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jslone
22nd May 2009, 20:39
DOes anyone have any idea/clue as to what well happen to the cars running in ALMS if GM finally does go ahead with Bankruptcy proceedings?
Bob Riebe
23rd May 2009, 20:28
DOes anyone have any idea/clue as to what well happen to the cars running in ALMS if GM finally does go ahead with Bankruptcy proceedings?
As they do now, some will be sold and I am sure some will go to museums.
jslone
24th May 2009, 01:15
Guess we well have to watch the news this week and see what happens.
JSH
24th May 2009, 11:42
I didn't think those cars were owned by GM.
call_me_andrew
24th May 2009, 22:35
Chapter 11 bankrupcty-No effect.
Chapter 7 bankrupcty-Maybe they can find a private investor to buy the team.
wmcot
1st June 2009, 07:58
I would expect GM to file chapter 11. I'm not sure if it matters since I believe they provided some sponsor money for the Corvettes. The team was not a "factory owned" team.
Jag_Warrior
1st June 2009, 19:57
It was always going to be Chapter 11. No one wanted Chapter 7. The main reason they couldn't have filed Chapter 11 months ago was because there was not enough private DIP financing to support such a huge amount - and that would have led to Chapter 7 liquidation.

But whether Chapter 11 or Chapter 7, most everything is in the hands of the court and the bankruptcy judge now. With Chapter 7, the teams would have likely ceased getting support during the liquidation process. With Chapter 11, whatever support is being given will be under court review and approval.

wmcot:
I'm not really sure who owns the GT1 Corvettes. I know Pratt & Miller builds them, but I'm not sure who owns them. My guess is it's GM Racing, but I don't know.
anthonyvop
2nd June 2009, 20:58
This might be a sign but Steve Wesoloski, Road Racing Group Manager and the driving force behind the Corvette racing program was let go back in April.

The Corvette GT-2 program might continue. The real story is what will happen to Grand-Am as Pontiac is all but dead.
Bob Riebe
3rd June 2009, 05:54
I would expect GM to file chapter 11. I'm not sure if it matters since I believe they provided some sponsor money for the Corvettes. The team was not a "factory owned" team.
It was a Chevrolet factory team. The special small-port cylinder heads they developed were not given to anyone but the factory teams and never left factory hands.
The few car rag writers that got to see them, and other racing factory only racing items, were taken to the factory shop where they could see them but not photograph them, per factory instructions.