Who is getting cut this week, GM or Chrysler?

[JupiterSunsation]

Today is the deadline........... Looks like the hedge fund guys are getting greedy, as in they aren't interested in 40,000+ jobs but want their money back which like a Bernie Madoff ponzi scheme it is all gone..... Funny without the govt. money they would have been broke 6 months ago but they actually think they are entitled to something but they are just hedge fund investors not actual workers. Looks like you guys bet on the wrong horse.....:sifone:

Looks like Chrysler will head towards chapter 11 today........

 

[DollaBill]

I called Chrysler a LOOOOONG time ago

 

[cigdaze]

Chrysler's done, it seems.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a97rZxZqE4S8&refer=worldwide

 

[Ratickle]

Chrysler's done, it seems.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a97rZxZqE4S8&refer=worldwide

Now, will our government allow them to restructure and make a strong, viable, company without major mandates? Hope so....

 

[Davidmnc]

Now, will our government allow them to restructure and make a strong, viable, company without major mandates? Hope so....

I think you will see some one pick up Jeep, but I am not sure what will happen to the rest of the company.

 

[mosi]

Bring back the K car.

 

[Magic Medicine]

Somehow I don't find this amusing

 

[Chris]

I don't see any jokes. The K car saved them last time. A 21's century K car is what they need.

With some technical innovation from Fiat and a workforce realignment that brings them to cost-competitiveness with some of the foreign producers, a revamped Chrysler could probably survive and prosper. But it's going to be a smaller company.

 

[mosi]

I was NOT joking!!!!

 

[JupiterSunsation]

I have never owned a Chrysler. I did have two very short experiences with Jeep (one about 2 months, the other about a year). I think the product line is terrible right now. Jeep should make a Cherokee and a Wrangler the Compass/Liberty line is a waste. Chrysler should keep a minivan, the 300's and leave the trucks to the Dodge line. The small economy cars are rentals at best.....

 

[jmeng]

Crap, didn't occur to me that Jeeps might dissapear. Might screw up my plans to have a Wrangler for a weekend toy one day.

 

[Dave]

This is Chapter 11 reorganization, not liquidation. I don't blame the bond holders. Giving 55% ownership to the CWA would have been certain liquidation. Chrysler has to become profitable in order to attract private investment to grow again. No company can grow and prosper under government or union ownership. It is just not possible. When you says "Chrysler Corp" you include Chrysler cars, Jeep, and Dodge.

 

[Ratickle]

I think you will see some one pick up Jeep, but I am not sure what will happen to the rest of the company.

If done correctly, the company should be better, and be whole. I believe under Chapter 11 Chrysler will save $7.7 billion per year just in retiree benefits expenses. Let alone whatever it saves in other expenses and contract renegotiations.

 

[phragle]

Crap, didn't occur to me that Jeeps might dissapear. Might screw up my plans to have a Wrangler for a weekend toy one day.

Jeep will survive..who will own it remains to be seen...but it is a desireable brand. jeep survived willys overland, jeep, and AMC... the brand is used to bumpy roads.

 

[Davidmnc]

If done correctly, the company should be better, and be whole. I believe under Chapter 11 Chrysler will save $7.7 billion per year just in retiree benefits expenses. Let alone whatever it saves in other expenses and contract renegotiations.

Glad I didn't retire from Chrysler! :ack2:

 

[phragle]

if gm looses retirement benefits... I can forget about a boat when I finish school, as i will be paying student loans as supporting my retired dad, that said, I can probably forget about ever retiring myself as I will not be able to put any money away towards it.

 

[Ratickle]

if gm looses retirement benefits... I can forget about a boat when I finish school, as i will be paying student loans as supporting my retired dad, that said, I can probably forget about ever retiring myself as I will not be able to put any money away towards it.

Don't let them overly scare you with that. The current law guarantees all pensions up to a maximum of $54,000 per year. The thing they lose, if they retired early, is free health, dental, etc. benefits. The two pension plans are fairly well funded on the actual pension side. The health is a different issue. It depends on if they are old enough to qualify for Medicare/Medicaid. If not, they all need to get together and pool as a group to get a good interim deal. The health care companies can't afford to lose that many clients either.

The savings are just on the benefits portion of the retiree program. I think GM's is around $16 billion per year.

 

[Chris]

Glad I didn't retire from Chrysler! :ack2:

I'm just glad that after 15 months they paid their net-30 invoice in February.

They called last month with problems. I faxed them a pro forma and wire transfer information. I'm now glad we put them on CIA. They were pi$$ed.

 

[Ratickle]

I'm just glad that after 15 months they paid their net-30 invoice in February.

They called last month with problems. I faxed them a pro forma and wire transfer information. I'm now glad we put them on CIA. They were pi$$ed.

Good job. I have an acquaintance who they owe $1.3 million.....:ack2:

 

[MarylandMark]

Glad I didn't retire from Chrysler! :ack2:

Working man getting screwed again