San Francisco Chapter 11 Bankruptcy Attorney Discusses the Sick Fascination with the Chrysler and GM Bankruptcies
San Francisco Chapter 11 bankruptcy Attorney Discusses the Sick Fascination with the Chrysler and GM Bankruptcies
There is a sick fascination with the Chrysler and GM chapter 11 bankruptcies. The Chrysler one in particular is of special interest because the US government, including President Obama have taken an active hand in their bankruptcy. The government has put in several billions of dollars in loans and bail out money to ensure that Chrysler survives. President Obama has verbally come out supporting the bankruptcy filing and condemning the creditors. Even foriegners are involved as Fiat is trying to buy part of Chrysler. After 35 days, the Chrysler Bankruptcy has hit a wall. Several creditors have filed legal objections to prevent the bankrupcty to continue. About 300 Chrysler franchise owners have also filed objections to the sale or closing of their dealerships. These objections reflect some of the conflicting interests in the shut down of a major US company. One creditor, Indiana State Pension, has filed an objection because they have about $45 million at stake (out of several billions) which (they believe) are not being treated as well as other less preferred creditors. While this claim is a common one in bankruptcy court, it has caught the interest of public because it has all the makings of a David and Goliath showdown in court. As for the dealerships, they claim that they cost Chrysler nothing because Chrylser does not actually own those cars as the dealers have to pay for them. The Dealerships only help Chrylser by selling its product and closing the dealerships will amount to hundreds of lost jobs. Again, the public is interested because nobody wants to see empty lots and unemployed neighbors.
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