Chrysler files for Bankruptcy Chapter 11

[MustangDiesel004]

If the execs of the auto industry or the steel industry or any other industry didnt take BONUSES in THE MILLIONS EVERY YEAR THEY could have reinvested in the companies to keep them profitable. I wor k for U. S. Steel now in what used to be Lone Star Steel and have seen good examples of throwing good money at bad management. All I'm saying is the execs of these companies are as much or more to blame as the unions. 4 years ago we had to threaten to strike to keep from taking a 5 dollar an hour cut in pay and losing the majority of our health care benefits to A-holes who had sucked the company dry and slipped off into the night with their pockets full. As far as the Chinks go their steel is inferior and being dumped into this country on unfair trade. When these companies in this great nation of ours finally realize this and wake up itas gonna be to late. Now I used to work in non union jobs and seen how the great leaders of these companies screwed everybody they could on their way to the top. The job I'm laid off from now would be a lot worse for longer hours and 1/4 the pay. Right now we have to many unskilled workers drawing 20 dollars an hour for a job a drunk monkey could do and I have always blamed the union for that. Until you have dealt with the unscruplous leaders of these companies you cant understand where I'm coming from. Now that my rant is over I won't get involed in the union discussions anymore. Just remeber if you owned a company would you pay someone a million dollars a year to sit on their dead A. . and do nothing? And you are right I dont think we should bail them out with the taxpayers money. Its sink or swim time. But you cant keep throwing good money at bad management!

 

[LBARTLETT]

Mustang Diesel, I agree "you cant keep throwing good money at bad management!" 100%. Poor management and the salaries/bonuses while the companies lost money was asinie. The only bonus I ever got was when the company made money.



The beef slaughter industry is a prime example of how it should be. Many unskilled workers and mid-mgmt annual bonus was 40% to 60% of their annual salary when the company made money. I financed these folks and know what their bonus was on a good year.



Finally "But you cant keep throwing good money at bad management!" I'm afraid we'll not be throwing money at yet another bad bureaucy since the government is involved. The new pay czar's actual title is "Special Master for Compensation". #@$%!#@$%!#@$%! To me the title in itself tells me what Washington thinks of us common folks. The Lord is my Special Master, not some idiot in Washington



Finally,

 

[RVTRKN]

There are lots of Unions for the HVAC industry and I resisted them with their big pay & better benefits. I was paid good money and didn't have to pay Union dues for some Fat &^% in an office, claiming he is on my side. Now that I have started my own HVAC company, I can see the even more stupidity of Unions. I would have lost all of my pension that I would of earned under their promises of great pension & benefits. You are not allowed to start your own company, unless its a union shop, even if its only for your extra income working as a semi retired tech.



My dad retired in the sheet metal Union, only to have to take a janitorial job because if he did any side work, they would take his pension & health benefits. He was their best man and closed many union shops as his union would sell their members short with deals that allowed cheaper competition from the southern states while they got better pay. Its amazing how fast they lost their jobs and my dad would always be the last man standing, while those southern states just kept on going.



FWIW I have nothing against the southern states.

 

[MDietrich]

Anybody else gotten a letter from Chrysler? One just came in the mail yesterday.



In short Bob Nardelli states that "Chrysler LLC and Fiat signed an agreement to establish a global strategic alliance".



It goes on to explain that "Chrysler filed voluntary petitions for a structured bankruptcy under Chapter 11". They also "submitted a motion under section 363 of the Bankruptcy Code, requesting the swift approval by the Court of the agreement with Fiat and the sale of Chrysler's principal assets to a new company". Sale transaction to establish the Fiat alliance is expected to be completed in 30 to 60 days.



One other quote: " the new company will seamlessly honor all warranty claims and service contracts".



The rest of the letter gushes about the bright future of Chrysler, it's dealers (whats left of them), and the millions of owners of Chrysler products.



A $1,000 owner loyalty certificate is attached.



