Chrysler could crash and burn.. - DFWstangs Forums
 
LinkBack Thread Tools Display Modes
post #1 of 22 (permalink) Old 06-09-2009, 04:09 PM Thread Starter
WE ARE THE CHAMPIONS!
 
Sgt Beavis's Avatar
 
Join Date: Jul 2002
Location: Lake Dallas, TX
Posts: 10,859
Chrysler could crash and burn..

Maybe President Obama's task force should have learned how to obey the law.

http://www.ft.com/cms/s/0/e9b41aec-5...44feabdc0.html

Quote:
US warns on Chrysler liquidation risk
By Bernard Simon in Toronto
Published: June 9 2009 21:43 | Last updated: June 9 2009 21:43
The US government and Fiat have warned that Chrysler could go out of business as soon as next week if the Supreme Court does not quickly reject an attempt by three Indiana pension funds to block the bankrupt carmaker’s restructuring.

The warnings are contained in filings submitted in the wake of the court’s decision on Monday to delay an alliance between Fiat and a “new” Chrysler while the judges consider whether to hear the pension funds’ case.

The funds, which hold $42m of Chrysler’s $6.9bn in secured debt, contend that an offer to pay them 29 cents on the dollar violates their creditor rights. A United Auto Workers union healthcare trust - a more junior, unsecured creditor - would receive far more favourable treatment under the restructuring, including a 55 per cent equity stake.

Chrysler’s other secured creditors have accepted the debt-exchange offer under pressure from the Obama administration’s automotive task force to consider the broader economic and social implications. But several have expressed sympathy for the Indiana funds’ position.

The Indiana funds also maintain that the government has acted unlawfully in using the Troubled Assets Relief Programme (Tarp), meant for financial institutions, to bail out carmakers.

Fiat raised doubts in its filing whether it would be willing to extend its deal with Chrysler beyond the June 15 expiry date, given the continuing erosion in Chrysler’s value.

Chrysler’s plants have been closed since it sought Chapter 11 protection on April 30. With revenues at a virtual standstill, the company is bleeding $100m in cash a day.

“Chrysler could well be forced into liquidation if the sale transaction is not completed on or before June 15”, Fiat said.

In addition, the US solicitor-general raised the possibility that the US government many not be willing to continue funding Chrysler much longer.

“If the closing is delayed by more than approximately ten days, a sufficient amount of the current commitment of debtor-in-possession financing from the US will have been consumed as to require the government either to increase its overall funding to the detriment of taxpayers, or to abandon its role in the transaction”.

Fiat added that “as opposed to the purely monetary interests being pursued by the Indiana pensioners, there are literally thousands of others who will be irreparably harmed if the sale transaction is not completed and Chrysler goes into liquidation”.

The deal’s supporters have pointed to the threat not only to Chrysler’s 55,000 employees, but to its 2,400 dealers and hundreds of parts suppliers.

The court has not disclosed when its decision will be announced, but it is widely expected within the next few days.

We're Adopting. Contact us through our website.

http://www.theboyetts.com

You can also LIKE us on Facebook
Sgt Beavis is offline  
Sponsored Links
Advertisement
 
post #2 of 22 (permalink) Old 06-09-2009, 04:14 PM
Worship me
 
AL P's Avatar
 
Join Date: Mar 2000
Posts: 34,345
LOL you mean the Obama assholes made sure their union masters got preferred status in this deal. Who would be shocked about that? I love how this shit is 100 times more scandalous than anything Bush did but no one will say anything. And we aren't even 6 months through the first year of this horseshit!!
AL P is offline  
post #3 of 22 (permalink) Old 06-09-2009, 04:20 PM
Clown
 
Join Date: May 2005
Location: With the real El Chupacabra
Posts: 2,190
Quote:
Originally Posted by AL P View Post
LOL you mean the Obama assholes made sure their union masters got preferred status in this deal. Who would be shocked about that? I love how this shit is 100 times more scandalous than anything Bush did but no one will say anything. And we aren't even 6 months through the first year of this horseshit!!
I think that I am going to have to go back to college and get retrained on the fact that contracts are now useless as well as the new pecking order of shareholders, bondholders and creditors.....This is a joke and I am glad that somebody involved actually stood up for themselves.
J&T's 82 is offline  
 
post #4 of 22 (permalink) Old 06-09-2009, 04:25 PM
Factory Issue
 
Yale's Avatar
 
Join Date: Sep 2003
Location: Shippensburg, PA
Posts: 12,295
So commodities are the only reasonable investments left? Bonds are right out in the wake of TARP....

