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, $60K a month gets you a Dodge dealership. They are dumping multiple car rental places and dealerships. Must be some pretty lame properties to get rejected on day one.
The bankruptcy trustee is a politically sensitive job (head regional trustee is a presidential pick); they will not be pressing Chryco very hard. The Department of the Treasury is filing motions in support. The only real resistance will be coming from the creditors, of which about 21 have made their appearance in the case. They have filed a bunch of “statements” from various dealers about how important this is, etc.
The other thing that strikes me is the endless repetition of the sob story; Chryco is so important, 38000 jobs, blah blah, in every motion. You really don’t need that stuff in a motion to pay prepetition wages or reject a lease. Highly dramatic, until you’ve paged through it 6 times.
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- El scotto They should be supping with a very, very long spoon.
- El scotto [list=1][*]Please make an EV that's not butt-ugly. Not Jaguar gorgeous but Buick handsome will do.[/*][*] For all the golf cart dudes: A Tesla S in Plaid mode will be the fastest ride you'll ever take.[/*][*]We have actual EV owners posting on here. Just calmly stated facts and real world experience. This always seems to bring out those who would argue math.[/*][/list=1]For some people an EV will never do, too far out in the country, taking trips where an EV will need recharged, etc. If you own a home and can charge overnight an EV makes perfect sense. You're refueling while you're sleeping.My condo association is allowing owners to install chargers. You have to pay all of the owners of the parking spaces the new electric service will cross. Suggested fee is 100$ and the one getting a charger pays all the legal and filing fees. I held out for a bottle of 30 year old single malt.Perhaps high end apartments will feature reserved parking spaces with chargers in the future. Until then non home owners are relying on public charge and one of my neighbors is in IT and he charges at work. It's call a perk.I don't see company owned delivery vehicles that are EV's. The USPS and the smiley boxes should be the 1st to do this. Nor are any of our mega car dealerships doing this and but of course advertising this fact.I think a great many of the EV haters haven't came to the self-actualization that no one really cares what you drive. I can respect and appreciate what you drive but if I was pushed to answer, no I really don't care what you drive. Before everyone goes into umbrage over my last sentence, I still like cars. Especially yours.I have heated tiles in my bathroom and my kitchen. The two places you're most likely to be barefoot. An EV may fall into to the one less thing to mess with for many people.Macallan for those who were wondering.
- EBFlex The way things look in the next 5-10 years no. There are no breakthroughs in battery technology coming, the charging infrastructure is essentially nonexistent, and the price of entry is still way too high.As soon as an EV can meet the bar set by ICE in range, refueling times, and price it will take off.
- Jalop1991 Way to bury the lead. "Toyota to offer two EVs in the states"!
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@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.