Selling Out?

" past the hour back live in the news -- General Motors is back on the road emerging from bankruptcy in just forty days the CEO calling. It a second chance and promising a leaner greener auto maker. But the new GM. Is already getting blasted. Because after taking tens of millions of American tax dollars GM is now dropping its contract. Within its only US based -- supplier that Stillwater mine but there's more here. It's keeping its contracts with suppliers in South Africa. And in Russia. With -- on the phone now as the CEO and president of Stillwater mining frank McAllister. And frank let me just for the edification of our audience. Your company mines palladium which is used in catalytic converter joined the biggest contracts in General Motors you've been negotiating now for months. And now the eleventh hour General Motors -- you -- the curb. And continues contracts with the Russians in the south Africans."

" Trait that's correct essentially what's happened here is that we've had a -- wee bit of business partner with General Motors since 1998. And you're quite correct we've been. We have a multi -- supply contract of which exists right now in. Obviously under the bankruptcy rules we have every right to to -- our contract but. To keep the contracts going to the South African and the Russians. Is just simply doesn't make a lot of sense."

" going to be a -- near the pregnant are you are you charging too much money needed fairness GM's look it up for their bottom line but are you charging too much money was your contract too much to look more expensive than the Russians in the south Africans."

" Don't know exactly what their contracts read our contract does have pork prices and -- which. If the price falls -- there it is above market but during all of our discussions and even after we were notified that they would reject the contract we were told that these were not the issue. They simply says we have because we're downsizing we simply don't need your palladium."

" So this could cost you between five and thirty million dollars frank -- a lot of workers did the jobs depend on this in New York you're taking is that that American tax dollars are being used against you. That's exactly what we're we're worried about treason. -- and if that happens when you talk about jobs frank how many jobs and this whole thing. We within the congressional investigation it was all about jobs all about jobs and now how many jobs are we talking about it this company goes south."

" We have 1400 people working here we have we've already downsized -- sells about 20% our guys are doing really good in fact we will do well. In the second quarter but the issue is is what is who's actually going do to do to is going."

" Forward and I gotta go here -- Montana governor. Brian Schweitzer is irate over this anything he can do any help you think you'll get down the rotors and -- be under ten seconds he stepped in to help us always can and I don't know what it'll take place the world will see we just want to talk with General Motors -- frank McAllister frank good of you sir thank you thank you --"