Chrysler Sold

[cheerful_deviant]

OK, so Chrysler Automotive has been sold to an Equity firm. Has anyone noticed the name of the firm?

Cerberus Capital Management LP

Wasn't Cerberus the three headed dog that guarded the gates of Hell? Am I the only one who sees a bad omen in this?

 

[R. Richard]

OK, so Chrysler Automotive has been sold to an Equity firm. Has anyone noticed the name of the firm?

Cerberus Capital Management LP

Wasn't Cerberus the three headed dog that guarded the gates of Hell? Am I the only one who sees a bad omen in this?

Bad name for sure.

First Olds goes, now maybe Chrysler.

 

[cheerful_deviant]

Bad name for sure.

First Olds goes, now maybe Chrysler.

To me Cerberus kinda sounds like the name of one of the evil mega corporations in a comic book.

 

[Dar~]

Ever read anything by Clive Cussler????

 

[Emperor_Nero]

To me Cerberus kinda sounds like the name of one of the evil mega corporations in a comic book.

Perhaps even more frightening ... one of Cerberus' primary spokesmen is Dan Quayle

 

[china-doll]

Ever read anything by Clive Cussler????

Valhalla Rising! I love Cussler!

I never though anyone else here would read Cussler so I didn't mention it.


Oh, wait... did I just admit that aloud.

 

[Dar~]

Valhalla Rising! I love Cussler!

I never though anyone else here would read Cussler so I didn't mention it.


Oh, wait... did I just admit that aloud.

I have read everything he wrote involving Dirk and Al. I was so disappointed by Sahara.

 

[china-doll]

I have read everything he wrote involving Dirk and Al. I was so disappointed by Sahara.

The movie? I am determind not to watch it because I heard it sucked.

I have all the Dirk and Al books (unabridged of course) on tape for long rides. Not exactly great literature but fun to read or listen to.

 

[Huckleman2000]

Ever read anything by Clive Cussler????

I've read one.
It was sort of fun, but I felt kind of skeevy after. He's sort of like a poor man's Tom Clancy who's obsession is late-50s autos instead of state-of-the-art weaponry. Also undersea gear. Fun, but the Hero is no Jack Ryan.

 

[Roxanne Appleby]

I read several, but when I came to one in which the plot revolved around the discovery of a worldwide flood like 5,000 years ago, I threw it against the wall and never picked up another. Only 5,000 years ago, and this was just now "discovered?" Heck, kids digging in the backyard would notice evidence of something like that.

The thing that separates sci-fi from fantasy is that it must at least pretend to be plausible. Cussler's aren't sci-fi, but they do have speculative elements. That one wasn't plausible, and said to me that he doesn't really respect his readers.

 

[Rumple Foreskin]

The truth now, all this Clive Cussler talk is a big joke, right?

It is beyond my poor powers to comprehend how anyone could ever be disappointed by anything written by Clive Cussler. Appalled would be understandable, but, disappointed?

While I admire his workmanlike approach, not to mention his success, and will defend anyone's right to read whatever brings them pleasure, Clive Cussler is a no-talent hack. However, with the rise of Dan Brown, he is no longer the single most famous incompetent success in the world of English letters.[/threadjack]

Best I understand it, there are no plans to drop the Chrysler name.

Rumple Foreskin

 

[Zeb_Carter]

Wasn't Cerberus the name of a prison ship that transported prisoners from England to Australia?

 

[Rumple Foreskin]

Wasn't Cerberus the name of a prison ship that transported prisoners from England to Australia?

Give Zeb a big cigar. I Googled and that appears to be the case. Naming a ship Cerberus is bad enough, but a company? I'd love to know why they picked that name but there's no info on the company site.

Rumple Foreskin

 

[Boxlicker101]

Chrysler was sold a few years ago to Daimler. Has that company now sold Chrysler? This is not just an idle question, because my brother worked all his life at AMC, which was bought by Chrysler, until he retired, and then Chrysler was taken over by Daimler. Is this a new transaction? I suppose I could google it.

