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Dealership’s suit takes aim at Chrysler execs
On the same day that Italian carmaker Fiat closed the deal to take over Chrysler’s assets, a Wentzville dealership took its David v. Goliath fight with the automaker to a new level. Century Motor Corporation announced Wednesday that it has filed suit against 12 Chrysler executives for conspiring in a number of schemes to put […]
Sometimes the simple solution is best
When did the Supreme Court get in the bankruptcy business? While I guess I can remember reading some things about the court determining statutory construction issues and definitely some conflicts of laws question, I don’t remember hearing of another time they issued a stay in a bankruptcy proceeding like they did recently. Last week, Justice […]
Chrysler says pension funds can’t win appeal
The Indiana pension funds challenging the sale of Chrysler LLC’s assets to a group led by Fiat SpA can’t win, and the deal is better than liquidating the company, Chrysler lawyers said in appeals court documents filed Thursday. A panel of three judges in the U.S. Court of Appeals in New York is scheduled to […]
GM bankruptcy seen as tale of best, worst of assets
When General Motors Corp. files for bankruptcy protection this week, a Dickensian tale of two legal processes will unfold. In one, a judge will be told that a new entity will emerge within three months with prized assets and a plan to revisit the best of times when GM was the world’s largest carmaker. In […]
GM’s Main Street bondholders would lose, lawyer says
The loser in a General Motors Corp. bankruptcy would be Main Street, not Wall Street, said a lawyer who represented Chrysler’s dissident lenders and is trying to organize bondholders who hold up to $7 billion in GM’s debt. A separate group of GM bondholders said Thursday it will accept a 10 percent equity stake in […]
Chrysler dealer blames termination on ‘vendetta’
Century Dodge Chrysler Jeep in Wentzville was one of the nation’s 789 Chrysler dealerships to be dropped from the automakers list last Thursday, and the owners are planning to pursue legal action against the automaker for unfairly terminating their franchise.The Mock family say they won’t go down without a fight. Frank Mock, the dealership's president and owner, said this is the result of a "v[...]
Chrysler asks leave to cancel 789 dealer agreements
Chrysler LLC asked court permission to cancel 789 car dealership agreements, many in the suburbs of major U.S. cities, a step it called critical to its future. The company wants to break contracts with about a quarter of its estimated 3,188 retail outlets, including seven dealers with AutoNation Inc., two with Lithia Motors Inc. and […]
Chrysler’s greedy hedge fund holdouts get it right
You can call the plan to merge Chrysler and Fiat good for the economy. You can think it creative. You can say it’s the start of “a vibrant new company,” as Chrysler Chairman Robert Nardelli did last week. But there’s one word that you can’t call the Chrysler bankruptcy package: legal. The plan would overturn […]
Chrysler lawyers reap fees illegally, law professor says
Bankruptcy lawyers who stand to make as much as $372 million in the reorganization of Chrysler LLC will be doing so illegally, according to a California law professor. Attorneys are billing bankrupt companies for about 80 percent of their fees without first submitting the charges to the court, as required under the U.S. Bankruptcy Code, […]
Chicken producer’s case may impact GM bankruptcy
A ruling by the judge overseeing the reorganization of Pilgrim’s Pride Corp., the world’s largest chicken producer, may make it harder for states and cities to stop General Motors Corp. or Chrysler LLC from closing plants if they end up in bankruptcy. U.S. Bankruptcy Judge D. Michael Lynn in Fort Worth, Texas, Wednesday allowed Pilgrim’s […]
A new American Motors isn’t the answer
When I was a young kid, my family drove a white Rambler station wagon. Ramblers were made by the American Motors Corp. Some might ask: Who? American Motors ceased to exist when it was absorbed by Chrysler in 1987. Chrysler’s chief executive Lee Iacocca particularly wanted AMC’s Jeep line. It looks like President Barack Obama […]
Sonnenschein hired for auto industry advice
Sonnenschein Nath & Rosenthal and two other law firms won contracts valued at as much as $8.59 million each to advise the U.S. government on plans to restructure and finance the nation’s auto industry. Cadwalader Wickersham & Taft and Haynes & Boone also were hired by the U.S. Treasury Department, according to notices dated March […]
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