Corporate Bankruptcies... rolling count of American companies going "BELLY -UP" 2008

[buffalokid777]

I'm in my early 30's, and have bought new always, so I have never owned an American car/truck from the 80's when these companies got their bad reputation from. I had an uncle who had major problems with a GM car at the time and ever since he has bought Honda's and hasn't really had any problems, yet he turns them in at 60,000 or less miles, so why would he?

My first truck, a car really, Ford Ranger 96', drove it 150,000, no problems and then sold it, nothing ever went wrong with it. 2nd truck, Ford F-150 00' drove it to 240,000 miles, no problems...nothing ever went wrong with it. 3rd truck F-250 03', drove it 170,000 miles...again not a thing ever went wrong with it. F-150 06' 50,000 miles still nothing wrong with it. I've always got the trans flush every 30,000 and full synthetic oil changes/filters every 5,000-7,000. Never any problems.


Conclusion: From my experience and my friends/family that drive American cars/trucks, I know of no problems with their vehicles. My brother has bought two taurus's from Ford and drove them to 175,000 miles each, with no problems or repairs. Nothing.

I would say you are the exception rather than the rule.......

I have had several friends own fords from the 90's all with terrible results......

One of my good friends owned a 1993 Bronco.....It was DEAD at 2001 under 100K miles and repairs totaling $5,000+ to keep it running until he declared enough.....

Until someone I ACTUALLY KNOW can have an experience like you.....I will stick with my Toyotas......They are simply the BEST value in my opinion.....

For those of you who don't believe me......compare the people you know who own one, against the others, who own American cars, that you know.....don't trust me......trust the people you ACTUALLY know and can verify their claims......make an informed decision based upon what you learn.....rather than doing what others who told you in this forum what to do as in "following the crowd"......Knowledge is power.......

 

[rawraw04]

When comparing the life span or matience

of automobiles one must comsider how the vehicle is driven. For example, if I drive with my foot in the pedal the entire time it will cause excessive wear. If someone else drives their vehicle with a lighter foot then chances are their vehicle will last longer and require less matience, excluding the ocasional lemons.

 

[rawraw04]

When comparing the life span or matience

of automobiles one must comsider how the vehicle is driven. For example, if I drive with my foot in the pedal the entire time it will cause excessive wear. If someone else drives their vehicle with a lighter foot then chances are their vehicle will last longer and require less matience, excluding the ocasional lemons.

 

[AceNZ]

New York-based business class-only Eos Airlines says it has filed for bankruptcy and will cease operations by Monday.

 

[HOLLYWOOD]

Updated list... BTW, CNN is now covering the "Concern of Retailers and businesses Closings/Bankruptcies....

FYI: IF YOU HAVE A GIFT CARD from a financially strapped company/retailer.... USE IT ASAP!


Foot Locker closing 150 stores
Zales closing 100 stores
Starbucks aka $4Bucks closing 100 stores

EOS added

 

[Cali4RonPaul]

http://money.cnn.com/2008/04/22/news/companies/earns_ual.ap/index.htm?postversion=2008042208

United Airlines will cut 1,100 jobs!!!

add this one to trouble.

 

[HOLLYWOOD]

Updated list...

Crescent Jewelers

 

[Danke]

Champion Air, a carrier based in Bloomington, Minnesota, will cease flying May 31 because of high jet-fuel costs for its Boeing 727s and the loss of charter contracts for 13 National Basketball Association teams to its former owner, Northwest Airlines Corp. There will be no bankruptcy filing, said Jon Austin, a spokesman for the carrier.

 

[Fox McCloud]

Until someone I ACTUALLY KNOW can have an experience like you.....I will stick with my Toyotas......They are simply the BEST value in my opinion.....

I'll second this; Toyotas are a really good car (though they're not my favorite); I've known more than one go break 200,000, and I've seen some that are approaching (or have broke) 300,000.

It's not like American car companies aren't capable of producing a good car....take the Ford Crown Victoria, for example....yeah, they're big and perceived as being an "old folk's car" (I don't think so, personally), but they're incredibly reliable; it's not all that uncommon to see ones that break 300,000...I've also heard of a few that have made it to 500,000 with little-to-no problems.


I don't totally blame the car companies for this problem, the market just tends to demand a car that only lasts a couple of years--many are sucked into the debt-a-car cycle (you never fully own your car; you always owe on it) and get rid of their car well before it breaks even 100,000 miles. That said, it does aggravate me that most American cars, in general, these days, only last around 100,000 miles.

I still hold Volvo (before they were owned by Ford) and Mercedes-Benz the king of quality in the automotive world; there's numerous reports of gasoline engines easily breaking 500,000 without an issue, and a few breaking 1,000,000 miles (and this is a gas engine)...and their diesels? Well, the record is over 2.4 million miles on a Mercedes-Benz 240D

I'd rate Toyota/Lexus just under these two though, so they are by no means junky or bad cars.

