North American Auto Industry Crisis news **Pontiac's Last Day (page 28)**
06-04-2009, 09:23 PM
#961
is it real? it looks photo chopped
06-05-2009, 01:00 AM
#962
Punk Rocker
06-05-2009, 05:34 AM
#963
Race Director
http://www.reuters.com/article/GCA-a...5541J120090605
Reuters) - General Motors Corp (GM.N) (GMGMQ.PK) has reached a preliminary deal to sell its Saturn distribution network to the No. 2 U.S. dealership group Penske Automotive Group (PAG.N), the Wall Street Journal said, citing people familiar with the matter.
GM and Penske have signed a memorandum of understanding, the paper said, adding that deal value was not immediately available.
The deal will be announced on Friday, the Journal said.
Penske would also be in deals with other auto makers, including Renault SA, to buy vehicles to fill out the Saturn vehicle portfolio, the paper said.
GM and Penske have signed a memorandum of understanding, the paper said, adding that deal value was not immediately available.
The deal will be announced on Friday, the Journal said.
Penske would also be in deals with other auto makers, including Renault SA, to buy vehicles to fill out the Saturn vehicle portfolio, the paper said.
06-05-2009, 05:38 AM
#964
Race Director
^ I assume like the Hummer deal, Penske will initially contract out everything to GM. Strange that Penske would be looking at bringing Renault models over to the US - maybe to supplement Nissan models?
06-05-2009, 08:56 AM
#965
AZ Community Team
Penske to buy Saturn
http://news.yahoo.com/s/ap/20090605/..._saturn_penske
Bold move, lot of risk and not certain of the reward.
Penske did own part of Detroit Diesel but that was mostly a commercial operation.
Bold move, lot of risk and not certain of the reward.
Penske did own part of Detroit Diesel but that was mostly a commercial operation.
06-05-2009, 09:18 AM
#967
Senior Moderator
The Captain has lost his marbles.
06-05-2009, 11:46 AM
#970
Race Director
06-05-2009, 11:48 AM
#971
The sizzle in the Steak
Thread Starter
The deal gives Penske the rights to the 19-year old brand including its five different models. GM would continue production of only the three highest-selling models, including the Aura sedan, and the Vue and Outlook cross-over SUVs, for the next two years. The Saturn Sky and Astra models will be discontinued.
06-05-2009, 06:15 PM
#973
Whats up with RDX owners?
iTrader: (9)
06-05-2009, 09:58 PM
#974
LOL what was Chevy's catch phrase? Revolution? It's now Devolution
06-06-2009, 01:25 PM
#976
Team Owner
iTrader: (1)
Join Date: Sep 2002
Location: Fontana, California
Age: 47
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06-08-2009, 03:20 PM
#977
Race Director
http://www.reuters.com/article/ousiv...55608Q20090608
WASHINGTON (Reuters) - A U.S. Supreme Court justice on Monday granted a request to put on hold the sale of bankrupt automaker Chrysler LLC to a group led by Italian carmaker Fiat SpA.
U.S. Supreme Court Justice Ruth Bader Ginsburg, in a one-sentence order, said the orders of the bankruptcy judge allowing the sale "are stayed pending further order of the undersigned or of the court."
U.S. Supreme Court Justice Ruth Bader Ginsburg, in a one-sentence order, said the orders of the bankruptcy judge allowing the sale "are stayed pending further order of the undersigned or of the court."
06-08-2009, 04:02 PM
#980
Team Owner
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Join Date: May 2003
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The Supreme Court on Monday granted an emergency appeal asking it to halt the impending government-backed sale of Chrysler to Italian automaker Fiat.
The order stops for now Chrysler's sale, which the company claims could scuttle the deal.
Justice Ruth Bader Ginsburg signed the order, but it may be only temporary.
A federal appeals court in New York had earlier approved the sale, but gave opponents until 4 p.m. ET Monday to try to get the Supreme Court to intervene. Ginsburg issued her order just before 4 p.m.
Indiana Treasurer Richard Mourdock said the ruling was a small victory for Indiana pensioners, who brought the request for an injunction for fear of losing their stake.
"The ... thing I hear is, 'Oh, if this doesn't happen, the sale won't take place.' Let's not forget Fiat is not paying one penny for 20 percent of this deal. If I am going to receive $400 million worth of assets on day one and I don't have to make an investment, I don't care so much if it happen Monday, Tuesday or next week, I am going to be there in the end."
The court needs more time to figure out what it wants to do. In order for the stay to have a more lasting effect, five justices need to sign on it. That has not happened, or at least not yet. The court may yet deny the emergency request or grant it and await arguments about why it should actually hear an appeal.
http://www.foxnews.com/politics/2009...ler-sale-fiat/
The order stops for now Chrysler's sale, which the company claims could scuttle the deal.
Justice Ruth Bader Ginsburg signed the order, but it may be only temporary.
A federal appeals court in New York had earlier approved the sale, but gave opponents until 4 p.m. ET Monday to try to get the Supreme Court to intervene. Ginsburg issued her order just before 4 p.m.
Indiana Treasurer Richard Mourdock said the ruling was a small victory for Indiana pensioners, who brought the request for an injunction for fear of losing their stake.
"The ... thing I hear is, 'Oh, if this doesn't happen, the sale won't take place.' Let's not forget Fiat is not paying one penny for 20 percent of this deal. If I am going to receive $400 million worth of assets on day one and I don't have to make an investment, I don't care so much if it happen Monday, Tuesday or next week, I am going to be there in the end."
