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Chrysler creditors sue Daimler

by David Zatz on

Having won the right to do so from Judge Gonzalez, a group of Chrysler unsecured creditors have now filed suit against Daimler, accusing the conglomerate of taking billions of dollars worth of assets from Chrysler before transferring it to Cerberus two years ago. By removing those assets, according to the creditors, Daimler made it impossible to recoup loans.

The group wrote that Daimler had engineered “fraudulent transfers” of assets to Daimler, following the failure of the takeover, billed at the time as a merger. Daimler countered by writing that it had “nurtured” Chrysler.

Information and opinions on Daimler’s actions are on our DaimlerChrysler / Daimler Acquisition page.

David Zatz founded Allpar in 1998 (based on a site he had begun in 1993-94), after years of writing reviews for retail trades. He has been quoted by the New York Times, the Daily Telegraph, the Detroit News, and USA Today. Before making Allpar a full-time career, he was a consultant in organizational psychology. You can reach him by using our contact form (much preferred) or by calling (313) 766-2304

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