 

[LT for the Truth]

Don't know if this has been added, Tropicana Casinos & Hotels Files for Chapter 11 Protection

 

[kyleAF]

Not a company, but Vallejo California just decided to declare it today

 

[DrCap]

Not a company, but Vallejo California just decided to declare it today

Yes, I heard that too, and was thinking they can make the list also, guess we need to add municipalities etc to the list of possible dafaults.

 

[torchbearer]

Ampex Corp., a 60+ year, audio recording pioneer and data-storage system maker filed for Chapter 11 bankruptcy protection Sunday as its pension liabilities outpaced earnings, the company said in a statement.

http://www.businessweek.com/ap/financialnews/D8VOEN680.htm

That is fucked up.
Pensions shut down a great reel manufacturer - out of business. No more pensions. No more reels.
Damn people aren't dying fast enough or are retiring way too damn early.
This is retarded.

 

[angelatc]

I guess this is manufacturing?

Hilex Poly files Chapter 11

By Joshua Palmer

Hilex Poly Co., the world's largest plastic bag manufacturer with a production facility in Jerome, announced Thursday that it filed for Chapter 11 bankruptcy in order to restructure its debt.

Officials with the Hartsville, S.C.-based company said the bankruptcy filing was part of an agreement with its lenders to reduce outstanding debt and reduce annual interest rates.

 

[HOLLYWOOD]

OVER INFLATED PROPERTY TAX FRAUD state governments HOME DEVALUATIONS

Not a company, but Vallejo California just decided to declare it today

I just heard from some colleagues... the state of California has NOT adjusted the property values DOWN in accordance with valuation for property taxes assesments.

Now that's outright thievery! I guess people in regions across the country need to assess, communicate, and/or file lawsuits for the OVER INFLATED PROPERTY TAX FRAUD state governments are scamming on the people. Some American housing regions have the DEVALUATION of HOMES over 60%!

GOVERNMENT THIEVES, Again!

PS: updated the bankruptcy list

try to have a wonderful TGIF!

PSS: Crude OIL $126 - up almost 10% for the WEEK!

 

[Crowish]

Home Depot is closing 15 stores.

MGM (Mirage) is in big trouble.

 

[RSLudlum]

I've signs around town about Friedman's Jeweler's stores having liquidation sales. Just found this article:

Friedman’s Inc. to Hold Bankruptcy Liquidation Sale
Leading Specialty Jewelry Chain to Liquidate $400 Million of Inventory in 377 Stores

ADDISON, Texas--(BUSINESS WIRE)--Friedman’s Inc., which operated 455 retail jewelry stores under the Friedman’s and Crescent brands, will conduct a court-ordered bankruptcy liquidation sale beginning April 5, 2008. The sale was ordered by the bankruptcy court as a result of Friedman’s Chapter 11 filing earlier this year.

Inventory valued at approximately $400 million will be liquidated at below market prices in a sale that is expected to last approximately 10-12 weeks. Merchandise to be sold will include women’s and men’s fine and fashion jewelry, featuring diamonds, other precious stones, gold and silver, as well as a wide selection of watches. The liquidation sale will involve 377 Friedman’s and Crescent store locations in 23 southeastern, southwestern and mid-western states (see store list attached). Friedman’s is currently in negotiations with an interested third party to sell its 78 remaining locations.

The Friedman’s sale is being managed by a consulting group consisting of three leading national retail liquidation and asset recovery firms: Great American Group, LLC; Hudson Capital Partners, LLC; and Silverman Jeweler Consultants, Inc.


source

 

[DaveH]

That is fucked up.
Pensions shut down a great reel manufacturer - out of business. No more pensions. No more reels.
Damn people aren't dying fast enough or are retiring way too damn early.
This is retarded.

Big companies going out of business creates great opportunities for small individual manufactures and producers.
We'd actually be better off in the long run if every corporation listed on the NYSE went belly up.
Someone can always do the same thing in their garage or basement.
People working their whole lives for a company then having their pensions denied borders on criminal.
Maybe you were trying to be funny but it won't be by the time you grow up and near retirement age.

 

[RSLudlum]

Big companies going out of business creates great opportunities for small individual manufactures and producers.
We'd actually be better off in the long run if every corporation listed on the NYSE went belly up.

...and therefore building a larger local/domestic manufacturing base from the ground up! Yes, it's gonna take a while, but IMO that's what we need. It can happen if the gov't gets out the way with so many regulations.

 

[Ozwest]

...and therefore building a larger local/domestic manufacturing base from the ground up! Yes, it's gonna take a while, but IMO that's what we need. It can happen if the gov't gets out the way with so many regulations.

Concentrate on quality. Get Pennsylvania and Michigan geared up!

Precision made tools, machinery, equipment, made for the serious tradesman and manufacturers. American steel manufactured and designed by the best engineers, and machineists in the world.

No plastic, no light gauge fluff.

Made in the U.S.A. !