Treasury sets up new Chrysler
Posted on May 31st, 2009 • by Bill Cawthon
On Friday, the U.S. Treasury, obviously expecting Judge Arthur Gonzalez to approve Chrysler’s transfer of assets as early as tomorrow, set up a new company to receive them.
The new company, NewCarCo Acquisition, LLC, is based in Wilmington, Delaware and already has $6,943,000,000 in its account, courtesy of Uncle Sam. This is the funding the Obama Administration had promised if Chrysler and Fiat could conclude their alliance in a timely fashion.
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