Press Releases

 

Monday
Jun012009

Hillsborough GOP Picnic Sunday, June 14 in Greenfield 

Hillsborough County GOP to Host Flag Day Picnic

 

BASS, BOSSE, GUINTA, HORN, LAMONTAGNE, MARTEL SLATED TO SPEAK

 

Greenfield, New Hampshire – June 1, 2009 - The Hillsborough County Republican Committee will host a Flag Day Picnic on June 14th, from 12:00 Noon to 4:00 PM, at the Barbara C. Harris Conference Center and Campground in Greenfield, NH. Tickets are available for purchase from Hillsborough County GOP members or by mail.

 

The event is open to the public. Guest speakers will focus on the US Constitution, the national and state political climates and a wide range of other current political topics. Attendees will enjoy a full picnic style meal prepared and served by the Harris Center staff that will include hot dogs, hamburgers, potato salad, salad, and other refreshments.

 

A raffle and silent auction will be ongoing throughout the event with prizes including a private sightseeing flight out of Nashua airport, framed artwork, designer sunglasses, Goebel collectibles, US Senate memorabilia, gift baskets and gift certificates. The beach will also be open for swimming and water activities.

 

Featured Speakers include former Congressman Charles Bass, GOP Congressional candidate and Nashua radio talk show host Jennifer Horn, former GOP Gubernatorial candidate Ovide Lamontagne, Manchester Mayor and recently announced candidate for the 1st Congressional district Frank Guinta, Bedford columnist Dr. William Martel and others. Serving as Master of Ceremonies for the event will be former US Congressional candidate Grant Bosse.

 

Picnic attendees are invited to contribute to a collection of items to be given to the residents of the Liberty House Veteran’s Shelter in Manchester. Items requested include food such as canned goods, cereals, pasta, juices, bread, potatoes, coffee, gasoline station gift cards, gift cards for supermarkets, liquid laundry detergent, paper towels and toilet paper, summer clothing and sneakers sizes 8 to 13. Cash donations for the shelter will also be collected.

 

Tickets for the picnic are $25.00 for adults and $15.00 for children under 12 and may be purchased by mail from Mrs. Gerrie Porter, PO Box 542, Amherst, NH 03031-0542. Ticket purchase arrangements may also be made by email to Fred Plett at frplett@gmail.com. Deadline for ticket purchases is Friday, June 5th .

 

The picnic is a fundraiser and a kick-off event for the 2010 election season. Proceeds will be used to recruit and support Republican candidates representing the 29 towns located in Hillsborough County in the 2010 elections. The membership of the Hillsborough County Republican Committee includes registered Republicans who reside in one of the 29 towns in the county. Additional information about the committee and it’s county- wide membership roster can be found on the Hillsborough GOP website at www.hillsboroughgop.org.

 

 

Monday
Jun012009

Fact Sheet on Obama Administration Auto Restructuring Initiative for General Motors 

On March 30, 2009, President Obama laid out a framework for General Motors to achieve viability that required the Company to rework its business plan, accelerate its operational restructuringand make far greater reductions in its outstanding liabilities. After two months of significant management engagement, General Motors has developed such a plan and has already begun to make progress toward its achievement. The Company has also secured commitments of meaningful sacrifice from all of its major stakeholder groups, sacrifices sufficient for this plan to proceed forward. As a result, the President has deemed GM’s plan viable and will be making available about $30bn of additional federal assistance to support GM’s restructuring plan. To effectuate their plan, General Motors will use Section 363 of the bankruptcy code to clear away the remaining impediments to its successful re-launch.

 

For the better part of a century, The General Motors Corporation has been one of the most recognizable and largest businesses in the world. Today will rank as another historic day for the company—the end of an old General Motors, and the beginning of a new one.

 

General Motors Restructuring – Shared Sacrifice

 

The President made clear throughout this process that every one of the Company’s stakeholder would be expected to sacrifice, and that none would receive special treatment because of the involvement of the government. The resulting agreement is tough but fair, and has garnered broad support from GM’s major stakeholders:

 

  • Operational restructuring: GM is undertaking a significant operational restructuring that will address past failures, dramatically improve its overall cost structure, and allow the company to move toward profitability even if the auto market recovers slowly. As a result of this restructuring, GM will lower its breakeven point to a 10 million annual car sales environment. Before the restructuring, GM’s breakeven point was about 16 million annual car sales.

