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GM officially bankrupt

GM finally enters Chapter 11 Bankruptcy The US Government is to provide £30 billion to fund the transition, with GM being split in to ‘Old GM’ and ‘New GM’. In exchange for the money the US Government will take a 60% stake in ‘New GM’ with all the toxic assets and liabilities being disposed of through ‘Old GM’. The restructuring will allow GM to survive on a third less sales than before (10 million instead of 15 million).

Rear-drive revelers: Spring Fest draws LX devotees to California love-in

Long before Eminem boosted the image of Detroit and the Chrysler 200, Fatchance was getting the West Coast party started for Chrysler's rear-drive LX cars. Fatchance is the Internet handle of John Fortuno, a man who--like many others we met at the Sixth Annual Spring Fest for LX owners--claims his car, a 2005 Chrysler 300C, changed his life. It introduced him to www.LXforums.com, a worldwide virtual car club that has more than 38,000 members dedicated to the Chrysler LX rear-drive platform used by the Chrysler 300 and the Dodge Charger, Challenger and Magnum.

Red Bull 1-2 at Silverstone

Red Bull's Sebastian Vettel drove to victory in the British Grand Prix at Silverstone Red Bull brought a newly upgraded car to Silverstone, and boy, did it show. They dominated the weekend and achieved a 1-2 finish, with Vettel cruising from start to finish in an astonishing display. Webber got stuck behind Barrichello in the Brawn off the line, allowing Vettel to storm away.