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General Motors is on the BRINK of bankruptcy.

General Motors has warned that billions of dollars in government aid may not prevent it from running out of cash if vehicle sales do not improve soon.

In a regulatory filing, GM, which was overtaken by Toyota as the world’s biggest carmaker last year, underlined the magnitude of its liquidity crisis by warning that it cannot afford to repay a $1bn bond maturing on June 1. The bond is part of $27bn in unsecured debt that GM is seeking to restructure through a debt-for-equity exchange.

Bondholders’ advisers were due to meet on Thursday afternoon with the US government task force overseeing GM’s restructuring. They were ex-pected to ask for a guarantee on new securities that GM would issue as part of its debt restructuring.

GM’s filing repeatedly raises the spectre of a possible bankruptcy filing, in spite of warnings that such a move would be costly and could do irreparable harm to its image in the marketplace.

Looks like GM will go BK and have to restructure its business operations, including its onerous union labor contracts.

This is unfortunate but may be what is required to right the automaker.

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Technorati Tags: General Motors

Flap watched the oral arguments before the California Supreme Court on the challenge to California Proposition 8 which was approved by California voters last November. Proposition 8 restored the traditional definition of marriage (one man and one woman) in the California Constitution.

It is my sense (and others too) that the California Supremes will acquiese to the vote of the people on making traditional marriage (one man and one woman) the law of California since the election. However, the validity of prevous gay marriages (allowed by last year’s California Supreme Court ruling on Proposition 22) may be upheld in some way.

The California Supreme Court appeared ready today to vote to uphold Proposition 8, the November ballot measure that banned gay marriage, but also seemed ready to decide unanimously to recognize existing same-sex marriages.

During a three-hour televised hearing in San Francisco, only two of the court’s seven justices indicated a possible readiness to overturn the initiative. Chief Justice Ronald M. George noted that the court was following a different Constitution when it approved gay marriage last May.

“Today we have a different state Constitution,” he said.

Justice Joyce L. Kennard, who usually votes in favor of gay rights, voted against accepting the revision challenge to Proposition 8 but said she would hear arguments over the validity of existing same-sex marriages.

Kennard said during the hearing that “Prop. 8 did not take away the whole bundle of rights that this court articulated in the marriage case.”

She said that “a very important holding” – giving sexual orientation the same constitutional status as race or gender – was not changed.
“Is it still your view that the sky has fallen and gays and lesbians are left with nothing?” she asked gay rights lawyers?

Kennard told them they also had the right to return to voters with their own initiative.

So, how will the vote break down in the court?

Justices supporting the overturn of the original gay marriage ban (May 2008) are:

• Chief Justice Ronald George
• Justice Kathryn Mickle Werdegar
• Justice Joyce L. Kennard
• Justice Carlos R. Moreno

Chief Justice George and Justice Moreno stand for reconfirmation to another twelve year term of office in November 2010.

Justices dissenting from the original decision to end the gay marriage ban are:

• Justice Marvin Baxter
• Justice Carol Corrigan
• Justice Ming Chin

Flap will stay with his previous opinion:

Flap can count as well.  Three California Supreme Court Justices that opposed gay marriage plus Justice Kennard (who refused to sign the order and voted to deny the petitions) equals four votes upholding the Proposition and the traditional definition of marriage.

Flap bets the final vote will be 6-1 with Moreno dissenting to uphold Proposition 8 simply because a MORON would have to rule this is a revision of the Constitution and not an amendment.

The decision by the California supreme court is due within 90 days. Want to bet the Court releases its opinion on Friday prior to the Memorial Day weekend?

Yes, the California Supreme Court will hear oral arguments for and against California Proposition 8 that was passed by California voters last November. Proposition 8 restored the traditional definition of marriage in the California Constitution – one man and one woman.

All of the legal filings before the California Supreme Court are here.

The proceedings before the Court will be covered live by Flap on Twitter beginning a little before 9 AM Pacific time. Follow Flap on Twitter here or read the right sidebar ————->

The latest Field Poll in California has former e-Bay CEO Meg Whitman leading the Republican Field (298 Republican Primary voters sampled).

• Whitman: 21 percent
• Campbell: 18 percent
• Poizner: 7 percent
• Undecided: 54 percent

Here are screenshots of the poll details:

It is very early in this race and Whitman’s lead is not commanding with a whopping 54 per cent of California Republican voters undecided.

Let the campaigning begin…….

The end of another era for the RIGHT in the United States – William Rusher has written his last column.

I began writing these columns 36 years ago and have come to the conclusion that it’s time to bring them to a close. It’s certainly not a problem of lacking subject matter. It’s simply that I am 85 now, and the energy and creative juices are just not what they used to be. Anyone in that age bracket will know what I mean.

Flap remembers back in the 80′s when Rusher was the Publisher of the National Review and wrote a letter to Rusher about his book,  The Rise of the Right. To Flap’s surprise I received a handwritten note in reply.

I understand he always handled his own correspondence.

On Amazon.com:

• How to Win Arguments
• The Making of the New Majority Party
• The Rise of the Right,
• The Ambiguous Legacy of the Enlightenment
• Short Course on South Africa

An archive of his Townhall columns is here and the Claremont Institute here.

Here is a long interview with Rusher regarding the American Conservative movement:

The power of the federal government to stifle dissent can be far-reaching. And, the Obama supporters have shown little tolereance in calling “The One’ out.

You HAVE been warned.

However, when the MSM finally recognizes the Emperor wears no clothes, perhaps meaningful discussion of the Obama FAR LEFT policies will occur in the marketplace of ideas.

But, be prepared to wait.

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