Posted on 5th June 20092 Responses
Interpublic : GM owes us $50 million not $15 million

Interpublic is launching a broadside against the bankruptcy documents provided by General Motors, that only listed about $15 million, earlier Interpublic was fighting for “top position of losses” with Publicis to see who lost the most with the GM bankruptcy stating that figure was around $150 million (10x the amount GM said it owes them).

Regardless, this bankruptcy is turning out to be an advertising agency nightmare as several firms are constantly re-adjusting how much their companies are owed.

The fact of the matter is that advertising agencies are sort of on the back burner in terms of priority, payroll and vendors that actually supply parts to build the cars will take the lead. Clearly the Obama administration feels that Advertising needs to be cut down for the car companies, as he cut the Chrysler advertising budget by half.

These advertising agencies are going to get paid fractions of the dollar, if that.

Enjoy the new reality, Government motors isn’t going to be the monster in advertising it was 5 years ago.

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  • asa

    Where does a company like GM with no money, end up buying a company with 2 billion dollars? This FAKE bankruptcy is a farce. GM is paying workers to leave, paying workers not to build cars, buying billion dollars Delphi, but yet they are cashless. WE are being ripped off, next real GM bankruptcy will be soon, but not before us US taxpayers have lost 70+ billion wasted dollars. Please stop this fraud by the Treasury.

  • asa

    Where does a company like GM with no money, end up buying a company with 2 billion dollars? This FAKE bankruptcy is a farce. GM is paying workers to leave, paying workers not to build cars, buying billion dollars Delphi, but yet they are cashless. WE are being ripped off, next real GM bankruptcy will be soon, but not before us US taxpayers have lost 70+ billion wasted dollars. Please stop this fraud by the Treasury.