GM, PLEASE FILE FOR REORGANIZATION AND STOP BURNING THROUGH OUR MONEY, PLEASE! NOTE TO GOVERNMENT, BUY SOME OTHER STOCK INSTEAD, NOT GM STOCK FOR ME!

GENERAL MOTORS is burning through OUR money, it announced today. Nice going GM, it burned through $10 BILLION or so, out of the $15 BILLION it received.

Now over the years I have done my part in helping GM by buying their cars, practically resisting buying "foreign" cars, even those made in the USA by the "foreign" companies employing thousands of Americans right here in the good ole USA. I wanted to help American companies.

Let's see if I can remember my list of GM cars over the years ( I have also bought my share of other American cars too, including Fords, Lincolns, Chryslers, Mercurys and Dodge): 6 Cadillacs of every type (one of them a stretch limo bought from the dealer who used it as a model car with 100 miles on it even though it was 3 years old at the time), 5 Pontiacs, 1 Chevy G20 Conversion Van with custom captain chairs ( when those were the rage) and even 1 Chevy Vega purchased for my mom (remember those cars?). There may have been another one somewhere but I just can't remember it.

So I have done my part, what else could I do personally for GM.

I stopped buying GM cars after the local dealership shafted me on servicing my Van, and I never went back for any GM automobile. Writing a complaint letter to the factory, I received no reply, so I was finished with GM. I thought that after all that money I spent, it would be nice if they sent me a $10 off coupon for an oil change for instance, but no, GM could care less that I bought no less than 13 cars from them; I deserved nothing for that loyalty.

So I became loyal no more.

Could this be the story of other GM customers? Probably not, I'm sure that nobody else ever had my similar experience with GM, that's why they are now so popular, NOT!

Now GM is getting the shaft from the government, from its customers and from the stock market, that it deserves. Like every business, it has management to blame, and nobody else, and it needs to sink or swim within the marketplace, not being propped up by my TAX money.

So why is it that I/WE have to bail out this company, with our TAX money? Why?

There are over 1,500 different car models to choose, most of which are not being made with my tax money.

PLEASE GM, STOP BURNING THOUGH MY MONEY AND FILE FOR THE REORGANIZATION so that the pain of paying $75/hour for your employee costs is not MY PROBLEM!

ALSO, PLEASE DO NOT LET THE GOVERNMENT START MAKING GM CARS (GOVERNMENT MOTORS)..PLEASE SAVE US.

General Motors Corp said it burned through $10.2 billion in the first quarter as it failed to cut costs fast enough to offset a sharp decline in global sales and was kept afloat by a federal bailout.

Revenue dropped by almost half to $22.4 billion as the company cut production by about 900,000 vehicles and tried to run down costly inventories on dealer lots in the United States and Europe.

Chief Financial Officer Ray Young said there was evidence consumers were scared away from GM cars and trucks because of concern the automaker was headed for bankruptcy.

"You could not offset the revenue implosion that we experienced here," Young told reporters following release of the quarterly results on Thursday.

He said GM still hoped to complete a debt restructuring out of court but was ready for bankruptcy if that proved necessary. He said GM was pressing ahead with contingency plans for a quick bankruptcy process, drawing on the experience of Chrysler LLC, which filed for bankruptcy last week.

"We are very very cognizant of this issue of revenue perishability and how consumers react to the threat of bankruptcy," Young said.

"So that's from our perspective the importance of avoiding bankruptcy at all costs. But if we have to go through a bankruptcy, the importance of doing it quickly -- get in and out very very quickly -- in order to alleviate the concerns of consumers," he said.

Young said GM would make a decision at the end of this month on whether an offer to extinguish $24 billion in bond debt in exchange for new shares had garnered enough support for the company to avoid a bankruptcy filing.

GM lost market share in the quarter as its global sales fell 28 percent, compared with an industry wide decline of 21 percent.

DEADLINE LOOMS

GM posted a first-quarter net loss of $6 billion, compared with a loss of $3.3 billion a year earlier.

Excluding $73 million of one-time net charges, it lost $9.66 per share. That was within the wide range of analysts' expectations.

GM is facing a government-imposed June 1 deadline to reach agreements to overhaul its operations and cut more than $40 billion in debt. To date, the company has taken $15.4 billion in emergency loans from the U.S. Treasury.

The first quarter was also marked by GM's failure to win federal backing for a turnaround plan that the U.S. autos task force concluded was too slow-moving to succeed.

The Obama administration ousted Rick Wagoner as GM chief executive at the end of the quarter.

Creditors have been looking beyond GM's results, focusing instead on whether it succeeds in winning debt concessions from its bondholders and the United Auto Workers union.

The automaker said on Thursday that it had not yet reached the deal it needs with the UAW.

It also said the Treasury had not yet agreed to convert half of the loans it has extended to GM into stock in a restructured company, as the automaker has proposed.

Young said GM was back in talks with union representatives this week and was ready to negotiate around the clock to reach a settlement.

The UAW faces pressure to accept GM stock in exchange for about $10 billion the union is owed for a trust fund for retiree health care. That would give the union a 39 percent stake in the restructured company. That's nice, they get to own the company stock now as probably its biggest stockholder. What will those wage negotiation be like now?

Under the restructuring plan GM detailed last month, the government would own a majority stake, effectively nationalizing the 100-year-old Detroit-based automaker.

Hello, big brother, I do not want to buy GM stock, why are you buying it for me, NO, NO!

GM shares rose to $1.72 in pre-market trading, up from a close at $1.66 on Wednesday.

How much is the government buying MY stock for?

Please buy some Microsoft, or Apple or maybe Toyota instead?