Give me a dollar.
Yale is offline  
post #5 of 22 (permalink) Old 06-09-2009, 04:27 PM
Clown
 
Join Date: May 2005
Location: With the real El Chupacabra
Posts: 2,190
Quote:
Originally Posted by Yale View Post
So commodities are the only reasonable investments left? Bonds are right out in the wake of TARP....
For me, I am not sure what to trust anymore....Soon the cash in my wallet may become useless
J&T's 82 is offline  
post #6 of 22 (permalink) Old 06-09-2009, 06:16 PM
Frequent Flyer
 
AdamLX's Avatar
 
Join Date: May 2000
Location: Frisco, TX
Posts: 9,148
...And then the Supreme Court decides to not stand in the way. Funny how quickly something can move through.
http://money.cnn.com/2009/06/09/news...ion=2009060919
AdamLX is offline  
post #7 of 22 (permalink) Old 06-09-2009, 06:23 PM
Time Served
 
Join Date: Mar 2006
Location: Watauga Tx
Posts: 659
I thought that was bullshit. I mean i didnt know you could just file bankruptcy and remerge in good financial health by just wiping out all the contracts they signed. All those guys that invested in the company are just supposed to forgive and forget? Fuck that!

Arent they either supposed to pay them somehow, or file chapter 11/7 (i get them mixed up) and start selling shit to pay the investors back? I thought that was how it was supposed to work...normally anyways.

The trouble with doing something right the first time is that nobody appreciates how difficult it was.
Slammy is offline  
post #8 of 22 (permalink) Old 06-09-2009, 06:28 PM
DFWMUSTANGS.NET
 
Join Date: Jun 2007
Posts: 3,635
Quote:
Originally Posted by AdamLX View Post
...And then the Supreme Court decides to not stand in the way. Funny how quickly something can move through.
http://money.cnn.com/2009/06/09/news...ion=2009060919

They just gave Obama the Green Fucking Light to puch through whatever the hell they want now.


SONOFABITCH!!!
sc281_99-0135 is offline  
post #9 of 22 (permalink) Old 06-09-2009, 06:36 PM
Time Served
 
Join Date: Mar 2006
Location: Watauga Tx
Posts: 659
I cant wait to see the shitboxes Government Motors and Chrysler will be trying to sell! Hmmm maybe thats the idea, they will try and sell cars nobody wants and they will say fuck it and take obamas new train system he is putting in. Sounds like a good plan? hahha Guess we could still buy jap sports cars, be intresting to see how he gets them to stop selling high performance vehicles.

The trouble with doing something right the first time is that nobody appreciates how difficult it was.
Slammy is offline  
post #10 of 22 (permalink) Old 06-09-2009, 07:07 PM
Lifer
 
Join Date: Jan 2004
Location: smithville
Posts: 1,993
Quote:
Originally Posted by Slammy View Post
I thought that was bullshit. I mean i didnt know you could just file bankruptcy and remerge in good financial health by just wiping out all the contracts they signed. All those guys that invested in the company are just supposed to forgive and forget? Fuck that!

Arent they either supposed to pay them somehow, or file chapter 11/7 (i get them mixed up) and start selling shit to pay the investors back? I thought that was how it was supposed to work...normally anyways.
yep,while everyday joes take it in the ass over and over by a big dry one!

shit ain't fuur.

RON PAUL '08
fast83 is offline  
post #11 of 22 (permalink) Old 06-09-2009, 07:22 PM
#4 Best QB Ever
 
That_Is_My_El_Camino's Avatar
 
Join Date: Apr 2004
Location: Land of the Free
Posts: 29,339


Quote:
Originally Posted by DON SVO View Post
Women: vaginal life support.
That_Is_My_El_Camino is offline  
post #12 of 22 (permalink) Old 06-09-2009, 07:33 PM
I Я Invizabul
 
Join Date: Sep 2006
Location: Candyland
Posts: 4,909
I am really getting tired of this horseshit. I dont think there is anything we can do at this point other than sit back and watch. If anyone has any ideas on how to stop the stupidity I am all ears.
Pokulski-Blatz is offline  
post #13 of 22 (permalink) Old 06-09-2009, 07:55 PM
Bullet Sponge
 
forever_frost's Avatar
 
Join Date: Feb 2007
Location: Cooper, Tx
Posts: 3,142
This is BS. Since when can the Supreme Court say "Yeah, what this company owes you isn't that important. Suck it."
forever_frost is offline  
post #14 of 22 (permalink) Old 06-09-2009, 08:07 PM
T-MINUS
 
Sean88gt's Avatar
 
Join Date: Sep 2000
Posts: 28,540
Obama keeps poking the sleeping dragon that is the American populous. And as always, we'll wake up at 5 minutes until the end and attack with Bruce Willis like precision to bring it back from the edge.

