U.S. Treasury Hearts Fiatsler
TTAC commentator and bankruptcy lawyer Toxicroach’s hits keep happening. This time, the member of our Best & Brightest sends us a filing by the US government ( download pdf here) in support of Fiatsler’s motion to extend its filing ( download pdf here).
Check out the Treasury motion in support. I think you will have a laugh a minute with that one. Then you will cry. The lease rejection—quick Google of some of the addresses . . . apparently, $60K a month gets you a Dodge dealership. They are dumping multiple car rental places and dealerships. Must be some pretty lame properties to get rejected on day one.
The bankruptcy trustee is a politically sensitive job (head regional trustee is a presidential pick); they will not be pressing Chryco very hard. The Department of the Treasury is filing motions in support. The only real resistance will be coming from the creditors, of which about 21 have made their appearance in the case. They have filed a bunch of “statements” from various dealers about how important this is, etc.
The other thing that strikes me is the endless repetition of the sob story; Chryco is so important, 38000 jobs, blah blah, in every motion. You really don’t need that stuff in a motion to pay prepetition wages or reject a lease. Highly dramatic, until you’ve paged through it 6 times.
More by Robert Farago
Latest Car Reviews
Read moreLatest Product Reviews
Read moreRecent Comments
- Varezhka Suzuki Jimny, Toyota Century, and I know it technically just ended production but Honda e.
- CoastieLenn For those that care to read the details of the crash NOT included in this article but published elsewhere- this happened at nearly 10pm when the CRV was stopped in the center lane of travel, lights off, with the driver remaining in the car. Not only is it not known if Blue Cruise was being used, it would have been a nightmare for most alert human drivers to mitigate that driving the 70+mph speed limit on many sections of I-10 in Texas, much less an AV system.
- Jeff This is what I would want: Toyota has now released an affordable truck called the Toyota IMV 0. The newly developed vehicle made in Thailand comes with a rear-wheel drive and a gasoline 2.0-liter inline-four matched to a 5-speed manual transmission. NEW $10,000 Toyota Pickup Has Ford & GM Crapping ... YouTube · Tech Machine 8 minutes, 46 seconds Dec 26, 2023
- Jalop1991 At the same time, let's take these drivers off the road--at least the ones that haven't yet taken themselves off the road.I can guarantee, at no point was this guy or any of the dead Tesla-stans actually driving the car. They were staring at their phones, because, HEY, SELF DRIVING!!
- 3-On-The-Tree To Maintenance Costs His best friend did the union meetings and he said that there wasn’t a lot of negotiating taking place between the union and state because they were happy with how the state was treating them. He said it seemed more like a formality having the union.
Comments
Join the conversation
@dgduris That quote from the WSJ accurately captures my deeper-seated fears, which go far beyond the immediate issue of the Chrysler bankruptcy. I was peripherally involved (as an attorney) in a $350M+ commercial loan a couple of weeks ago, and the lending atmosphere is already borderline-toxic. While the government's stated intent of supporting Chrysler through bankruptcy is to avoid more harm to the economy, drying up the remnants of the commercial lending market will have a far worse effect on our economy. Oh, and if I were one of the attorneys that filed that motion for the Treasury, I would be utterly ashamed. While I understand the first 6 pages were written for public consumption and not for the judge, they still have no place in that motion. I imagine that the attorneys who drafted the motion are quite talented, and if they haven't completely lost their souls, they're probably feeling at least a twinge of self-loathing today. But such is legal work, eh? GREAT stuff, RF & toxicroach; keep it coming.