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Bondholders snub GM, bankruptcy filing likely

Nowhere near enough General Motors bondholders agreed to exchange their debt for stock before a midnight Tuesday deadline, making a bankruptcy filing by the automaker highly likely. GM had set a threshold of 90 percent of the $27 billion in bond debt it wanted to exchange for 10 percent of the stock in a reorganized company for the deal to take place. In a statement Wednesday, GM said the amount of notes tendered was substantially less than the 90 percent target.

Hummer sale agreed

GM has a Memorandum of Understanding in place to sell Hummer to a 'Mystery' buyer GM are reporting that they have reached a ‘Memorandum of Understanding’  with an unnamed buyer to take Hummer of their hands later in the year. MOUs are not the strongest tool in the arsenal when a sale is being arranged, which tends to indicate that either the buyer likes the idea but won’t commit yet, or they are still in ‘Fund-Raising’ mode. So who are the likely buyers?

Two LaFerraris test at Fiorano Circuit

We don't need to say much about this video of two Ferrari LaFerraris testing at the Fiorano Circuit in Italy --caught by spy videographer extraordinaire Marchettino --except for “turn it up to 11.” In fact, we recommend you use a headphone-to-RCA converter and plug it in to the loudest stereo you have. That's the only way you can truly appreciate the Italian-opera wail coming from the 963 hp, 6.3-liter V12 as it boogies around the 1.8-mile, 12-turn test track. Marchettino said the camouflaged car must have a different exhaust because it sounded so much louder.