Posted on December 14th, 2009 • by David Zatz
Indiana’s treasurer was dealt a final defeat by the United States Supreme Court, which dismissed three state pension funds’ challenge to the sale of 20% of Chrysler (escalating to 35% of Chrysler) to Fiat. Republican State Treasurer Mourdock had the Indiana State Police Pension Trust, the Indiana State Teachers Retirement Fund and the Major Movers [...]
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Posted on September 22nd, 2009 • by Bill Cawthon
Old Carco, LLC, the company formed to manage and liquidate the assets abandoned after the formation of Chrysler Group LLC, lost $344 million in July, according to a filing in New York bankruptcy court. It reported about $2 million in revenue, mostly from charges to the new Chrysler Group for operating facilities licensed to the [...]
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Posted on September 5th, 2009 • by Bill Cawthon
Officials of three Indiana funds have petitioned the U.S. Supreme Court to reconsider hearing their objections to bankruptcy court decisions that allowed Chrysler to be taken over by Italian automaker Fiat. The officials still maintain the sale unfairly favored certain unsecured stakeholders, like United Auto Workers, ahead of secured debtholders like the pension funds. The [...]
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Posted on September 5th, 2009 • by Bill Cawthon
Old Carco LLC defaulted on $3.34 billion in debtor-in-possession financing from the U.S. and Canadian governments in June. The company also missed a $29 million interest payment on the loan. According to documents filed yesterday, the remnants of Chrysler that remained in bankruptcy had costs of $10.2 billion in June, more than the total assets [...]
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Posted on August 14th, 2009 • by Bill Cawthon
Old Carco, the company created to handle assets abandoned by Chrysler Group LLC when it exited bankruptcy, has asked the U.S. Bankruptcy Court in New York to stop lawsuits filed by eleven terminated dealerships. The dealerships are trying to sue to regain their franchises. The motion, filed Tuesday, asserts the dealers are trying to do [...]
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Posted on August 14th, 2009 • by David Zatz
Eleven dealerships are currently trying to sue Chrysler Group, LLC, which has asked judge Arthur Gonzalez to block the suit, according to the Detroit News. The dealers are attempting to regain their franchises, saying that their state’s motor vehicles statutes outweigh the bankruptcy code. A hearing is scheduled for August 27. The dealers are primarily [...]
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