Update 2: Chrysler sale on hold for appeals court ruling: Video Update: GM, Chrysler Execs and more importantly Dealers themselves on the same panel, on the Hill now..

Update 2: Via Gabriel Malor at AceHQ, there is an appeal on the request for a stay of the sale, of standing, and of a removal to a court of general jurisdiction, the full scoop here…

…The sale hearing was supposed to happen tomorrow, but it’s now on hold while the Second Circuit Court of Appeals takes a stab at the stay motion. The oral argument at the appeals court will now be on Friday. What happens next will largely depend on how the court rules. Earlier, the bankruptcy judge stated that his breakneak pace is because Chrysler is losing $100 million a day while it waits on the sale….

Video Update courtesy of the lady herself:

must see if you can CSPAN should have it

also on FOXBusiness live now..

Jim Press Chrysler President is a lying liar obfuscator of facts, evader and wielder of vague generalities and the dealers on the panel with him have made that abundantly clear..Press claims he has a log showing chrysler contacted every single dealer, the dealer on the end of the table says he  has been contacted exactly once June 2 after Sen Hutchison called Chrysler for him…

I say they are lying , obfuscating  facts, evading and wielding of vague generalities, these execs b/c they wont give ANY detailed explanation of metrics used to shut these dealers down, they just keep saying the auto task force was not involved at all, I call BS….ohh Fritz is getting nailed down on how much Car Czar team knew and when.

AHA now it comes Fritz was told on March 31st that they were too slow and Not Aggressive enough, uh huh, see they WERE involved, oh ches….aHA Rattner and Bloom…they cant say how much money it will save to close these dealers down….that was Sen Mike Johanns R-NE asking great questions!

Sen Hutchinson says a NEW dealer will have to be setup in Waco TX b/c all three of them were closed down…

Now Fritz says there was no cost benefit analysis done?? WTF? WTF? No cost benefit analysis of location by location, Chrysler too! wth?!

Press says only non performing dealers are closed, dealer says one guy in WVA who gets to stay open only sold 19 cars last year and has his ‘dealership’ on his front lawn, while he has been closed…

this is the last best chance these dealers have..

Sen Kay Bailey Hutchinson has their back and made Press look like the liar obfuscator he is in her sweet TX way

Amy Klobuchar is taking Press to task now for her MN dealers…

This one Chrsyler dealer his grandfather opened his dealership in 1918, kept it open thru wwii depression etc and is profitable…

unreal!!

check it out, will get clips up as theya re available…

June 3, 2009. Tags: , , , , , , , , , . Big 3, Economy, Finance, Obama Administration, Politics. Comments off.

GM Cuts 21,000 hourly jobs in the US….

So glad we gave them that 15.4 billion to save jobs (to GM alone)….wait, wha’ happened? And taxpayers will STILL have to pay the pension benefits if they go to bankruptcy…sucks…PBGC covers unions? but why?

GM Presser LIVE now, watch via CNBC streaming here

CNBC:

…announced plans to slash plants, hourly workers and dealers and to eliminate its Pontiac brand in an effort to meet government demands for a quicker and deeper restructuring….

…said the new plan called for deep cuts by the end of 2010: reducing the number of U.S. plants to 34 from 47, slashing the U.S. hourly workforce by about 21,000 to 40,000 and cutting its dealer network to 3,605 from 6,246…

Big political firestorm will now ensue over which states will have plant closures and which dealerships will get the axe..lobbying like crazy on the hill…Maxine Waters will go wild if they try to close ‘minority run’ dealerships in CA…and there are state laws on dealer franchises to deal with as well….

April 27, 2009. Tags: , , , , , , , , , , , , , , . Big 3, Economy, Labor Department, Obama Administration, Politics, TARP, Uncategorized, Unemployment Statistics. 3 comments.

Video Update: GM CFO Ray Young says co won’t make June 1st $1Billion debt repayment…

Update 2: CNBC’s Phil LeBeau

Vodpod videos no longer available.

Update: Bloomberg:

General Motors Corp., trying to avoid a U.S.-backed bankruptcy on June 1, may close plants and scrap models as much as four years sooner than planned to lower its break-even point, people familiar with the effort said….

…The new plan may require GM to complete many of the reductions in models and dealers planned by 2014 as soon as next year, allowing earlier plant and job reductions, people briefed on the talks said. GM said March 31 that by 2014 it would trim dealers to 4,100 from 6,122, nameplates to 36 from 43, and U.S. assembly capacity to 2 million vehicles from 2.8 million.

The bond offer may include some framework of GM’s plan to cut $20.4 billion in obligations to a United Auto Workers union- run retiree-medical fund by more than half, two of the people said. The bond offer may disclose what portion, if any, of U.S. loans would be converted to equity, one person said.

–the flintstones car at the new york international auto show–

Breaking from WSJ on CNBC Chyron…

This is in addition to GM CEO Fritz Henderson commenting bankruptcy more likely…

they are really putting the hammer down on the bondholders..were I they, I would NOT cut a deal, I would wait for my bankruptcy judge, but the pundits say a MI bankruptcy judge will be under HUGE political pressure to wipe the bondholders out anyway…

say hello to Nancy Pelosi and Henry Waxman’s Little Friend..a Flintstone mobile, perhaps all we will be allowed to purchase until they reinvent the wheel..

A vehicle that meets Waxman/Pelosi emission standards

A vehicle that meets Waxman/Pelosi emission standards

We will then get sued by people behind us as our feet produce a cloud of dust they can claim MIGHT somehow damage them as a pollutant…

Good Grief….

April 22, 2009. Tags: , , , , , , , , , , , , , , , , , . Big 3, Economy, Finance, Obama Administration, Politics, Popular Culture, Saturday Morning Cartoons, Uncategorized. Comments off.

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