Article

2009-05-13 Economy

Obama Halves Chrysler's Planned Marketing Budget

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Posted by Fred 2009-05-13 00:00|| || Front Page|| [1 views ] Top

#1 Chrysler LLCs bankruptcy might take as long as two years, not the two months President Barack Obama suggested as a target, an administration official said.

The 60 days projected by the President at an April 30 press conference announcing the automakers bankruptcy only applies to a sale of Chryslers best assets to a new entity, said the official, who cant be identified because the matter is confidential. Afterward, creditors would fight over unwanted factories and other assets to recover money, lawyers said.

Posted by Anguper Hupomosing9418 2009-05-13 01:17|| 2009-05-13 01:17|| Front Page Top

#2 Where is Iacocca when you need him?

Posted by Willy 2009-05-13 12:59|| 2009-05-13 12:59|| Front Page Top

#3 Detroit News: Chrysler LLC and the Obama administration, hoping for a speedy bankruptcy process for the automaker, may be feeling encouraged at the selection of the judge presiding over the case. Arthur J. Gonzalez, a U.S. bankruptcy judge for the Southern District of New York, is accustomed to complicated cases, having dealt with two of the largest and thorniest bankruptcies in U.S. corporate history: Enron Corp. and WorldCom.

Attorneys who have practiced before Gonzalez say the 62-year-old marathon runner is a fair and very capable judge. "He's brilliant, he's fair, he's judicious, careful, a straight arrow," said Martin Bienenstock, the lead attorney representing Enron during its Chapter 11 bankruptcy that started in 2001.

Those qualities will be useful in the case of Chrysler, which filed for bankruptcy Thursday after a few creditors balked at the U.S. Treasury's offer to pay Chrysler's lenders $2.25 billion in cash to settle the automaker's $6.9 billion debt.

Posted by Pappy 2009-05-13 13:36|| 2009-05-13 13:36|| Front Page Top

#4 Being Obama, I had figured 40 days and 40 nights. No more. I'm disappointed.

Posted by Grenter, Protector of the Geats 2009-05-13 13:42|| 2009-05-13 13:42|| Front Page Top

#5 SO, Chrysler's new CEO is OBama?

Posted by Redneck Jim">Redneck Jim 2009-05-13 17:37|| 2009-05-13 17:37|| Front Page Top

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