Chrysler enters bankruptcy - call it swift and efficient

[BAM!]

this just in as of 30 mins ago, at 10:30pm Monday.

UAW has struck a deal to wave its pension debt owed to them by Chrysler, and wages concession, in exchange for "the" majority share in the company. notice i said "the", not "a". this means they will now be the majority owner of Chrysler LLC 55% share, while Fiat will get 35%, and the rest of bond/creditors/governemtn will share the remaining 10%.

now forgive me for saying this..... but has anyone asked the question WHAT THE HELL IS THIS!!!? what kind of solution is this!!?

a company own and run by its workers? that's like inmates running the asylum. how on earth are you going to be a competitive business, or forget about being competitive, how on earth are you going to remain as a business when your own workers control what they want to pay themselves and how many vacations they wanna take!? there is NOT a single one viable business model out there like this.

how did this stench become so bad that now they're making it worse.

if this is the best they can come up with... i'd say let them go into bankruptcy tomorrow, today..... not next week or next month.

here's one of the source: http://www.businessweek.com/autos/autobeat/archives/2009/04/uaw_goes_from_r.html?chan=top+news_top+news+index+-+temp_news+%2B+analysis


sorry about all these GM and Chrysler related posts.... i just get so worked up over this issue.

[BAM!]

oh and just so you're wondering.... as of yesterday, DiamlerAG, the Germans, paid $600millions for Chrysler to take back their 19% share of the stocks (DiamlerAG owned 19%, while remaining 81% owned by Chrysler's parent company Cerberus Capital), "PLUS" waving their claim for the $1.8 billion Note Payable (money they lent to Chrysler last year), in exchange to cut their ties and have nothing to do with Chrysler ever again.

last year DiamlerAG wrote off their 19% share of Chrysler as "zero", and received an operating expense of $2.3billion from Chrysler.

talk about poison.

[BAM!]

This just in.... President has announced that Chrysler will go into bankruptcy tomorrow, in order to tie up loose ends of the remaining restructuring plan.

http://www.msnbc.msn.com/id/21134540/vp/30498204#30500434

[Avid6eek]

It's about time. GM needs to hurry up and follow. This is their only hope of coming back on stronger, leaner companies that can be competative on the global market.

[Zefram]

It's about time. GM needs to hurry up and follow. This is their only hope of coming back on stronger, leaner companies that can be competative on the global market.

Indeed, and i think GM need to expand globally. It's practically impossible to see GM car here in Asia. Meanwhile, Japs car are all over the globe. And they kept wondering why Japs carmaker could make fat dough while they need to beg for government (people taxes) money :skel::skel::skel::skel:

And, i believe the chrysler brand could be revived once the economy back on the track (if there's demand for chrysler's car though) :sniper:

[Comixion]

Chrysler is g@y

[Zefram]

Chrysler is g@y

http://i11.photobucket.com/albums/a188/hil2mi/Dune-cat.jpg

//Thread Derail

[Comixion]

http://i11.photobucket.com/albums/a188/hil2mi/Dune-cat.jpg

//Thread Derail

Man, that's spooky. Make it go away.

[Nova]

So what about all them trillions we gave to the banks. Whatever happened to that.

[Comixion]

So what about all them trillions we gave to the banks. Whatever happened to that.

Reno, Tahoe, Virgin Islands, Bermuda, St. Thomas, Jamiaca, shall I go on?