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08 Jun 2009 17:03

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Biz, U.S.: The Supreme Court blocks the Chrysler/Fiat sale. Whoa!

  • Wow. That was unexpected. The one thing that could stop the Chrysler/Fiat sale just happened. Justice Ruth Bader Ginsburg delayed the sale “pending further order.” Three Indiana state pension and construction funds were among the foremost opponents of the sale, which they felt left them financially out of the loop. The final sale, which the bankrupt company was counting on, could be delayed for weeks while the court makes a decision. Stay tuned to this Spidey-station. source
Posted by Ernie Smith • 0 Comments • Permalink

07 Jun 2009 22:28

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Biz: Sam Zell may have his exit card out of Tribune: Big banks

  • Sam Zell, a real estate guy who knows very little about the newspaper industry, bought Tribune in 2007 largely using loans and debt. He regrets it. source
  • The company went bankrupt last year, and in the process of radical rethinking, laid off tons of people – both in Chicago and nationwide. source
  • Now, it sounds like Zell might have an out – bankers and investors could forgive his debt in exchange for the company. Wow. That’s … wow. source
Posted by Ernie Smith • 0 Comments • Permalink

07 Jun 2009 10:20

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Biz, U.S.: People are playing pile-up with Chrysler to stop the Fiat sale

  • “Issue a stay … please!” The Indiana pension fund group that holds a minority stake in Chrysler appealed to the high court to prevent the sale, on grounds that the sale is unconstitutional in that the rights of junior creditors are being placed above senior lenders. They also say the U.S. Treasury Department has overstepped its bounds with the sale. source
  • “Issue a stay … please!” The Indiana pension fund group that holds a minority stake in Chrysler appealed to the high court to prevent the sale, on grounds that the sale is unconstitutional in that the rights of junior creditors are being placed above senior lenders. They also say the U.S. Treasury Department has overstepped its bounds with the sale.
  • Other pitfalls Beyond that, consumer groups also attempted to block the deal, moving through the judicial system so quickly that it hasn’t been committed to paper, because it would shield the new company from lawsuits and other problems with current Chrysler vehicles. The Supreme Court has the ball in their hands now. source
Posted by Ernie Smith • 0 Comments • Permalink

05 Jun 2009 16:43

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Biz: An odd left turn: Car-racing-rooted Penske buys Saturn from GM

  • The car brand would have died without a buyer. Well, General Motors has one less brand to worry about. Just days after agreeing to sell Hummer to a Chinese company, they’ve found a suitor for another castoff, Saturn. Penske, owned by namesake former racer (and current NASCAR and Indy Car team owner) Roger Penske, will only distribute the brand and currently own no dealerships. Nor will they open any. The move, to be complete in October, would save 13,000 jobs and 300 dealerships. source
Posted by Ernie Smith • 0 Comments • Permalink

03 Jun 2009 20:52

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Biz, U.S.: GM and Chrysler: We have to cut dealerships. HAVE. TO.

  • We have no choice. We’re all being called to sacrifice in order to build a strong, more viable GM. This is our last chance to get it right.
  • General Motors CEO Fritz Henderson • Regarding the need to cut dealerships at a Senate committee hearing today. Both GM and Chrysler are cutting enough dealerships that they’re going to screw small towns all over the country. Good for you guys. Jerks. • source
Posted by Ernie Smith • 3 Comments • Permalink

03 Jun 2009 10:20

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Biz, U.S.: GM’s bankruptcy is not going to help Michigan’s economy one bit

  • 780,000 number of jobs lost in Michigan in the last decade; that’s a LOT source
Posted by Ernie Smith • 0 Comments • Permalink

01 Jun 2009 08:44

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Biz, U.S.: Big auto news #2: GM files for bankruptcy protection

  • One of the country’s greatest icons of industry is no longer independent. After years of mounting losses and an inevitable couple of weeks, General Motors filed for bankruptcy this morning. source
  • The automaker, which has been eroding market share since the ’80s and lost $30 billion last year alone, will likely be 60% owned by the federal government, which is sarcastically awesome. source
Posted by Ernie Smith • 0 Comments • Permalink
 

01 Jun 2009 08:31

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Biz, U.S.: Big auto news #1: Judge approves Chrysler’s Fiat sale

  • A speedy bankruptcy Chrysler, which has been trying to breeze through its bankruptcy as quickly as possible so it doesn’t lose its value in the meantime, got federal bankruptcy Judge Arthur Gonzalez to approve the sale of most assets to Fiat. source
  • A speedy bankruptcy Chrysler, which has been trying to breeze through its bankruptcy as quickly as possible so it doesn’t lose its value in the meantime, got federal bankruptcy Judge Arthur Gonzalez to approve the sale of most assets to Fiat.
  • A needed merger In case you’re wondering why this sale happened so quickly, it’s because the Obama administration is putting its muscle behind it. They made it the centerpiece of the automotive task force’s recommended reconstruction plan. source
  • A speedy bankruptcy Chrysler, which has been trying to breeze through its bankruptcy as quickly as possible so it doesn’t lose its value in the meantime, got federal bankruptcy Judge Arthur Gonzalez to approve the sale of most assets to Fiat.
  • A needed merger In case you’re wondering why this sale happened so quickly, it’s because the Obama administration is putting its muscle behind it. They made it the centerpiece of the automotive task force’s recommended reconstruction plan.
  • Sticking points Not everyone’s behind this merger – among the scorned lovers include a number of auto dealerships about to lose their franchises, some pension funds in Indiana with a $42.5 million stake, suppliers and ex-employees. source
Posted by Ernie Smith • 0 Comments • Permalink

31 May 2009 10:28

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Biz, U.S.: Most of GM’s bondholders agree to a pre-bankruptcy deal

  • 50+% of bondholders agreed to a debt-for-equity exchange source
Posted by Ernie Smith • 0 Comments • Permalink

28 May 2009 20:47

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Biz, U.S.: General Motors may soon be as American as socialist pie

  • 72.5% of GM could be owned by taxpayers. Hooray! source
Posted by Ernie Smith • 0 Comments • Permalink
 
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