Edmunds.com | Inside Line | Auto Observer Your Account | Help | Directory
You are here:
![[F]](http://a332.g.akamai.net/f/332/936/12h/www.edmunds.com/media/townhall/webxicons/site.gif){kind=small}
Forums
Automotive News & Views Dude, where did all the dealerships go?
657 messages, Last post on Dec 04, 2009 at 11:37 AM
You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires
|
Replying to: mikefm58 (May 20, 2009 6:38 pm) Just proves anytime the government gets involved things get worse.
|
|
|
Replying to: gagrice (May 20, 2009 8:07 pm) Yep, all their manufacturing plants are completely shutdown due to the BK and don't expect to open again until they come out of it. I've had my eye on a Dodge Challenger for a couple of months but am now having second thoughts, can't see spending $30K+++ when they're BK. I may consider a Sebring convertible though, one year old low mileage ones are going for under $16K, with an original MSRP north of $30K+++.
|
|
|
Replying to: mikefm58 (May 21, 2009 4:39 am) Last updated: May 20 2009 23:11 Funds move to halt Chrysler restructuring Three of Chrysler’s secured creditors are mounting a fresh attempt to thwart the carmaker’s Chapter 11 reorganisation on the grounds that it violates their legal rights and the US government’s authority under the Troubled asset relief programme. However, the Indiana State Teachers’ Retirement Fund said on Wednesday that it had a fiduciary responsibility to its members to continue the fight. The fund stands to lose $4.6m under the current settlement proposal and has teamed up with Richard Mourdock, Indiana state treasurer, to try to recover those losses. The latest objections could galvanise other lenders to renew their challenge. “I fully support their motion and believe a number of lenders (including us) will ultimately join their group,” said George Schultze of Schultze Asset Management, one of the creditors that had abandoned an earlier legal fight. In a court filing on Wednesday, the Indiana funds accused the government of adopting a strategy of “the ends justify the means”. They also said the Treasury “has taken constructive possession of Chrysler and is requiring it to adopt a sale plan in bankruptcy that violates the most fundamental principles of creditor rights – that first-tier secured creditors have absolute priority”. http://www.ft.com/cms/s/0/b3c8beb8-4564-11de-b6c8-00144feabdc0.html I would say the forced closings of dealerships could be also construed as illegal. If it was legal why did GM pay dealers $billions when they quit making Oldsmobile. |
|
|
Replying to: gagrice (May 21, 2009 5:16 am) I ain't no Philadelphia lawyer, but I believe most BK laws are written to uphold that.
|
|
|
Replying to: mikefm58 (May 21, 2009 6:36 am) It is as basic as our Constitution's 5th Amendment. The big banks were happy to take 30 cents on the dollar as the Treasury was giving them a lot more than that through the back door of the bank with TARP. All the little guys and small pension funds are just expected to roll over and say yes Mr. President we want the shaft.
|
|
|
Replying to: gagrice (May 21, 2009 6:56 am) I was watching a special on CNN about this very subject and the guy was saying that if this does go ahead as Obama is planing, it will fundamentally change the rules of business and will have some very serious long term ramifications. Why would any investor, foreign or domestic, (think China here) in his right frame of mind invest in the US if the federal govt. could basically rewrite the BK laws at any time and screw the secured creditors? |
|
|
Replying to: gagrice (May 21, 2009 5:16 am) GM was not going through BK at the time F E Olds was retired. It may be that the BK laws allow the dumping of inventory where ever it is. I would be surprised if the franchise agreement included any verbiage covering the present emergency. I look forward to all such dealers to form an alliance & instigate a class action suit against Obama/Chrysler.
|
|
| GM is being more reasonable that Chrysler is with it's dealers | |
|
|
|
Replying to: euphonium (May 21, 2009 11:46 am) With dealers suing, Mopar will die off and then all their dealers will close, then will they be happy? 
|
|
|
Replying to: tomcatt630 (May 22, 2009 10:47 pm) Imagine the fury if the government let them go bankrupt. Damned if you do, damned if you don't.
|
|
You are here:
Forums
Automotive News & Views Dude, where did all the dealerships go?
New? Join Now!
Forum Tools
Search Forums
Browse by Vehicle
Browse by Board
Browse by Topic
Today's Chats
