It's pretty funny to see the right wingers whine about this guy going down, ie. not getting bailed out, and at the same time rant about the great Obama Socialist Conspiracy. Chrysler filed for Chap 11. The dealers are going to get screwed regardless of whatever else happens as part of bankruptcy, it's the way the contracts are written. It doesn't appear they have a lot of recourse. I guess we could bail him out, then you could bitch about that too. Pretty rich IMO, you guys would get to bitch either way.
I am 53 years old son and anyone who has ever owned Mercedes going back to the 1980's would have to agree with what BY LO said. Obviously you never owned one. How much do you want to bet? How old are you really?
This mess is not a bankruptcy, regardless of what Chrysler and the government is telling everyone. In a real bankruptcy the senior debt holders come first, not the employees via their union. In a real bankruptcy all of the dealers would take it on the chin instead of a select few.
Huh? Are you saying they should close all of the dealers? Because otherwise SOME of the dealers are going to close and they are going to get screwed. Which is exactly what is happening. The dealer network was going to shrink once Chapt 11 was filed, it was pretty obvious I'd say. Do you really think under a normal bankruptcy (ie liquidation, which was the alternative) any creditor was going to take back the inventory when there is no obligation to do so?
I hope they all get fucked in the ass. Whatever doesn't get shut down this time around, will get shut down when chrsyler returns to bankruptcy after the unions fuck it up. Hopefully this time we have a staunch republican president in office to tell these bankrupt companies to get lost so room can be made for successful auto builders.
I agree it would be nice, but the last Republican made sure the bondholders of BSC, AIG, LEH, and MER were kept whole. I don't think this Republican politician exists, at least not by the time he becomes president.
Uh, that's exactly my point. If the actual creditors were involved there would be a rational methodology of culling the weakest, non-profitable dealerships to maximize the chances of a successful reorganization. Have you seen Chrysler publish their methodology on how they selected which dealerships are going to be closed? No. All you've seen is their CFO yesterday saying all the dealerships would have to close if the Fiat merger doesn't go through. That's not a plan, that's a threat. If the government weren't involved and this was a "normal" bankruptcy the creditors would, after 120 days, have the option of filing their own reorganization plan or even opting to file a chapter 7 to liquidate the company.
I like how you say there was no methodology in the closing of dealerships while complaining that the plan for closing dealerships wasn't published. So you don't know the methodology used, you don't know the details of any given dealership, therefore you don't like the plan you don't know anything about beyond that some dealers are complaining about how they were treated. The creditors still had all the rights you described to force a liquidation, but opted out for the quick cash up front despite going on and on about how much better they'd have done under a liquidation. Could it be they were (gasp) bluffing? They thought they were going to be made whole just like every other bailout so far and they were wrong. They wanted the gov't to step in all along and they expected the same treatment Bush would have given them. Do I personally think Chrysler should have been liquidated? Yes. But the reality is it wasn't going down, didn't matter who was president. No one wanted to risk the supplier chain going down with it and (arguably) the gov't was the only place to go for DIP financing for a prepackaged bankruptcy. The gov't was going to be involved. Only difference was who was going to get the shaft, the unions or the creditors. The dealers were getting it regardless.
gun mint? Meaning GOverN-MiNT? Wasting taxpayer dollars on a private entity is insane and immoral. But, the most alarming action the government is taking is suspending the law and taking rights away from senior debt holders and giving those rights to the unions. This is just unfathomable and is a knife in the back of our business legal structure. If allowed to stand, it will have a far reaching negative impact on our ability to conduct normal business. I am hopeful that the bankruptcy judge will stand up to Obama and do the right thing by applying the law instead of politics to the Chrysler bankruptcy. Even Congress realized that allowing judges the ability to alter legal contracts was insane and defeated the legislation supported by Obama to do just that. Obama has the mind of a child when it comes to reality.