas.php]dofus kamas[/url][/b]. Slain monsters often will drop items, so be sure to pick them up! Some are valuable [url=http://www.leveln.de/warhammer-online-gold.php]Warhammer Online gold[/url] and you can sell them to other players or NPCs.
If you get low [b][url=http://www.game-market.de/dofus-kamas.php]dofus[/url][/b] on life, use an HP stone by hitting the “Q” key or an SP stone by hitting “E”. You can also assign [b][url=http://www.game-market.de/dofus-kamas.php]dofus kamas[/url][/b] to your quick bar skills by opening your skills window, clicking on dragging [url=http://www.leveln.de/warhammer-online-gold.php]Warhammer Online[/url] to the quick bar of your choice.
"[b][url=http://www.leveln.de/runes-of-magic-gold.php]Runes of Magic[/url][/b]" is a fantasy MMORPG (Massively Multiplayer Online Role-Playing Game) without monthly costs and free to download [b][url=http://www.leveln.de/runes-of-magic-gold.php]Runes of Magic gold[/url][/b]. Dive into Taborea, a magical world full of wonders and ancient mysteries. Meet [b][url=http://www.leveln.de/shaiya-gold-kaufen.php]shaiya[/url][/b] mythical and dangerous creatures and solve the puzzle of the long perished [b][url=http://www.leveln.de/shaiya-gold-kaufen.php]shaiya gold[/url][/b] kingdoms.
Account security is very important to [b][url=http://www.game-market.de/shaiya-gold.php]shaiya[/url][/b]. As [b][url=http://www.game-market.de/shaiya-gold.php]shaiya gold[/url][/b] have recently seen a rise in the number of compromised World of Warcraft accounts, we recommend you to take a few moments to read [b][url=http://www.game-market.de/rom-gold-kaufen.php]Runes of Magic[/url][/b] tips to help protect your privacy and ensure your [b][url=http://www.game-market.de/rom-gold-kaufen.php]Runes of Magic gold[/url][/b] security.
Trading: Buying [b][url=http://www.leveln.de/aion-kina-kaufen.php]aion kina[/url][/b] and selling [b][url=http://www.leveln.de/pristontale-2-eon-kaufen.php]priston tale 2 eon[/url][/b] items. Players usually find this necessary in order to gain [b][url=http://www.leveln.de/aion-kina-kaufen.php]aion[/url][/b] money and equipment otherwise unobtainable from [b][url=http://www.leveln.de/pristontale-2-eon-kaufen.php]priston tale 2[/url][/b] NPC merchants.
[b][url=http://www.game-market.de/billig-aion-kina.php]aion[/url][/b] Clans: Players can join [b][url=http://www.game-market.de/billig-aion-kina.php]aion kina[/url][/b] clans, in which teamwork prevails. They are the [b][url=http://www.game-market.de/billig-pristontale-2-eon.php]priston tale 2[/url][/b] core of the social community of the game. Clans can also participate in special events created for [b][url=http://www.game-market.de/billig-pristontale-2-eon.php]pristontale 2 eon[/url][/b] clans only. Clans can be made once a player reaches level 40 or higher.
[b][url=http://www.leveln.de/eq2-plat-kaufen.php]eq2 plat[/url][/b] gehrt zur neuesten Generation von MMORPGs: eine riesige [b][url=http://www.game-market.de/billig-eq2-plat.php]eq2 plat[/url][/b] Online-Welt, in der sich Freunde treffen, um Abenteuer zu bestreiten und eine [b][url=http://www.leveln.de/eq2-plat-kaufen.php]everquest 2 plat[/url][/b] Gemeinschaft zu bilden. Mit atemberaubenden [b][url=http://www.game-market.de/billig-eq2-plat.php]everquest 2 plat[/url][/b] Grafiken und einer riesigen, wunderschnen und gefhrlichen Spiel-Welt, in der Spieler aufregende Orte und geheimnisvolle Lnder erkunden, setzt EverQuest II neue Mastbe fr grafischen Realismus.
TIP
When not fighting [b][url=http://www.game-market.de/flyff-penya.php]flyff[/url][/b], rest in your mini house to regain health and spirit points! Hit the “H” key or click on the house icon in the bottom right corner of the game window to bring up the Mini House menu. Click the
“Rest [HOME]” button to enter your [b][url=http://www.game-market.de/flyff-penya.php]flyff penya[/url][/b] house. If your house does not appear, move to a less crowded area or away from NPCs and try again. Press “H” again to exit your mini house.
