Chrysler bankrupt

[Yurt]

yay....all those billions for what, something they should have done BEFORE those billions....

obama owns this bankruptcy

 

[Burp]

Partnership with Fiat.

We used to call Fiat, Fix It Again Tony.

 

[random3434]

yay....all those billions for what, something they should have done BEFORE those billions....

Obama owns this bankruptcy

I'm interested to hear how. Didn't the Big 3 get bailout money?

Trust me, this saddens me to no end, because here in Indiana Chrysler employs thousands...who now will not be working for 60 days until they restructure their bankruptcy. Our local news said Chrysler hopes to be "up and running" again after those 60 days.

 

[garyd]

Fiat's small car tech is going to hlep Chrysler? The only guy I ever new owned a Fiat siad it came with a roll of baling wire to stick it back together whenever it fell apart.

 

[Yurt]

yay....all those billions for what, something they should have done BEFORE those billions....

Obama owns this bankruptcy

I'm interested to hear how. Didn't the Big 3 get bailout money?

Trust me, this saddens me to no end, because here in Indiana Chrysler employs thousands...who now will not be working for 60 days until they restructure their bankruptcy. Our local news said Chrysler hopes to be "up and running" again after those 60 days.

not ford

i said last year no bailout, bankruptcy, i said that the bailouts won't do squat and the companies will still go bankrupt...

viola...bailouts are not good

i certaintly hope this is not a portent of things to come

 

[WillowTree]

yay....all those billions for what, something they should have done BEFORE those billions....

Obama owns this bankruptcy

I'm interested to hear how. Didn't the Big 3 get bailout money?

Trust me, this saddens me to no end, because here in Indiana Chrysler employs thousands...who now will not be working for 60 days until they restructure their bankruptcy. Our local news said Chrysler hopes to be "up and running" again after those 60 days.

Chrysler will be okay maybe,, depends if Americans buy their products.. what it shakes out as is this, uaw owns about 60% us gov. about 40%, the bondholders who lent them 6.9 billion dollars will get back two billion,, they are just shit outta luck,, so no one in their right minds will ever float another loan to a car maker so essentily the us gov will keep bailing them out year after year.,they suck and are no competitive, and the bondholders get the shit end of the stick thats what happens when you're dealing with democrats Ford didn't take any bailout money did they?

 

[Yurt]

does anyone know exactly how much the UAW paid to own 60%...

or was it the billions us taxpayers gave them

and the government owning that much, sounds socialist to me

 

[WillowTree]

does anyone know exactly how much the UAW paid to own 60%...

or was it the billions us taxpayers gave them

and the government owning that much, sounds socialist to me

sounds to me like the bondholders shudda owned it,,

 

[Yurt]

does anyone know exactly how much the UAW paid to own 60%...

or was it the billions us taxpayers gave them

and the government owning that much, sounds socialist to me

sounds to me like the bondholders shudda owned it,,

i haven't been able to find anything that says how the UAW come up with the funds to buy them and how the government now gets 40%...gov, i figure the billions WE gave them....

disturbing

 

[WillowTree]

does anyone know exactly how much the UAW paid to own 60%...

or was it the billions us taxpayers gave them

and the government owning that much, sounds socialist to me

sounds to me like the bondholders shudda owned it,,

i haven't been able to find anything that says how the UAW come up with the funds to buy them and how the government now gets 40%...gov, i figure the billions WE gave them....

disturbing

I will link it soon as I find it Shepard Smith gave the complete run down during his broadcast,, and iirc along with what we've already given them this deal comes with more billions..

 

[WillowTree]

h

ey said by holding out on a final deal, the firms, which held substantial elements of Chrysler’s debt, kept the company from avoiding Chapter 11.

“We basically have a hold out of three hedge funds as the predominant reason that this bankruptcy happened,” Sen. Debbie Stabenow (D-Mich.) said during an appearance on MSNBC. “And I'm not too happy about that.”

Gary Peters (D-Mich.), whose district includes Chrysler’s corporate headquarters, said the company almost avoided Chapter 11. “It almost happened,” Peters said. “It really did happen except for a dozen hedge funds who stood in the way.”

The investment firms emerged as the top villain for lawmakers who had hoped as late as this morning that a deal might be reached to stave off bankruptcy. President Obama announced early this afternoon that the company would enter a “surgical” 30 to 60 day bankruptcy, during which the government would provide the automaker another $3.5 billion in loans

.