 

[Rumple Foreskin]

Chrysler was sold a few years ago to Daimler. Has that company now sold Chrysler? This is not just an idle question, because my brother worked all his life at AMC, which was bought by Chrysler, until he retired, and then Chrysler was taken over by Daimler. Is this a new transaction? I suppose I could google it.

Box, it just happened. Daimler sold Chrysler to Cerberus.

Rumple Foreskin

 

[R. Richard]

Give Zeb a big cigar. I Googled and that appears to be the case. Naming a ship Cerberus is bad enough, but a company? I'd love to know why they picked that name but there's no info on the company site.

Rumple Foreskin

Rumple it is simple, they call it Cerebus because they can't spell potato

 

[Boxlicker101]

Box, it just happened. Daimler sold Chrysler to Cerberus.

Rumple Foreskin

Yeah, I just googled it. Actually, 80% of the company.

 

[R. Richard]

Chrysler was sold a few years ago to Daimler. Has that company now sold Chrysler? This is not just an idle question, because my brother worked all his life at AMC, which was bought by Chrysler, until he retired, and then Chrysler was taken over by Daimler. Is this a new transaction? I suppose I could google it.

Box, as Rumple has stated, the sale to Cerebus is a new sale. Now for the bad news. Chrysler can't continue to operate under the current contracts with the UAW, including the pension requirements. The 'sale' to Cerebus is basically a smokescreen. There is only one way out of the UAW contract and that is via bankruptcy. Cerebus is not a specialist in operating an automobile company, although they own GMAC, the financial arm of GM. Cerebus is a specialist in financial matters, especially bankruptcy. If your brother can get a lump sum, he just might consider it.

 

[Rumple Foreskin]

Rumple it is simpke, they call it Cerebus because they can't spell potato

Thanks, RR. Now it all makes sense.

Rumple Foreskin

 

[R. Richard]

Thanks, RR. Now it all makes sense.

Rumple Foreskin

Former Vice President Dan Quayle has been a prominent Cerberus spokesperson.

 

[Boota]

Chrysler is the largest employer here in my hometown, and one of the few that pays decently. Most of my family, including my brother, works for them. The main talk right now, on the local level at least, is asking for wage concessions. I see it as a done deal, considering Delphi, the GM spinoff of Delco Electronics right across the street from them, just did that. If Chrysler goes under this town is dead.

 

[R. Richard]

Chrysler is the largest employer here in my hometown, and one of the few that pays decently. Most of my family, including my brother, works for them. The main talk right now, on the local level at least, is asking for wage concessions. I see it as a done deal, considering Delphi, the GM spinoff of Delco Electronics right across the street from them, just did that. If Chrysler goes under this town is dead.

I suspect that it will not only be wage concessions but also concessions in things like health care and retirement plans. When they have you by the balls, your heart and mind tend to follow along.

 

[The_Fool]

The other phrase that I have seen kicked around with this deal is that now the company will be "privately owned." I have also seen articles discussing how a large number of companies have been taken private and will no longer be publically traded. I don't quite understand how an association can have 80% of a company and it be considered private nor how it can be removed from the stock exchange, but the way it is being discussed indicated that is what has transpired. I will have to do a little more reading when I get the time...

Time....

 

[R. Richard]

The other phrase that I have seen kicked around with this deal is that now the company will be "privately owned." I have also seen articles discussing how a large number of companies have been taken private and will no longer be publically traded. I don't quite understand how an association can have 80% of a company and it be considered private nor how it can be removed from the stock exchange, but the way it is being discussed indicated that is what has transpired. I will have to do a little more reading when I get the time...

Time....

When the stock price of a company completely collapses, it is reasonably cheap for a well financed group to buy up the shares and take the company private. The other large ownership interests don't sell their stock, they give up their stock for a partnership agreement and the company operates as a partnership with a managing partner. As to being removed from a stock exchange, that is simple. When there are to few shares in public hands to maintain an orderly trading market is is rather common for an exchange to delist a stock. Any remaining shares in private hands are either bought out or the company does a reverse split of perhaps a thousand for one and the few holders of a few hundred shares each get cash instead of fractional shares.