Terminated Chrysler Dealers Are Heard; The Clinton Scent Redux

Today, Chrysler’s terminated dealers finally get a chance to be heard by Judge Speedy, although the mootness of the hearing can be smelt from miles away. Associated Press has some good color on the proceedings: Just under 20 dealers were sworn in at the beginning of what was expected to be a lengthy day of [...]

The GM "Case Milestones"

GM has been kind enough to provide just how it sees the progression of its bankruptcy case. Woe to anyone: judge, creditor, conscientious objector, or otherwise, who stands in the way of the company achieving this. Paging Tom Lauria. Read more….

GM News Roundup

GM is set to announce the sale of Hummer for $100-$200 million at some point today, marking the most anyone paid for one of those since Eliot Spitzer. As Zero Hedge reported, based on GM’s optimistic cash burn projections, this will plug the hole…from 10-15 hours of operation. Regardless, the 3,000 jobs saved by the [...]

GM Memorandum Of Law

All you ever need to know about the prestory, the propaganda, a couple of facts, and the likely outcome of the Government Motors bankruptcy case, wrapped in a tidy little package, compliments of Weil Gotshal, who, between Lehman and GM, are now the de facto too big to fail law firm. Harvey must be slaughtering [...]

GM Bankruptcy Petition

Fresh from Southern District of New York Publish at Scribd or explore others: Read more….

Overallotment: May 29

Pravda, yes, Pravda: American capitalism gone with a whimper (Pravda) Manipulation: How markets really work (Baltimore Chronicle) Banks’ appraisal conflicts could continue under new HVCC rules (Implode-O-Meter) Gonzalez theater continues: will “decide” on Chrysler-Fiat deal on Monday (Reuters) Canadian/Russian Magna picked for Opel/GM savior (WSJ) Fortress seemingly hoping to become a Bank Holding Company by [...]

Barack Obama: "We Are Out Of Money"

Fast forward to 13:34 minutes in the clip below, in which the president, interviewed by C-Span, has the mother of all Freudian slips and discloses just what the real state of the economy is. Read more….

Insolvency Hearing Live Now

For readers who want to learn all about insolvency, and its interprestation by the Commitee Of Science And Technology, please click this link. The questions are shockingly relevant and to the point – multiples more interesting than any Barney Frank scapegoating session. Read more….

First They Defaulted On Bonds, Now On DIPs

Titanium dioxide maker Tronox, which filed for bankruptcy a mere 5 months ago, has decided to default yet again (this time in the confines of bankruptcy court), this time on its $125 million DIP which was arranged by Credit Suisse. The reason for the default is Tronox’ inability to file audited 2008 financial statements on [...]

Clear Channel Considering Prepackaged Bankruptcy

Mega-LBO Clear Channel, which closed a mere 9 months ago, and is faced with a staggering debt load, is considering among other options, a prepackaged bankruptcy to address its insurmountable leverage, the NY Post reported today. As Zero Hedge disclosed several months ago, CCU had drawn whatever cash it had available on its revolver and [...]

Mapping The Chrysler Fallout

The map below demonstrates the chickenpox impact that just the initial round of Chrysler dealer shutdowns will have on the US economy. As is evident from the map (an interactive version of the map can be accessed here), the pain will be focused east of the Rockies, although major West Coast metropolises will not be [...]

Chrysler Eliminates 789 Dealers, 25% Of Total

In bankruptcy court earlier, Chrysler filed an initial salvo in its quest to trim its cost side from uber-bloated to merely bloated. The list presented below, highlights the 789 dealers (out of a total of 3,200) that Chrysler has decided to eliminate at the first possible opportunity. Zero Hedge is attempting to evaluate the geographic [...]

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