# Free2play: no monthly [b][url=http://www.leveln.de/billig-tibia-gold-kaufen.php]Tibia[/url][/b] fees, free to download
# Regular updates with new content, e.g. classes, races, game modes and much more
# Extensive dual [b][url=http://www.leveln.de/billig-tibia-gold-kaufen.php]Tibia gold[/url][/b] class system with six primary classes and a selectable secondary class.
# Versatile spell and attack combinations
# Over 600 [b][url=http://www.game-market.de/tibia-gold-kaufen.php]Tibia[/url][/b] quests and comprehensive quest series with continuous storyline
# Integrated into an enthralling background story
# Already over 600 [b][url=http://www.game-market.de/tibia-gold-kaufen.php]Tibia gold[/url][/b] quests and level comprehensive quest series on launch
# Freely accessible game world in atmospheric 3D
# Instanced and persistent dungeons
TIP
Keep all the [b][url=http://www.leveln.de/buy-nostale-gold.php]NosTale gold[/url][/b] Summoned Beast Leather you find! These are valuable early in the game and can be sold to other players. A lot of the [b][url=http://www.game-market.de/nostale-gold.php]NosTale gold[/url][/b] you will find while fighting enemies can also be used for crafting [b][url=http://www.leveln.de/buy-nostale-gold.php]NosTale[/url][/b] items later in the game. You can choose up to two crafting professions. Keep the items you find that relate to your chosen crafting professions, and sell the rest to make money. For instance, keep the ones related to potions and scrolls, but sell the ones relating to stones.
[b][url=http://www.leveln.de]powerleveling[/url][/b]
[b][url=http://www.leveln.de/metin2-yang.php]metin2[/url][/b]
[b][url=http://www.leveln.de/metin2-yang.php]metin2 yang kaufen[/url][/b]
[b][url=http://www.leveln.de/metin2-yang.php]yang kaufen[/url][/b]
[b][url=http://www.leveln.de/metin2-yang.php]yang sicher kaufen[/url][/b]
[b][url=http://www.leveln.de/warhammer-online-gold.php]warhammer online[/url][/b]
[b][url=http://www.leveln.de/warhammer-online-gold.php]warhammer gold[/url][/b]
[b][url=http://www.leveln.de/warhammer-online-gold.php]warhammer online gold[/url][/b]
[b][url=http://www.leveln.de/fiesta-online-gold.php]fiesta online[/url][/b]
[b][url=http://www.leveln.de/fiesta-online-gold.php]fiesta gold[/url][/b]
[b][url=http://www.leveln.de/Last-Chaos-Gold.php]last chaos[/url][/b]
[b][url=http://www.leveln.de/Last-Chaos-Gold.php]lastchaos[/url][/b]
[b][url=http://www.leveln.de/Last-Chaos-Gold.php]last chaos gold[/url][/b]
[b][url=http://www.leveln.de/runes-of-magic-gold.php]runes of magic[/url][/b]
[b][url=http://www.leveln.de/runes-of-magic-gold.php]runes of magic quests[/url][/b]
[b][url=http://www.leveln.de/runes-of-magic-gold.php]runes of magic quest[/url][/b]
[b][url=http://www.leveln.de/runes-of-magic-gold.php]runes of magic gold[/url][/b]
[b][url=http://www.leveln.de/powerleveling/power-leveling.php?gid=25]warhammer online powerleveling[/url][/b]
[b][url=http://www.leveln.de/powerleveling/power-leveling.php?gid=25]warhammer online leveling[/url][/b]
[b][url=http://www.leveln.de/powerleveling/power-leveling.php?gid=20]silkroad powerleveling[/url][/b]
[b][url=http://www.leveln.de/billig-wow-gold-kaufen.php]wow gold[/url][/b]
[b][url=http://www.leveln.de/world-of-warcraft-gold.php]world of warcraft gold[/url][/b]
[b][url=http://www.game-market.de/wow-gold.php]wow gold[/url][/b]
[b][url=http://www.game-market.de/metin2-yang-kaufen.php]metin2[/url][/b]
[b][url=http://www.game-market.de/metin2-yang-kaufen.php]metin2 yang[/url][/b]
[b][url=http://www.game-market.de/metin2-yang-kaufen.php]yang kaufen[/url][/b]
[b][url=http://www.game-market.de/metin2-yang-kaufen.php]yang sicher kaufen[/url][/b]
[b][url=http://www.game-market.de/Fiesta-Online-Gold.php]fiesta online[/url][/b]
[b][url=http://www.game-market.de/Fiesta-Online-Gold.php]fiesta gold[/url][/b]
