October 23rd, 2009 by Bill Cawthon
The U.S. Treasury’s special master and Cerberus Capital Management LP reportedly have a difference of opinion when it comes to the future of Chrysler Financial.
In a document issued yesterday, Kenneth Feinberg, the special master overseeing executive compensation at the seven firms that received government bailouts, said, “Chrysler Financial is currently pursuing a successful wind down [...]
September 18th, 2009 by Bill Cawthon
According to the Detroit Free Press, Chrysler Deputy CEO Jim Press owes the U.S. government nearly $1 million in back taxes and the Internal Revenue Service has put a lien on family’s home in Birmingham, Michigan.
A lien notice filed with the Oakland County Register of Deeds says Press and his wife, Suwichada, have an unpaid [...]
August 5th, 2009 by Bill Cawthon
Creditors of the former Chrysler LLC have asked Judge Arthur Gonzalez, who continues to preside over the Chapter 11 bankruptcy of Old Carco, the company created to dispose of the automaker’s abandoned assets, for permission to sure former owner Daimler AG.
The group representing Chrysler’s unsecured creditors claim the German company stripped Chrysler of its most [...]
July 22nd, 2009 by Bill Cawthon
Bob Nardelli, former CEO of the former Chrysler LLC, has made another soft landing in a tough employment market. He is the new CEO of Cerberus Operating and Advisory Company LLC which oversees the compnies in which the investment firm has an interest.
Nardelli will also serve on Cerberus’s investment and valuation committees and be closely [...]
June 10th, 2009 by DaveAdmin
Dear Employees,
Congratulations!
I am pleased to report that we have closed the alliance agreement between Chrysler Group LLC and Fiat S.p.A. and have emerged from bankruptcy in record time. Chrysler Group now is a leaner, healthier and more robust company ready to compete in the challenging economy as an important player in the global automotive industry. [...]
May 26th, 2009 by DaveAdmin
Chrysler Vice Chairman Jim Press wrote that 90% of Chrysler dealers are now “activated for retail business through GMAC Financial Services.” The Treasury announced a large loan to GMAC on May 21; GMAC is now Chrysler’s preferred North American lender for new and used cars. Cerberus owns part of the company as well as Chrysler [...]
May 14th, 2009 by DaveAdmin
Reports from Auburn Hills claim that Chrysler executives, who are currently figuring out ways to avoid their obligations to suppliers, banks, and the retired engineers who created the company’s glory days, have already found a way around Federal limits on executive compensation: they will be employed by Fiat, and “loaned” to Chrysler. That will allow [...]
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