Business and Management for Engineers Essay Example | Topics and Well Written Essays - 750 words

blood and Management for Engineers - Essay ExampleIts management remains in control during the period of Chapter 11 hardly the important thing is that it gives the company automatic stay and breathing room to put its house in order by not allowing break openies to take legal action or take away its assets (http//www.gmreinvention.com). ecumenical Motors was originally founded on September 16, 1908 as a holding company for Buick by two partners, William C. Durant and Charles S. Mott. 2 years later or around 1910, Durant lost control of General Motors because of a default in its bank loan obligations. However, he was able to regain control through a proxy state of war he waged by using the Chevrolet Motor Car Company to acquire shares secretly but wherefore he lost control again when the vehicle market collapsed during the Great Depression. General Motors Corporation was part of the so called three generals in American business the other two being General voltaic and General Mi lls. Years of mismanagement and a bureaucratic corporate culture led to its collapse in the last financial crisis and is now owned by the US government through its Treasury division under the Troubled Asset Relief Program (TARP) it was overtaken by Toyota last year.After its restructuring under Chapter 11 rules, it is now a limited liability company. It means being an LLC, it provides limited liability to its owners which are the US government and to a lesser extent, also the Canadian government. Other present owners include the United political machine Workers Union Employee Association and various bondholders of Motors Liquidation Corporation (the new name of General Motors while it is undergoing replacement at present) while the previous stockholders of the company are now holding worthless pieces of paper as company liabilities are much greater than its total assets (a negative net-worth of $86 billion). Before the restructuring, it was a