Funds move to halt Chrysler restructuring

[Eric Johnson]

http://www.ft.com/cms/s/0/b3c8beb8-4...44feabdc0.html

http://tinyurl.com/o9qst4


By Bernard Simon in Toronto and Nicole Bullock in New York

Published: May 20 2009 20:39 | Last updated: May 20 2009 20:39

Three of Chrysler’s secured creditors have asked a New York court to halt the carmaker’s Chapter 11 restructuring on the grounds that it violates their legal rights and the government’s authority under the troubled assets relief programme.

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[Richard Halstead]

I see on the news that Bob Nordell was replaced as CEO of Chrysler they must have thought that they might get more out a new CEO who's salary was more than Nordelli's a dollar per year. Nordelli was the former CEO of Home Depot before HD let him go with 200+ million.

[Goose]

I wonder how many of the teachers who have assets in the Indiana State Teachers Retirement Fund voted for Dear Leader.

They're wasting their time. The rule of law and the rights of first-lien holders of Chrysler paper are subordinate to the rights of the mighty UAW. Just like with GM.

We live in Cuba now.

[Richard Halstead]

We live in Cuba now.

We need to get mint, sugar, Captain Morgan rum, and lime juice to make us a round of refeshing Mojitos.

[kindakinky]

Yep. You live in Cuba now. Cuba doesn't manufacture cars and soon the U.S. won't either.

If the U.S. manufactures no cars, and the countries who do manufacture cars decide to enact a trade embargo on the U.S. for one reason or another, it will be interesting to see if U.S. citizens can keep their cars running as long as some Cubans have.

It will be interesting if all the cars in the world are manufactured outside of the U.S. and the distribution of those cars is controlled by other countries.

Controlling the means of production is a basic economic tenet. If you don't make anything, you don't have anything to sell. The U.S. currently manufactures almost nothing its citizens consume. How do you propose to run a country which buys, buys, buys, but has nothing to sell, sell, sell?

I wonder how many of the teachers who have assets in the Indiana State Teachers Retirement Fund voted for Dear Leader.

They're wasting their time. The rule of law and the rights of first-lien holders of Chrysler paper are subordinate to the rights of the mighty UAW. Just like with GM.

We live in Cuba now.