MD

 

[Grizzly]

Anybody else gotten a letter from Chrysler? One just came in the mail yesterday.



In short Bob Nardelli states that "Chrysler LLC and Fiat signed an agreement to establish a global strategic alliance".



It goes on to explain that "Chrysler filed voluntary petitions for a structured bankruptcy under Chapter 11". They also "submitted a motion under section 363 of the Bankruptcy Code, requesting the swift approval by the Court of the agreement with Fiat and the sale of Chrysler's principal assets to a new company". Sale transaction to establish the Fiat alliance is expected to be completed in 30 to 60 days.



One other quote: " the new company will seamlessly honor all warranty claims and service contracts".



The rest of the letter gushes about the bright future of Chrysler, it's dealers (whats left of them), and the millions of owners of Chrysler products.



A $1,000 owner loyalty certificate is attached.



MD

I got the same letter Thursday, 11 Jun 09, with the $1000 customer loyalty check.

 

[surfbeetle]

My co worker w/ a 06 Charger got his. Of course the $1000 loyalty cash back isn't good for diesel trucks or Challengers according to him.

 

[MDietrich]

Never seen anything in the fine print of my $1000 certificate about Diesel Rams or any Ram model being excluded.



It's true for Challengers.



MD

 

[Gary - K7GLD]

HMmmmmm - my '02 was the last new vehicle I have bought from Chrysler - wonder how far back they go with their offer...



ALSO wonder if that applies only to the current year models, or ALL new vehicles on the lot?

 

[MDietrich]

HMmmmmm - my '02 was the last new vehicle I have bought from Chrysler - wonder how far back they go with their offer...



ALSO wonder if that applies only to the current year models, or ALL new vehicles on the lot?

Here it is reading from the Certificate: "cash allowence is valid toward the retail purchase or lease of new and unused 2008 or 2009 Chrysler, Dodge, or Jeep vehicle.



Excluded vehicles: Chrysler Crossfire, PT Cruiser and Sebring Sedan; Dodge Avenger, Caliber, Challenger, Magnum, Sprinter and Viper; Jeep Wrangler, Compass and Patroit.



Offer valid 5/5/09 - 6/30/09.



Customers who currently own or lease a Chrysler group brand vehicle, or returning customers within the last 90 days, and enter into the retail purchase or lease of an eligible model are eligible to participate.



Owner Loyalty Bonus Cash is in addition to most current national incentives".



Thats the highlights of the small print.



See your dealer for details.



MD

 

[Gary - K7GLD]

Here it is reading from the Certificate: "cash allowence is valid toward the retail purchase or lease of new and unused 2008 or 2009 Chrysler, Dodge, or Jeep vehicle.



Excluded vehicles: Chrysler Crossfire, PT Cruiser and Sebring Sedan; Dodge Avenger, Caliber, Challenger, Magnum, Sprinter and Viper; Jeep Wrangler, Compass and Patroit.



Offer valid 5/5/09 - 6/30/09.



Customers who currently own or lease a Chrysler group brand vehicle, or returning customers within the last 90 days, and enter into the retail purchase or lease of an eligible model are eligible to participate.



Owner Loyalty Bonus Cash is in addition to most current national incentives".



Thats the highlights of the small print.



See your dealer for details.



MD

Interesting - thanks for the details - will be watching for one in my mail - not really looking for a new truck, mine is still perfect for my use - but who knows... :-laf



SO, I assume you find a truck and dealer you like, make the absolute best deal you can with the dealership, then after that, apply the additional 1K - dealers shouldn't care or be involved - the added 1K is strictly between the buyer and Chrysler, with no $$$ effect upon the dealer at all...

 

[Bob4x4]

I got the owner loyalty certificate/letter I am assuming from the 05.

 

[mules4me]

I got it

they sent me one for my o2 and I have talked to two different salespeople and they said I would get it for a new 08 & 09 diesel trkOo. Oo. Oo.