[b][url=http://www.game-market.de/Last-Chaos-Gold.php]last chaos[/url][/b]
[b][url=http://www.game-market.de/Last-Chaos-Gold.php]lastchaos[/url][/b]
[b][url=http://www.game-market.de/Last-Chaos-Gold.php]last chaos gold[/url][/b]
[b][url=http://www.game-market.de/rom-gold-kaufen.php]runes of magic[/url][/b]
[b][url=http://www.game-market.de/rom-gold-kaufen.php]runes of magic quests[/url][/b]
[b][url=http://www.game-market.de/rom-gold-kaufen.php]runes of magic quest[/url][/b]
[b][url=http://www.game-market.de/rom-gold-kaufen.php]runes of magic gold[/url][/b]
[b][url=http://www.coolingame.com/powerleveling/atlantica-online-gold.php]atlantica online gold[/url][/b]
[b][url=http://www.coolingame.com/powerleveling/runes-of-magic-gold.php?gid=29]runes of magic gold[/url][/b]
[b][url=http://www.coolingame.com/powerleveling/runes-of-magic-gold.php?gid=30]runes of magic gold[/url][/b]
[b][url=http://www.coolingame.com/powerleveling/warhammer-gold.php?gid=18]warhammer gold[/url][/b]
[b][url=http://www.coolingame.com/powerleveling/warhammer-gold.php?gid=25]warhammer gold[/url][/b]
[b][url=http://www.coolingame.com/powerleveling/warhammer-gold.php?gid=18]warhammer online gold[/url][/b]
[b][url=http://www.coolingame.com/powerleveling/warhammer-gold.php?gid=25]warhammer online gold[/url][/b]
[b][url=http://www.coolingame.com/wow-power-leveling.php]wow power leveling[/url][/b]
[b][url=http://www.coolingame.com/wow-power-leveling.php]wow powerleveling[/url][/b]
[b][url=http://www.coolingame.com]powerleveling[/url][/b]
[b][url=http://www.coolingame.com]power leveling[/url][/b]
[b][url=http://www.coolingame.com]wow power level[/url][/b]
[b][url=http://www.coolingame.com]wow powerlevel[/url][/b]
[b][url=http://www.leveln.de/aion-kina-kaufen.php]aion[/url][/b]
[b][url=http://www.leveln.de/aion-kina-kaufen.php]aion kina[/url][/b]
[b][url=http://www.leveln.de/aion-kina-kaufen.php]aion geld[/url][/b]
[b][url=http://www.leveln.de/aion-kina-kaufen.php]billig aion kina[/url][/b]
[b][url=http://www.leveln.de/aion-kina-kaufen.php]aion kina kaufen[/url][/b]
[b][url=http://www.leveln.de/pristontale-2-eon-kaufen.php]pristontale 2[/url][/b]
[b][url=http://www.leveln.de/pristontale-2-eon-kaufen.php]priston tale 2[/url][/b]
[b][url=http://www.leveln.de/pristontale-2-eon-kaufen.php]pristontale 2 eon[/url][/b]
[b][url=http://www.leveln.de/pristontale-2-eon-kaufen.php]priston tale 2 eon[/url][/b]
[b][url=http://www.leveln.de/pristontale-2-eon-kaufen.php]pristontale 2 geld[/url][/b]
[b][url=http://www.leveln.de/pristontale-2-eon-kaufen.php]priston tale 2 geld[/url][/b]
[b][url=http://www.game-market.de/billig-aion-kina.php]aion[/url][/b]
[b][url=http://www.game-market.de/billig-aion-kina.php]aion kina[/url][/b]
[b][url=http://www.game-market.de/billig-aion-kina.php]aion geld[/url][/b]
[b][url=http://www.game-market.de/billig-aion-kina.php]billig aion kina[/url][/b]
[b][url=http://www.game-market.de/billig-aion-kina.php]aion kina kaufen[/url][/b]
[b][url=http://www.game-market.de/billig-pristontale-2-eon.php]pristontale 2[/url][/b]
[b][url=http://www.game-market.de/billig-pristontale-2-eon.php]priston tale 2[/url][/b]
[b][url=http://www.game-market.de/billig-pristontale-2-eon.php]pristontale 2 eon[/url][/b]
[b][url=http://www.game-market.de/billig-pristontale-2-eon.php]priston tale 2 eon[/url][/b]
[b][url=http://www.game-market.de/billig-pristontale-2-eon.php]pristontale 2 geld[/url][/b]
[b][url=http://www.game-market.de/billig-pristontale-2-eon.php]priston tale 2 geld[/url][/b]
[b][url=http://www.leveln.de/shaiya-gold-kaufen.php]shaiya[/url][/b]
[b][url=http://www.game-market.de/shaiya-gold.php]shaiya[/url][/b]
[b][url=http://www.leveln.de/shaiya-gold-kaufen.php]shaiya gold[/url][/b]
[b][url=http://www.game-market.de/shaiya-gold.php]shaiya gold[/url][/b]
[b][url=http://www.leveln.de/eq2-plat-kaufen.php]eq2 plat[/url][/b]
