an open letter to my fellow citizens

Dear General Motors Stock Holders:

As a US Taxpayer, therefore a fellow shareholder in the New GM, I felt it was my responsibility to report on first hand knowledge of our investment.  

I haven't seen the new models so I have no idea if they are making a quality product. I also haven't been privy to their progress in becoming a leader in green technology. I haven't even seen the plans of their corporate restructuring. No worries, I'm sure they are doing a bang up job on all fronts. 

Fiscally speaking, I am happy to report they are being incredibly responsible with our cash. As a matter of fact, they are being so responsible they are holding on to our tax dollars with an iron fist, or should I say steel. 

Recently the New GM sent a letter to the commercial production companies. Knowing the production community are patriotic Americans, the New GM requested that rather than paying at least half of our production costs upfront, they wouldn't pay us anything until sixty days after we deliver our spots. 

Who cares that legally we have to make payroll payments within 10 days after shooting. What difference is it that our vendors expect payment within 30 days based on our personal guarantees. And, why shouldn't GM get preferred status over our other clients who pay 50 to 75% of their production costs up front before the first shoot day? 

This is not just GM i'ts the New GM, for goodness sake. We need to help them get well. We all know, having a strong GM is great for all of us even it means having to finance their success out of our own pocket. I'm confident if Epoch Films or any of my competitors ever get into trouble, GM would be there for us right along side the US government. 

So GM don't you worry. The American production community has got your back. Take our interest free loans. Use our expertise to promote your awesome product. And, pay us whenever you want. 60 days. 90 days, 120. Whatever. Take your time. If our businesses go under before then at least it we fulfilled our civic duty of helping GM become a powerhouse again. 

God bless America. And, God bless the New GM. 

Your Friend

Jerry Solomon

Fact is always much stranger than fiction. GM has taken billions of taxpayers dollars and can't seem to find the money to pay their vendors on time for services delivered. And best of all they think there is nothing wrong with it. If they are hoping the amount of interest they accumulate on late payments will help them remain liquid, our national investment is in a lot more trouble than we thought.

The truth is those of us in the production community do appreciate GM. They are one of the few companies left in America that still make things. They produce products. They employ union people. They provide revenue for many vendors. They aren't that different than us except they do it on a much larger scale.

I for one want to support an American manufacturer but not at the expense of my own solvency. I hope that no one in our community is so desperate that they are willing to sign this agreement. Anyone that does is providing an interest free loan to GM with no guarantee of payment. You are setting a terrible precedence for our community. Most of all you are mortgaging the future of our industry.

At a recent AICP meeting one of the company owners said "I've begrudgingly caved on many contractual points I didn't think were favorable but I've never entered into a agreement that I felt placed by company at risk of going out of business". 

This is one of those agreements. Think before you sign.