Yep! another 3.5 Billion..





TheHill.com - Bond holders criticized over Chrysler bankruptcy

 

[Burp]

The United Auto Workers union’s retiree health-care fund will own 55 percent of Chrysler LLC in exchange for cutting in half the automaker’s $10.6 billion cash obligation to the trust, people familiar with the matter said.

Under the terms of the contract, the trust would get representation on the company’s board of directors, said two people briefed on the deal, who asked not to be named because the matter is private.

UAW Said to Get 55% Chrysler Ownership, Board Seats (Update1) - Bloomberg.com
----

Looks like a deal to me. Considering they will hang onto their stake forever.

 

[WillowTree]

And the government is gonna write off the first 4 billion "we loaned them" so after they get this 3.8 we will have given them 8 billion dollars..Michigan is turning into a big fat parasite..




Government to write off most of $4B Chrysler loan

ASHINGTON – The U.S. government will likely lose much of the $4-billion loan it gave Chrysler LLC at the end of last year as part of its bankruptcy case, officials said today.
Advertisement

The Bush administration was unable to secure its loans to any assets, and will recover only as much as any other unsecured debtors. It also may lose part of the $1.5 billion lent to Chrysler Financial backed by auto loans.

The Obama administration also said new Chrysler will be funded through a total of $10.5 billion in loans, with $8.08 billion from the United States and $2.42 billion from the Canadian government.

Government to write off most of $4B Chrysler loan | Freep.com | Detroit Free Press

 

[DiveCon]

i opposed the bailouts as well
and this is exactly why

 

[WillowTree]

Somebody said it today.. don't know if it was on this board or not.. "The Gov. and the Unions,, a perfect Marriage"

 

[auditor0007]

Without a doubt, both Chrysler and GM should have been forced into bankruptcy first. Then the government funding would have actually come in after major restructuring took place. Instead, the initial bailout money went poof, and we, the taxpayers, are stuck with the fucking bill. And we get to do it all over again. Yippee.

 

[WillowTree]

Without a doubt, both Chrysler and GM should have been forced into bankruptcy first. Then the government funding would have actually come in after major restructuring took place. Instead, the initial bailout money went poof, and we, the taxpayers, are stuck with the fucking bill. And we get to do it all over again. Yippee.

and ya know once upon a time a poll was taken about whether or no a person would buy a car from a bankrupt company about 60% said NO

 

[Burp]

Without a doubt, both Chrysler and GM should have been forced into bankruptcy first. Then the government funding would have actually come in after major restructuring took place. Instead, the initial bailout money went poof, and we, the taxpayers, are stuck with the fucking bill. And we get to do it all over again. Yippee.

and ya know once upon a time a poll was taken about whether or no a person would buy a car from a bankrupt company about 60% said NO

But Obama will say Chrysler will be ok.

So people will flock to the car lots.

Because Obama said.

 

[Yurt]

The United Auto Workers union’s retiree health-care fund will own 55 percent of Chrysler LLC in exchange for cutting in half the automaker’s $10.6 billion cash obligation to the trust, people familiar with the matter said.

Under the terms of the contract, the trust would get representation on the company’s board of directors, said two people briefed on the deal, who asked not to be named because the matter is private.

UAW Said to Get 55% Chrysler Ownership, Board Seats (Update1) - Bloomberg.com
----

Looks like a deal to me. Considering they will hang onto their stake forever.

wow, thats cheap.

btw, does anyone know how the government got 40%....what consideration...the bailouts?

 

[WillowTree]

The United Auto Workers union’s retiree health-care fund will own 55 percent of Chrysler LLC in exchange for cutting in half the automaker’s $10.6 billion cash obligation to the trust, people familiar with the matter said.

Under the terms of the contract, the trust would get representation on the company’s board of directors, said two people briefed on the deal, who asked not to be named because the matter is private.

UAW Said to Get 55% Chrysler Ownership, Board Seats (Update1) - Bloomberg.com
----

Looks like a deal to me. Considering they will hang onto their stake forever.

wow, thats cheap.

btw, does anyone know how the government got 40%....what consideration...the bailouts?

democwats,, paying back the unions,, totally screwed over the bondholders.. Change we can believe in huh??? corrupt to the core..