A new beginning for a historic industry
Geoffrey Blain
Issue date: 6/9/09 Section: Business
However, a US Appeals Court heard arguments from lawyers representing Chrysler, potential buyer Fiat and representatives from three Indiana pension funds who argued that the deal unfairly favours equity holders rather than secured debt holders such as themselves.
"I would ask the court to view this as standing the bankruptcy process on its head," said Thomas Lauria, an attorney for the Indiana pension funds.
However, Chrysler's attorneys argue that the Fiat deal is the only way to keep Chrysler operating.
"The fact that others did not believe they could take on the government is no basis for setting aside the rule of law and the rules of priority that are fundamental to the workings of our capital markets," the Chrysler attorneys wrote.
History of GM
1920: GM is founded
1954: GM market share is 54 per cent
1979: US employment peaks at 618,365
1991: GM loses $4.45 billion, closes 21 plants and fires 24,000 workers
2008: GM tells US Congress it needs $18 billion to continue operations
March 29, 2009: US President Barack Obama fires CEO Rick Wagoner
May 27, 2009: US government loans GM $19.4 billion
June 1, 2009: GM files for bankruptcy
"I would ask the court to view this as standing the bankruptcy process on its head," said Thomas Lauria, an attorney for the Indiana pension funds.
However, Chrysler's attorneys argue that the Fiat deal is the only way to keep Chrysler operating.
"The fact that others did not believe they could take on the government is no basis for setting aside the rule of law and the rules of priority that are fundamental to the workings of our capital markets," the Chrysler attorneys wrote.
History of GM
1920: GM is founded
1954: GM market share is 54 per cent
1979: US employment peaks at 618,365
1991: GM loses $4.45 billion, closes 21 plants and fires 24,000 workers
2008: GM tells US Congress it needs $18 billion to continue operations
March 29, 2009: US President Barack Obama fires CEO Rick Wagoner
May 27, 2009: US government loans GM $19.4 billion
June 1, 2009: GM files for bankruptcy
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