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Chrysler Financial took a potentially multi-million-dollar hit when the Michigan Court of Appeals cut a $3.8 million state sales tax refund. A lower court had ordered the refund based on Chrysler Financial’s claim that 24,423 loans, dating back to the late 1990s, went into default and the company either was due a refund of the [...]
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 [...]
Late yesterday, the Michigan Workers’ Compensation Agency and Funds Administration attempted to stop Chrysler from selling its assets. In a legal brief, Mike Cox, the state’s attorney general, said Chrysler’s plan to abandon its $140 million obligation could bankrupt the fund that supports employees who are injured on the job. Chrysler, like most large companies, [...]
In their rush to send out key details of Obama’s auto plan, many journalists ignored important information. This is the full text; other documents are available from the White House. One of the challenges we have confronted from the beginning of this administration is what to do about the state of our struggling auto industry. [...]