The court needs more time to figure out what it wants to do. In order for the stay to have a more lasting effect, five justices need to sign on it. That has not happened, or at least not yet. The court may yet deny the emergency request or grant it and await arguments about why it should actually hear an appeal.
http://www.foxnews.com/politics/2009...ler-sale-fiat/
06-08-2009, 10:33 PM
#981
Senior Moderator
I think Chrysler should be allowed to die a natural, capitalistic, death. Why should Fiat get even a small part of the company essentially as a gift from the U.S. Government? What makes anyone think that a Chrysler-Fiat partnership will work any better than DaimlerChrysler did?
Frustrating....
Frustrating....
06-09-2009, 09:58 AM
#985
Banned
I think the major stakeholders were going to take $2B in cash to cover the $6.9B total debt. Now, I don't have answers to two questions: where the money would come from to cover the smaller debtholders (like the Indiana pensions who the USSC is ruling on), and who is going to pay that $2B.
I have my guesses though - you and me.
EDIT - looks like my guess was right:
https://acurazine.com/forums/showpos...5&postcount=34
I have my guesses though - you and me.
EDIT - looks like my guess was right:
https://acurazine.com/forums/showpos...5&postcount=34
Last edited by CocheseUGA; 06-09-2009 at 10:01 AM.
06-09-2009, 12:23 PM
#986
6G TLX-S
I think Chrysler should be allowed to die a natural, capitalistic, death. Why should Fiat get even a small part of the company essentially as a gift from the U.S. Government? What makes anyone think that a Chrysler-Fiat partnership will work any better than DaimlerChrysler did?
Frustrating....
Frustrating....
By prolonging the life of Chrysler, the US Government is intended to postpone the accompanying problems (mega job lost, part supplier failures, etc.) for as long as possible, so it doesn't have to deal with this headache right away. Even better for it is to dump this Chrysler problem to the next government four years later.
06-09-2009, 03:10 PM
#988
Race Director
06-10-2009, 12:11 AM
#990
Punk Rocker
You just gotta love how the damn libs get us into all of these messes and then claim that they are the ones to fix it all up (and predictably they just make everything worse). It was liberal socialist policy to force banks to make all of those ridiculous high-risk loans to minorities and the poor who would never be able to pay them back. Then when the $hit hits the fan they decide the only answer is for them (the govt) to take control of the banks! Same with the auto industry. The obvious problem for all the domestic manufacturers (the UAW) are somehow made out to be the victims and need to be protected by stealing the companies from the bondholders and giving them to the unions! The best part is how the big "O" is now involved in cherry-picking which Chrysler dealers lose everything and, surprise, surprise, most of the ones to be shut down are owned by Republicans! Its almost surreal.....
06-10-2009, 01:48 AM
#992
Race Director
everything he said is true.Anyway, I guess the Supreme Court made it official. Fiat "owns" Chrysler and the 789 dealers got the shaft.
The only interesting tid bit about this was in a Bloomberg article that said Fiat plans to use the underpinnings of the Alfa 149 for some new Chrysler model. So it looks like as Obama wanted the "low/small" end of Chrysler will be made up of Fiat models (500, then this Alfa 149 derived model) and then maybe some "American" models as the "larger" ones. I figure the 500 will be introed as an MY11 model next year and the Alfa derived model the following year.
06-10-2009, 01:52 AM
#993
Race Director
http://www.nytimes.com/2009/06/10/bu...33a&ei=5087%0A
Edward E. Whitacre Jr., the architect of AT&T’s rebirth as the nation’s largest telecommunications company, will now try to restore glory to another faded American institution, General Motors.
G.M. said Tuesday that Mr. Whitacre, a charismatic 67-year-old Texan, will become the new chairman when it emerges from bankruptcy, fulfilling the Obama administration’s goal of installing new leadership at the troubled automaker.
G.M. said Tuesday that Mr. Whitacre, a charismatic 67-year-old Texan, will become the new chairman when it emerges from bankruptcy, fulfilling the Obama administration’s goal of installing new leadership at the troubled automaker.
06-10-2009, 06:47 AM
#995
How would it not be retribution? The BO admin is quickly becoming one of the worst we have seen. Any dealer with half a brain will know that this deal is a hogwash and they're better off just closing before letting the govt take over.
06-10-2009, 08:54 AM
#997
Some dude
06-10-2009, 12:18 PM
#998
One on the right for me
Not sure what 'cool-aide' is but the first half of everything that was said is debatable. The second, that republicans are being targeted, is funny.
06-10-2009, 01:08 PM
#999
Some dude
I meant to say 'kool-aid', an urban drink for people that can not afford regular pop or just like the feeling of mixing water with sugar. And Democrats and Republicans are always trying to bring each other down. Its what politics is all about. "I'm right, you're wrong. Shut up and do things my way." Right now the Dem's control things and want nothing more then to kick the Republican's in the nuts as hard as possible. Hopefully that won't be the scenario for too long.
06-10-2009, 01:17 PM
#1000
Banned
I meant to say 'kool-aid', an urban drink for people that can not afford regular pop or just like the feeling of mixing water with sugar. And Democrats and Republicans are always trying to bring each other down. Its what politics is all about. "I'm right, you're wrong. Shut up and do things my way." Right now the Dem's control things and want nothing more then to kick the Republican's in the nuts as hard as possible. Hopefully that won't be the scenario for too long.