 

  • The UAW has made important concessions on compensation and retiree health care that, while difficult, will help save jobs for active employees, pensions and health care for retirees, and make GM more competitive. In virtually every respect, the concessions that the UAW agreed to are more aggressive than what the Bush Administration originally demanded in its loan agreement with GM. Among other things, the UAW’s existing VEBA – to which GM has a $20bn obligation – will be replaced by a new VEBA as described below.

 

  • The Steering Committee to a portion of GM bondholders has confirmed that bondholders representing at least 54% of GM’s unsecured bonds have agreed to exchange their portion of the Company’s $27.1 billion unsecured debt for their pro-rata share of 10% of the equity of new GM, plus warrants for an additional 15% of the new Company. The Steering Committee confirms that the number of individual and institutional bondholders that support this deal is now over 1,000. The bankruptcy court process will be used to confirm this treatment for those bondholders and other unsecured creditors that failed to accept or did not participate in the offer that was accepted by the aforementioned majority.

 

  • Painful but necessary restructuring steps will also be implemented. In order to size GM’s footprint to its current share but also allow for volume growth when the economy and the automotive market rebound, GM has planned to reduce its plant operations. Today GM is announcing its intention to close 11 facilities and idle another 3 facilities.

 

Details on the Creation of New GM:

 

The newly organized GM will purchase substantially all of the assets of the old GM needed to implement its business plan out of a chapter 11 in exchange for the U.S. Government relinquishing the majority of its loans to GM.

 

  • This new GM will establish an independent trust (VEBA) that will provide health care benefits for GM’s retirees. The VEBA will be funded by a note of $2.5 billion payable in three installments ending in 2017 and $6.5 billion in 9% perpetual preferred stock. The VEBA will also receive 17.5% of the equity of New GM and warrants to purchase an additional 2.5% of the company. The VEBA will have the right to select one independent director and will have no right to vote its shares or other governance rights.

 

  • The GM qualified pension plans for both hourly and salaried employees will be transferred to the New GM as part of the purchase process.

 

  • The U.S. Treasury is prepared to provide approximately $30.1 billion of debtor in possession financing to support GM through an expedited chapter 11 proceeding and transition the new GM through its restructuring plan. The U.S. Treasury does not anticipate providing any additional assistance to GM beyond this commitment. In exchange for funds already committed by the U.S. Treasury and the new injection of $30.1 billion, the U.S. government will receive approximately $8.8 billion in debt and preferred stock in the new GM and approximately 60% of the equity of the new GM. The U.S. Treasury will also have the right to appoint the initial directors other than those that will be selected by the VEBA and the Canadian government.

 

  • The Governments of Canada and Ontario will participate alongside the U.S. Treasury by lending $9.5 billion to GM and New GM. The Canadian and Ontario governments will receive approximately $1.7 billion in debt and preferred stock, and approximately 12% of the equity of the new GM. Based on its substantial financial contribution, the Canadian government will also have the right to select one initial director.

 

  • The new GM will pursue a commitment to build a new small car in an idled UAW factory, which when in place will increase the share of U.S. production for U.S. sale from its current level of about 66% to over 70%.

 

Principles for Managing Ownership Stake

 

Consistent with the goal of clearly limiting the government’s role as a reluctant equity owner but careful steward of taxpayer resources, the Obama Administration has established four core principles that will guide the government’s management of ownership interests in private firms. These principles will apply to the U.S. government’s equity stake in GM:

  • The government has no desire to own equity stakes in companies any longer than necessary, and will seek to dispose of its ownership interests as soon as practicable. Our goal is to promote strong and viable companies that can quickly be profitable and contribute to economic growth and jobs without government involvement.

 

  • In exceptional cases where the U.S. government feels it is necessary to respond to a company’s request for substantial assistance, the government will reserve the right to set upfront conditions to protect taxpayers, promote financial stability and encourage growth. When necessary, these conditions may include restructurings similar to that now underway at GM as well as changes to ensure a strong board of directors that selects management with a sound long-term vision to restore their companies to profitability and to end the need for government support as quickly as is practically feasible.
  • After any up-front conditions are in place, the government will protect the taxpayers’ investment by managing its ownership stake in a hands-off, commercial manner. The government will not interfere with or exert control over day-to-day company operations. No government employees will serve on the boards or be employed by these companies.

 

  • As a common shareholder, the government will only vote on core governance issues, including the selection of a company’s board of directors and major corporate events or transactions. While protecting taxpayer resources, the government intends to be extremely disciplined as to how it intends to use even these limited rights.

