Chrysler Hires Bankruptcy Counsel

Discussion in 'OT Driven' started by psykosis, Dec 5, 2008.

  1. psykosis

    psykosis Go placidly amid the noise and the haste

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    http://online.wsj.com/article/SB122849949643583239.html



    :noes:
     
  2. psykosis

    psykosis Go placidly amid the noise and the haste

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    Cerberus seems to want nothing to do with Chrysler...
     
  3. Chrysler is the only one of the big 3 I could see failing :o
     
  4. Ichabod Crane

    Ichabod Crane Active Member

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    this is probably just a PR move to scare congress into handing over $$$
     
  5. JP

    JP Active Member

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    shiiiiiiiiiiit
     
  6. psykosis

    psykosis Go placidly amid the noise and the haste

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    I dunno. GM is in a fucking world of shit. Ford is bad, but GM is on its last breath.



    I heard today on a news program that the collective value of all three manufacturers is about $12B. So a $34B loan is near 3x more than the value. How does this make sense?
     
  7. Hartman

    Hartman New Member

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    exactly.
     
  8. psykosis

    psykosis Go placidly amid the noise and the haste

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    I dunno that congress gives a shit. It has become clear that the people in charge of the companies are not willing to make the drastic changes to their companies and their business models to adapt to the new markets.
     
  9. Ichabod Crane

    Ichabod Crane Active Member

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    i dont know that they do either, but the op was talking about what chrysler did, so i was commenting on a possible reason for what they did
     
  10. psykosis

    psykosis Go placidly amid the noise and the haste

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    http://voices.washingtonpost.com/ec...ysler_hires_bankruptcy_expe.html?hpid=topnews
     
  11. psykosis

    psykosis Go placidly amid the noise and the haste

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    It's certainly possible I guess...
     
  12. Without the UAW Id think GMC would be doing pretty well right now. Theyre the only company that actually has numerous cars to compete with various classes against the foreign competitors
     
  13. Nemesis_152

    Nemesis_152 I'm a delicate desert flower from Arizona.

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    placing a value on a company in terms of market cap or cash on hand isnt quite a full telling of the story of a company's worth.
     
  14. psykosis

    psykosis Go placidly amid the noise and the haste

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    http://www.google.com/hostednews/ap/article/ALeqM5hsy9Ma7i0LwrGDmfmaOCLtFrqfPAD94SPI100
     
  15. bugginout

    bugginout New Member

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    "WESTLAKE VILLAGE, Calif.: 6 June 2007 — Ford Motor Company garners five top model segment awards—more than any other automobile corporation this year, according to the J.D. Power and Associates 2007 Initial Quality StudySM (IQS) released today." :dunno:
     
  16. psykosis

    psykosis Go placidly amid the noise and the haste

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    They would be in a much better position, but they need to find a way to cut the benefits paid to retired employees. I hate to take money away from those people, but that is money paid that has 0 benefit to the company at this time. They don't need to fully cut the benefits, but they do need to be scaled WAY back.
     
  17. bugginout

    bugginout New Member

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    such as?
     
  18. psykosis

    psykosis Go placidly amid the noise and the haste

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    True enough, true enough...
     
  19. Fase

    Fase Your Face, In A Pickle Jar.

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    .
     
  20. ship of fools

    ship of fools OT Supporter

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    Wonder what law firm they hired? I'm thinking McKee, Sidley or Thatcher.
     
  21. Bassheadjazz03

    Bassheadjazz03 OT Supporter

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    They have too many. That is one of their problems...
     
  22. psykosis

    psykosis Go placidly amid the noise and the haste

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    I preface the following by saying I'm trying to keep up on this, but clearly I don't know everything and I am not in the room, so I can only form my opinions based on the news reports I have access to:


    Everything I've read has said that the heads of the manufacturers basically are pleading for money, but the plans they brought to the table are not detailed enough. It was said by one analyst "If you brought one of these business plans before a lending officer at a bank, you would likely be quickly denied any funds." I wish I had the time to find and read the proposals they have submitted, but I simply don't. I can tell you I am VERY interested in what I will hear at the NAIAS next month.
     
  23. psykosis

    psykosis Go placidly amid the noise and the haste

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    They hired Jones Day.
     
  24. I didnt say certain brands/cars didnt need to be cut but they have a ton of new vehichles that compete well in their class
     
  25. VANOS

    VANOS .

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    People on the law school forums are all flipping out that they went with a firm like Jones Day :o
     

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