The intersection of people that follow both finance news and NASCAR, I’d guess, is comprised entirely of seven businessmen scattered throughout the greater Charlotte area…and Darren Rovell. But hopefully the rest of you will just be mildly curious about how America’s first socialized auto manufacturer plans to handle its Chevrolet brand’s business in NASCAR. The Wall Street Journal reported that GM declared in its bankruptcy filing that it had $172 billion in debt against $82 billion in assets. So that pretty much wipes out their stock car program, right? From ESPN:
No one in NASCAR has higher or closer connections with GM than [car owner Rick] Hendrick, though he never flaunts them. He’s been dining privately with GM chairmen and CEOs since the days of Roger Smith. That’s more than 20 years.
“I’ve had no indication they’re going to cut back,” Hendrick said of GM’s NASCAR operations.
As Hendrick understands it, “there’s a plan, a get-in, get-out situation,” Hendrick said. “I’m hoping that if it happens, they’ll get in and get out [of bankruptcy] in a hurry.”
Uh-huh. Yeah, this whole bankruptcy filing is just a bump in the road. Did we mention that GM hasn’t turned a profit since 2004? It’s hard to pin all that on Dale Earnhardt, Jr. I was really hoping we would have taken that GM bailout money and done something to benefit all Americans. Like bombing Canada.
|via All Left Turns|