Posted on July 18th, 2010 • by Bill Cawthon
A report released today by the Office of the Special Inspector General for the Troubled Asset Relief Program questions the criteria General Motors and Chrysler LLC used to terminate thousands of dealers last year. The report was requested by members of Congress who had doubts about the standards and the automakers’ claims the cuts were [...]
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Posted on May 7th, 2010 • by David Zatz
The remains of the old Chrysler appear to have successfully sold the former AMC/Nash-Kelvinator building on Plymouth Road and three other properties for a total of $2.3 million. This is considerably lower than the asking price for the Plymouth Road Office Complex alone, which was valued at $10 million in 2007. The massive facility at [...]
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Posted on February 19th, 2010 • by David Zatz
The current Chrysler Group LLC has reached an agreement with the “Old Carco” to buy the Sterling Heights assembly plant, where the Dodge Avenger and Chrysler Sebring are made. The selling price is $20 million, at the high end of estimates of the plant’s worth, with the sellers likely taking advantage of Chrysler’s need for [...]
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Posted on February 19th, 2010 • by Bill Cawthon
Bob Lutz is complaining about the underpaid executives at GM and now, even as it slashes its retirees’ benefits, bankrupt Visteon wants to hand out millions of dollars in bonuses. Visteon yesterday asked U.S. Bankruptcy Court Judge Christopher Sontchi for up to $34.5 million to pay bonuses to 1,300 employees. Of that money, as much [...]
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Posted on January 21st, 2010 • by David Zatz
The old Chrysler, Old Carco or Chrysler LLC (as opposed to Chrysler Group LLC), has had its bankruptcy process moved forward as Judge Arthur Gonzalez approved the company’s disclosure statement and voting process for liquidation. Michigan tax and environmental agencies are demanding priority, as the old company owes some taxes and $2.8 million in environmental [...]
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Posted on January 1st, 2010 • by Bill Cawthon
Chrysler Group is suing the states of Illinois, Maine and North Carolina, along with John Kroger, the Attorney General of Oregon. The suits allege that those states have revised their dealer laws in a manner that violates the U.S. Constitution and U.S. bankruptcy law. The revised state laws restrict Chrysler’s ability to grant new franchises [...]
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