Chrysler gone?

[Supercilious]

AP NewsAlert
12 minutes ago
DETROIT (AP) — AP Source: Chrysler lender talks break off, company appears headed for bankruptcy protection.

I love the smell of Chapter 11 in the morning. Probably tomorrow morning.
Meanwhile everybody is busy trying to buy Tamiflu and face masks. ;)

[LargoWinch]

Re: Chrysler gone?

I love the smell of Chapter 11 in the morning. Probably tomorrow morning.
Meanwhile everybody is busy trying to buy Tamiflu and face masks. ;)

It has now Yahoo Finance...

Me thinks Chrysler is a goner.

What can you do, when your total annual unit production is less than a single model from your competitor? (A: Toyota Camry)

R.I.P. Chrysler. It was great for awhile.

Now, if only the banks could suffer the same fate...

[GRG55]

Re: Chrysler gone?

I love the smell of Chapter 11 in the morning. Probably tomorrow morning.
Meanwhile everybody is busy trying to buy Tamiflu and face masks. ;)

I didn't realize that Chapter 11 could be so contagious...;)

[thunderdownunder]

Re: Chrysler gone?

So now you have a "fiat" economy YOU can drive yourself

(God thats a terrible joke)

[Scott4139]

Re: Chrysler gone?

If the bond holders get the same deal at GM they'll be in C11 as well. The split going to the UAW is amazing.

Maybe the solution is unionized bond holders.

[Thailandnotes]

Re: Chrysler gone?

http://voices.washingtonpost.com/eco...l?hpid=topnews

[Thailandnotes]

Re: Chrysler gone?

comment after above article:

"Is it possible that the hedge funds have insured their Chrysler bonds with AIG? And that insurance would pay only in case of insolvency, but not for a "voluntary" swap for equity?"

[cjppjc]

Re: Chrysler gone?

http://voices.washingtonpost.com/eco...l?hpid=topnews

Is there no end to their chicanery?



“We have been forced to communicate through an obviously conflicted intermediary: a group of banks that have received billions of TARP funds,” the lenders who rejected the government offer said.

[Guest]

Re: Chrysler gone?

How many times over, are you guys making the same comments, in slightly varying forms? "Is there no end to their chicanery?" for example - that's a comment that when paraphrased, can be found in maybe 20% of all the comments on these pages every DAY. It's like a form of mulch - the vomitus of opinionating which dresses up the same observations day after day with new clothes and trots them out here all over again.

We have heard all this stuff before! Many, many, many times each month - round and round and round and round. Same comments. "Oh! Those banksters are so terribly bad!". And every day the chatter multiplies reiterating the same basic doomy points over and over again. One or two of our older members have in fact just sort of wandered off in the past year - and when asked why, they confessed: "because the same conversations here are repeated endlessly".

What a freaking bore this gets! How many people have said the comment below here, in different forms, in the past six months, eh? MANY! Way too many, and each time, their comments are re-read as though they were new and trenchant commentary on our unfolding situation.

Is there no end to their chicanery?
“We have been forced to communicate through an obviously conflicted intermediary: a group of banks that have received billions of TARP funds,” the lenders who rejected the government offer said.

[Sharky]

Re: Chrysler gone?

How many times over, are you guys making the same comments, in slightly varying forms?

How many times are you going to post this same rant?

Do you really not know the answer to that question?

[Thailandnotes]

Re: Chrysler gone?

I, for one, wasn't ranting.

"Is it possible that the hedge funds have insured their Chrysler bonds with AIG? And that insurance would pay only in case of insolvency, but not for a "voluntary" swap for equity?"

When I posted this I was bursting out laughing.

[BiscayneSunrise]

Re: Chrysler gone?

If the bond holders get the same deal at GM they'll be in C11 as well. The split going to the UAW is amazing.

Maybe the solution is unionized bond holders.

Funny!

But no. As the WSJ points out today in an editorial, the solution is adult supervision of a bankruptcy judge that will follow the rule of law rather than political considerations.

Time for senior creditors (bondholders) to take their legal and rightful place ahead of the line over junior employee claims.

The big question is: how will this affect the GM outcome?

[Judas]

Re: Chrysler gone?

Funny!

But no. As the WSJ points out today in an editorial, the solution is adult supervision of a bankruptcy judge that will follow the rule of law rather than political considerations.

Time for senior creditors (bondholders) to take their legal and rightful place ahead of the line over junior employee claims.

The big question is: how will this affect the GM outcome?

I'm not sure how it will affect GM's outcome, but I know I will never, ever, buy corporate bonds from any company that either government or unions are anywhere near.

[GRG55]

Re: Chrysler gone?

And the moral of the story is...

...Don't mess with Mother Nature or The US Federal Government...:p

Chrysler dissident lender group disbands

Fri May 8, 2009 2:04pm EDT

DETROIT (Reuters) - A group of Chrysler LLC's dissident lenders disbanded, representatives said on Friday, removing the last legal hurdle to the embattled automaker's quest to complete a merger with Italy's Fiat SpA with U.S. government backing.

"After a great deal of soul-searching and quite frankly agony, Chrysler's Non-TARP lenders concluded they just don't have the critical mass to withstand the enormous pressure and machinery of the US government," said Tom Lauria, the White & Case attorney representing the group.

But Lauria said the group did not intend to agree to the proposal to exchange their debt for 29 cents on the dollar...

...More than half of the parties that opposed Chrysler's plan had already dropped out of the group as public and political pressure grew to restructure the automaker quickly, and after the dissidents were forced to disclose their names...

[Judas]

Re: Chrysler gone?

And the moral of the story is...

...Don't mess with Mother Nature or The US Federal Government...:p

Two words:

capital flight.