 

Warrantees:

 

  • GM will continue to honor consumer warranties. This past week, the U.S. Treasury made available the Warranty Support Program to GM and $361 million was funded to a special vehicle available to provide a backstop on the orderly payment of warranties for cars sold during this restructuring period.

The Bankruptcy Process

 

During this process, GM will continue operating in the ordinary course. From an operating perspective, the day after the filing will not be materially different from the day before the filing. The following parties will be treated as described below:

  • Employees: Employees will get paid in the ordinary course, including salary, wages and ordinary benefits. Assuming the sale moves forward as expected, Pension Plan and VEBA funding will be transferred to New GM.

 

  • Suppliers: GM will seek authority at its “first day” hearing to continue to pay suppliers in the ordinary course. In addition, the U.S. Treasury’s Supplier Support Program will continue to operate, and GM suppliers benefiting from the program will continue to receive that support.

 

  • Dealers: GM will seek authority at its “first day” hearing to honor its customer warranties in the ordinary course. Moreover, GM will seek to continue to honor its dealer incentives for those dealers who are expected to continue to be part of GM’s distribution network going forward. There are some dealers that GM has identified that will not continue with GM. It is expected that the terminated dealers will be offered an agreement to orderly wind down their operations over the next 18 months

 

  • UAW: The modified labor agreement reached between the UAW and GM will be operative and will be assumed by the New GM.

 

Sunday
May312009

Manchester Mayor Frank Guinta's Public Schedule (May 30-June 7, 2009) 

Saturday, May 30, 2009

11:00 a.m. – 6th Annual Blind Awareness Walk-a-Thon; 25 Walker St.; Concord (presenting key to the city to Manchester resident at event)

 

Monday, June 1, 2009

12:30 p.m. – Beech Street Service Day Roundtable; Beech Street School; 333 Beech St.; Manchester

 

6:00 p.m. – Manchester Continuum of Care Homeless Services Center public hearing; 142 Central St.; Manchester

 

Tuesday, June 2, 2009

1:00 p.m. and 2:00 p.m. – Get Moving Manchester award presentation (1:00 p.m. – Highland Goffe’s Falls School; 2021 Goffe’s Falls Road; Manchester and 2:00 p.m. – McLaughlin Middle School; 290 South Mammoth Road; Manchester)

 

7:00 p.m. – Regular meeting of the Board of Mayor and Aldermen; Aldermanic Chambers; One City Hall Plaza; Manchester

 

Wednesday, June 3, 2009

10:00 a.m. – U.S. Conference of Women Veterans; Radisson Hotel at the Center of New Hampshire; 700 Elm St.; Manchester

 

Thursday, June 4, 2009

5:00 p.m. – Sixty Minutes with the Mayor; WGIR-AM; 195 McGregor St.; Manchester

 

Please contact Mark Laliberte at (603) 624-6500 or mlaliberte@manchesternh.gov for more information about any of these events.

 

Sunday
May312009

NRCC Sends Mailer on Shea-Porter's Anti-Military Record 

“Democrat Accountability Offensive” Details Carol Shea-Porter’s Rejection of Funding for Troops

 

Washington - The NRCC is announcing a new mailing aimed at holding Rep. Carol Shea-Porter (D-NH) accountable for rejecting critical funding for American soldiers and their families. Shea-Porter voted against a bi-partisan bill that provided billions in extra pay, veterans’ benefits and aid for military families. The bill also included an emphasis on funds for those men and women who were wounded defending our nation.


“It is unfortunate that Carol Shea-Porter once again sided with the extremist wing of her party and against our brave soldiers and their families,” said NRCC Communications Director Ken Spain. “For Shea-Porter to reject this critical, bi-partisan bill only highlights how out of touch she is with the concerns of her constituents.”

 

Carol Shea-Porter voted against:

 

Providing $488 million to help soldiers wounded in combat recover and remain on active duty or transition to civilian life.

 

$1.2 billion for health and other programs to support military families.

 

$1.1 billion for hospital construction to address military and veteran hospitals that are decades old and don’t meet current standards for medical care

 

Providing an additional $500 per month to service members who had their enlistments involuntarily extended under stop-loss orders.

 

To view the mailer, click here:

CarolShea-Porter (NH-01)

 

Sunday
May312009

Newsmax - Is 'News Powerhouse, Great Right Hope' of GOP

Forbes: Newsmax Is 'News Powerhouse, Great Right Hope' of GOP
Forbes reports on the phenomenal success of Newsmax — the "most influential Republican-leaning media outlet in the country."
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