{"id":192184,"date":"2009-04-30T17:40:00","date_gmt":"2009-04-30T22:40:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/04\/30\/auto-industry-update-3\/"},"modified":"2009-04-30T17:40:00","modified_gmt":"2009-04-30T22:40:00","slug":"auto-industry-update-3","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/04\/30\/auto-industry-update-3\/","title":{"rendered":"Auto Industry Update"},"content":{"rendered":"<p>Well <a href=\"http:\/\/www.nytimes.com\/2009\/05\/01\/business\/01auto.html?hp\">Chrysler had gone Chapter 11<\/a>, because of the unwillingness of a number of the smaller creditors to negotiate in good faith.<\/p>\n<p>Those folks are actually <a href=\"http:\/\/money.cnn.com\/2009\/04\/30\/news\/companies\/chrysler_bankruptcy\/index.htm?postversion=2009043009\">better described as hedge funds<\/a>, and knowing how hedgies work, they doubtless bought debt at a discount for the <span style=\"font-weight: bold;\">express purpose<\/span> of holding it for ransom.<\/p>\n<p>Here is hoping that the BK judge cleans them out.<\/p>\n<p>Meanwhile, back in GM land, <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&amp;sid=aSGbKv4baG_g&amp;refer=home\">its bondholders have made a counter-offer<\/a>, wanting a 58% stake in the firm, as opposed to the 10% stake offered, so there is a big gap to bridge there too.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Well Chrysler had gone Chapter 11, because of the unwillingness of a number of the smaller creditors to negotiate in good faith. Those folks are actually better described as hedge funds, and knowing how hedgies work, they doubtless bought debt at a discount for the express purpose of holding it for ransom. Here is hoping &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1108,1004],"tags":[],"class_list":["post-192184","post","type-post","status-publish","format-standard","hentry","category-auto-industry","category-finance"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/192184"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=192184"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/192184\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=192184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=192184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=192184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}