FBO

1/19/09, the last day of Free America.
Pericles "Freedom is the sure possession of those alone who have the courage to defend it. "

"[T]he people alone have an incontestable, unalienable, and indefeasible right to institute government and to reform, alter, or totally change the same when their protection, safety, prosperity, and happiness require it." --Samuel Adams


Sean88gt is offline  
post #15 of 22 (permalink) Old 06-09-2009, 09:31 PM
T5-T56-Tremec specialist
 
thesource's Avatar
 
Join Date: Nov 2004
Location: Heading back to Plentywood
Posts: 8,389
It seems like no one is willing to put their political career on the line to challenge these fucking A holes in the White House.
thesource is offline  
post #16 of 22 (permalink) Old 06-09-2009, 09:46 PM
Time Served
 
Join Date: Mar 2006
Location: Watauga Tx
Posts: 659
Quote:
Originally Posted by thesource View Post
It seems like no one is willing to put their political career on the line to challenge these fucking A holes in the White House.
hehe i bet alot of people would do the same thing if they had a job that was damn near impossible to lose and got paid out the ass just for holding a title!

The trouble with doing something right the first time is that nobody appreciates how difficult it was.
Slammy is offline  
post #17 of 22 (permalink) Old 06-10-2009, 09:46 AM
Cummins > Powerstroke
 
8mpg's Avatar
 
Join Date: Apr 2002
Location: id rather be cummin than strokin
Posts: 19,068
Sold...

2006 Dodge Ram Megacab Cummins
1969 Mustang Coupe
1969 Mustang Mach1
1969 Chevy C10
1966 Mustang Coupe
8mpg is offline  
post #18 of 22 (permalink) Old 06-10-2009, 03:51 PM
Lifer
 
samuel642000's Avatar
 
Join Date: Feb 2009
Posts: 1,372
Quote:
Originally Posted by Pokulski-Blatz View Post
. If anyone has any ideas on how to stop the stupidity I am all ears.
samuel642000 is offline  
post #19 of 22 (permalink) Old 06-10-2009, 04:01 PM
duh...duh....duh
 
ceyko's Avatar
 
Join Date: Aug 2004
Location: ES BEER
Posts: 9,543
Quote:
Originally Posted by Sean88gt View Post
Obama keeps poking the sleeping dragon that is the American populous. And as always, we'll wake up at 5 minutes until the end and attack with Bruce Willis like precision to bring it back from the edge.

FBO
Glad someone has a higher spirit about this...

...the only thing we can do is revolt, which won't happen. Past that I sure as hell hope we don't vote his ass back in.

My '03 Sold.
ceyko is offline  
post #20 of 22 (permalink) Old 06-10-2009, 06:50 PM
Time Served
 
Join Date: Mar 2006
Location: Watauga Tx
Posts: 659
Would it be wrong to just laugh if he gets reelected? I dunno what else to do, laugh or cry!

The trouble with doing something right the first time is that nobody appreciates how difficult it was.
Slammy is offline  
post #21 of 22 (permalink) Old 06-10-2009, 06:55 PM
Factory Issue
 
Yale's Avatar
 
Join Date: Sep 2003
Location: Shippensburg, PA
Posts: 12,295
If nobody else wants it, I'll buy the Viper tooling.

Give me a dollar.
Yale is offline  
post #22 of 22 (permalink) Old 06-10-2009, 08:43 PM
PAN
 
Join Date: Mar 2002
Location: Under a rock
Posts: 20,154
Quote:
Originally Posted by Yale View Post
If nobody else wants it, I'll buy the Viper tooling.
Not sure what you're bidding, but I'll raise you fifty obsama bucks...
Fox466 is offline  
Sponsored Links
Advertisement
 
Reply

Bookmarks

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the DFWstangs Forums forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome