US auto makers file for bankruptcy protection
Creamer Media’s Mariaan Webb speaks to Engineering News senior contributing editor Irma Venter about the US car industry applying for chapter 11 bankruptcy protection.
Duration : 0:7:23
US car giant to file for bankruptcy protection – 01 June 09
General Motors is set to file for bankruptcy protection, a move that will allow the car giant to be carved into two companies: an old GM with so-called “bad ets” and a new GM containing profit-making plants and popular brands such as Chevrolet and Cadillac.
As Al Jazeera’s John Terrett and Owen Fay explain, the chapter 11 protection will give the struggling car company one last chance to either shape up or go under.
Duration : 0:3:30
Obama’s Chrysler Deal Violates Bankruptcy Laws and Constitution
“If the Obama administration expected the senior creditors of Chrysler to fold their tents under political pressure, they may have gotten a rude shock today. Thomas Lauria, who accused the White House of threatening the creditors withn humiliation at the hands of the White House press corps, has filed a motion to halt the administrations machinations on behalf of the UAW in the Chrysler bankruptcy. Lauria and his allies claim that the Obama administration has violated the Constitution in their bid to devalue the senior creditors holdings on behalf of junior creditors, and have some precedent to support the allegation.”
http://hotair.com/archives/2009/05/04/senior-creditors-chrysler-deal-violates-5th-amendment/
“More than one Chrysler senior creditor has corroborated Thomas Laurias allegation that the Obama administration threatened them with public attacks if they didnt surrender their contractual rights.”
“The sources, who represent creditors to Chrysler, say were taken aback by the hardball tactics that the Obama administration employed to cajole them into acquiescing to plans to restructure Chrysler. One person said described the administration as the most shocking end justifies the means group they have ever encountered. ”
“One participant in negotiations said that the administrations tactic was to present what one described as a madman theory of the presidency in which the President is someone to be feared because he was willing to do anything to get his way. The person said this threat was taken very seriously by his firm.”
http://hotair.com/archives/2009/05/05/lauria-allegations-of-threats-corroborated/
“Represented by lawyer Gerard Uzzi of the firm White & Case, the group said its members may be subjected to threats and intimidation in part because of comments made by President Barack Obama, who chastised the opponents of an attempted deal to keep Chrysler out of bankruptcy.”
Theyve been getting threats from Americas Obama cultists ever since The One waved his rhetorical pitchfork at them.
The president publicly chastised these secured creditors for having the temerity to enforce their constitutional rights in this court of law, branding them as speculators, making clear that I dont stand with them.”
http://hotair.com/archives/2009/05/05/you-dont-say-chrysler-lenders-ask-judge-for-anonymity-to-avoid-threats/
Duration : 0:9:49
Chrysler Files for Bankruptcy Protection
Chrysler filed for bankruptcy protection and announced it will temporarily halt most of its vehicle production while it completes a deal with Italian carmaker Fiat designed to revive its tattered fortunes. (April 30)
Duration : 0:2:30
Chrysler and GM Going Bankrupt?
Kevin Gaudet of the Canadian Taxpayers Federation and a representative of the Canadian Auto Workers Union discuss proposed government help. The CAW rep admits bankruptcy is a very real possibility
Duration : 0:8:53