[b][url=http://www.game-market.de/billig-eq2-plat.php]eq2 plat[/url][/b]
[b][url=http://www.leveln.de/eq2-plat-kaufen.php]everquest 2 plat[/url][/b]
[b][url=http://www.game-market.de/billig-eq2-plat.php]everquest 2 plat[/url][/b]
onhighbeam
sad to see the Pontiac go... it's been one of the best cars i've seen so far...
chartguy
"GM anticipates reducing its U.S. dealer count from 6,246 in 2008 to 3,605 by the end of 2010, a reduction of 42 percent."
"The goal is to accomplish this reduction in an orderly, cost-effective, and customer-focused way."
I wonder how they're going to compensate those 2,641 dealers. They bought franchises in the brand. That appears to have been a very poor investment for them.
All in all, the unions seem to be the big winners here. No surprise, given how much they spent and did to get the current administration elected, but sad to see government decide winners and losers, giving unions a much bigger piece of ownership than their financial risk. The bondholders got the shaft. It's their money at risk. In a traditional bankruptcy, they'd be at the head of the line of creditors, but the politicians have decided to take their property rights.
Something tells me this will end up in court, probably for the next decade.
porno
Porno Seks Video - porno sex izle
Sikiş - sikiş
Porno indir - porno indir
Porno izle - porno izle
Porno - porno
Porno Seks - porno izle
can
thank you
Dizi izle
fxhlost
in fact, ed hardy we should hail ed hardy clothing discount ed hardy shop for popularizing and blending christian audigier the tattoo art into everyday cheap ed hardy. Ed Hardy swim wears will let you show off your gym body and make your friends jealous particularly if women are around. ed hardy swim trunks ed hardy clothing with supple waist shorts can be tatty for swimming with great fit and comfort. Available quite n many sizes, insignia and patterns, these swimsuits ed hardy shop aesthetic machinery christian audigier of art ed hardy. From the ed hardy clothing vintage tattoo art for ed hardy shop transform christian audigier. ddos protection he best range for you can own, the fashionable links of london . To trouble your lover and your wallet. To men, love her; give her what she needs¡ªlinks london pending. Hurry; otherwise, links london the common ones links london sale will be abstracted once she thinks about it. Do you want to buy the best ugg boots? If you are looking for the best quality uggs, you can visit whoogaau.com. They are Australian based distributors for the most famous whooga ugg boots. ugg sale are the best foot wear in winters, especially in low temperatures. These ugg uk can keep you foot warm even in uggs boots low temperatures like -30degrees. This web site gives you complete information on ugg boots and the advantages of wearing uk ugg boots. There are many synthetic ugg boots sale available in the market, but these uggs are not real australia ugg boots.This site also provides you with information on how to choose the right size of the uggs on sale to fit your feet, how to maintain them for long lasting and more. Engagements are performed tiffany jewellery to be memorized in a time. Ideal tiffany jewellery london cut pre-set tiffany engagement rings are favored by having unique and importanttiffany jewellery sale circle. If you want to make the ceremony memorable, tiffany jewellery london then It is an actuality that will remain superb and stunning as like as your request of making the day unforgettable, tiffany jewellery sale . has since co-founding until now, and already infamous Tiffany jewelllery uk.People choose advanced and classic designs of these are Tiffany jewellery london the absolute combine of couples are moving towards the tiffany engagement alliance for their inheritance. Tiffany has untaken engagement rings that engagement cannot be called a grace classic.