Illinois Senator Roland Burris will investigate General Motors’s handling of HUMMER this week following reports that GM had left viable bids on the table. Late Monday, a member of Burris’s staff confirmed to HummerGuy.net that the Senator planned to look into the matter this week.
Senator Burris wasn’t able to attend the Save HUMMER Summit in Chicago over the weekend, however did send a “Special Senatorial Liaison” to the meeting who briefed the Senator in his home later that evening. Following that meeting, Senator Burris committed to investigate the HUMMER situation upon his return to Washington DC Monday, and brief executives from Capital & Labor International Coalition (CLIC) later this week on whether the GM talks were proceeding.
CLIC is hoping for an “acquisition by coalition,” which would involve cooperation with private capital and U.A.W. resources. Union representatives from both HUMMER production facilities were on hand to hear the plan and are running the idea up the chain of command to the International U.A.W..
What may be the most challenging part to CLIC’s plan is the re-opening of negotiations with General Motors, however the legal team handling the HUMMER matter for GM expressed to CLIC they were willing to take a viable offer back to management for consideration.
Raser Technologies wasn’t able to send a representative to the summit, but Frank Jenkins, the president of Electric Motors Corporation was in attendance and expressed frustration with the process of completing a transaction for the HUMMER brand. Electric Motors Corporation is based in Northern Indiana, and focuses on electric powertrain system for Trucks, SUVs, and RVs, and was also part of the bidding process for HUMMER – though reportedly hadn’t made it into the sale process as far as Raser Technologies.
Illiana HUMMER Club president Mark Price was also on hand to offer perspective from HUMMER owners and enthusiasts. The club is one of the most active, regional HUMMER organizations in the country and spends a significant amount of time training for and responding to natural disasters around the Midwest.
We’ve yet to hear the nuts and bolts of how a deal like this would go down and in what fashion, though it sounds like CLIC has lined up an impressive crew of venture capitalists and attorneys – which when combined with the right political players may be able to pull off a miracle.
It’s still a long-shot for HUMMER, but we’re keeping an eye on any progress that might be had.
Well, a small hope is better than none at all. Lets hope this group can actually get something accomplished.
Dear Senator Burris,
GM has turned down offers for the Hummer brand. In fact they just want to shut it down, costing us thousands of jobs and except nothing.
The Government currently owns 70% of GM. Which means “WE” the tax payer own GM. They owe us around $52 billion. Shouldn’t we have a say?
If you are trying to sale your house and the sale you have been working on doesn’t go through you keep trying until you sale it. You don’t just tear the house down.
Good news indeed….still a long shot, but better than none at all.
You people have no idea how business works! Maybe GM has stipulations that the other companies cannot meet, therefore making a deal impossible. Maybe those small companies are offering an unacceptable amount? Maybe GM stands to make more money by selling off its assets and retaining the IP that they have invested in HUMMER.
GM is a privately held company, and we as taxpayers do own a part of it. The way the government works though is that we appoint people to speak for us, so we DO have a say in what is happening with GM. You elected the government that we have today, so if you don’t like what they are doing then write them and let them know. If there are enough of us who feel the same, then change can happen if we actually do something about it. With everything else going on in politics today, HUMMER should be the last of even GM’s worries….
A civilian selling a house and a company selling a business entity are 2 completely different situations; your house isn’t a business. Let’s say your house is considered your business’ asset. Your business is worth $100,000 and your house is worth $200,000. Would you sell your business for $100,000 or would you wind down the business and sell off its assets for $200,000? Don’t try to tell me that a business is worth the sum of its assets too, because in a lot of real world situations, that is FAR from the truth, especially in the case of HUMMER.
Not to mention, didn’t this senator buy his seat from the former impeached senator? I think someone should be investigating senator BURRIS.
@Joseph – you’re right on all your “Maybe” accounts – and you’ll probably agree that ‘maybe’ there was something strange going on behind closed doors at GM. All we’re asking for is an explanation.
I am suprised and disapointed that we haven’t seen more input from the goverment side of this. They are our voices to GM and others. I do agree that GM would look at the new HUMMER ownership as competion to their trucks and suvs. There is still a lot of money that GM can make off HUMMER even after they shut if down. So why would they sell it off and lose that money? They aren’t as involved in the product as we all are, it is only they money they stand to make that matters to them.
To the owner of this website/admin:
I just want to let you know that I check your site basically every day. I just wanted you to know that I read all of your posts but I never comment – just wanted you to know this in case you are discouraged to keep posting because not everyone comments. I’m sure that there are a LOT of people who read but do not comment like me.
(So I just want you to know that everyone loves this site!)
On topic: It would be great if this has any effect at all on Hummer’s future!
Thanks, RyanH3 – we appreciate both our commenting and non-commenting readers alike!
ANY WORD CONCERNING THE SUMMIT MEETING THEY HAD OVER THE WEEKEND? ALSO WHY AREN’T THERE MORE SENATORS INVOLVED? WHAT ABOUT THE GOV.OF LA.? IT JUST DOESN’T MAKE SINCE. IT ISN’T JUST 3000 JOBS. IT EFECTS WAY MORE PEOPLE THAN THAT. TRUCKERS,TRAINS AND THEIR SUPPORT STAFF, SUPPLIERS OF AFTER MARKET RETAIL STUFF AND THE LIST GOES ON AND ON.
This IS the news out of the summit – where it goes from here is unknown – we should know more later in the week.
Hummers future in the hand’s of roland burris, you have to be kidding me. what a joke. I hate to bear the bad news, but i think it’s over guys if this is all we have to hope for…..This is the “change” that a lot of people voted for, idiots in office and back door deals. Hummer was done the day big o got voted in. Inacurate facts spewed out over the media about hummer probably did not help the matter much either. I wonder if burris even knows what a hummer looks like? Oh well, instead of buying a new one like i had hoped for and keeping american jobs in place, i guess i will be keeping my 08′ H2 for a long time…..
Good Job Guys!!!!!!
Invite government to get involved with the free market. It has always worked out great in the past! This is why Economics should be taught in high school.
@Dev – All about the free market. And I’d be happy to take it up with the board of directors and CEO if they were the most powerful people at GM – but they’re not – the majority stakeholder is. Pretty sure in addition to Econ, most High Schools have business and government classes — unfortunately in this situation you really need all three.
The Gov. of Louisiana is more worried about traveling around the country shaking new hands and is not worried about the 3 thousand jobs that are lost in Shreveport, LA, I seriously doubt he will get involved with this matter. Folks i think were done. We better watch the market on our trucks and see whats going to happen, I hope the value of them rise. If not im going sell my H3 because im not going to keep it if it depriciates, and like all GM products except fot the Vett i bet it will fall. Only time will tell
Lake CHarles, LA
WE HERE AT HUMMER OF ORLANDO ARE WATCHING THE PRICES GO UP AT THE AUCTIONS. PEOPLE ARE TRADING FOR NEWER MODEL HUMMERS. GM WILL BACK ALL
WARRANTIES DON’T WORRY KEEP YOUR TRUCK AND BE PROUD TO HAVE ONE.
Thats Good news TGK
I work at the Shreveport plant. Keep us up on the news. We are hearing nothing,except what we read. This is a BRAND NEW FACILITY. Doesn’t make a lot of sence to close it…….
Just read that a group of Chiago investors has made an offer to GM to buy the Hummer Brand, keep your fingers crossed, lol