UAW Owning Chrysler?

    I don't really find this story to be too credible.

UAW Group, Tracinda
Discuss Bids for Chrysler

By GINA CHON and JOHN D. STOLL
April 23, 2007

Representatives of billionaire investor Kirk Kerkorian's Tracinda Corp., which has proposed a $4.5 billion acquisition of DaimlerChrysler AG's Chrysler Group, met yesterday with United Auto Workers members who have separately proposed an employee-stock-ownership plan for Chrysler, according to people at the meeting.

The meeting, in Toledo, Ohio, produced no firm conclusions, but it represented a fresh twist in the intensifying contest for America's fourth-largest auto maker, a unit of the German industrial giant since 1999. It also underscored the influential position the UAW holds with potential bidders.

    You can read the rest of the story at the subscription-only site of the Journal. Further in the story the reporters write that the UAW members are folks from Local 12. But, be real: this doesn't seem logical that a Local is going to make a bid for the company. As I mentioned some time ago, it's one thing to have a big piece of the company, which UAW workers already have because of the huge pension funds, but it's another thing all together to actually manage and run a company. It does show, however, how much the future management and health of this company is very much up in the air.

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[Credit Repair Services]

one thing to have a big piece of the company, which UAW workers already have because of the huge pension funds, but it's another thing all together to actually manage and run a company.

[Credit Repair Services]

On health care, the economics would be solved overnight if Chrysler and the rest of the business community would park their moronic, blind ideology and support single-payer health care--which would, almost overnight, remove billions of dollars of costs from their bottom lines.

[Got-A-LUPA]

To understand who now Owns Chrysler one needs only to check the Federal Register/Vol. 74, No. 191/Monday, October 5, 2009/ Notices. On page 51184 of this United States Government document, Last p it states: "Pursuant to the Plan of Reorganization, New Chrysler a Delaware limited liability company was formed by Fiat North America, LLC as an alliance entity7 for the acquisition of the assets from Chrysler LLC generally free and clear of claims of Chrysler LLC's creditors.8 Upon the closing of the sale, the government entities will hold 12.31% (The U.S. treasury will hold 9.85% and the Canadian Government will hold 2.46%), the New Chrysler VEBA Plan will hold 67.69%, and Fiat will hold 20% of the total value of shares (the Shares)."
As anyone can see by the (above Federal document, quote), the U.S. Government owns just 9.85% of Chrysler. Tracinda owns no part of it. Now, if you really want to know who owns Chrysler, find out who VEBA is.

[r4 card]

One thing to have a big piece of the company, which UAW workers already have because of the huge pension funds, but it's another thing all together to actually manage and run a company.