Chrysler nixed Viper sale at the last minute?

[FE 065]

I caught the tail end of an automtive news report where John McElroy was saying Viper made $10 million net profit last year, and what a great deal it was for someone who was going to buy it for 35M. (I think those were the figures..)

Then Chrysler backed out of the deal, and "the govt is going to be asking why" he said.

Sorry if this is old news..

 

[FE 065]

Hey I found a video on it

AAH #10 - How’s That Workin’ Out for You? - John's Journal on Autoline Detroit

The Viper story starts at the 10 min 30 sec point

 

[alpine7822]

Interesting piece

 

[GBS]

Hey I found a video on it

AAH #10 - How’s That Workin’ Out for You? - John's Journal on Autoline Detroit

The Viper story starts at the 10 min 30 sec point

Video brings me back of the days I worked downtown Detroit. Was that beer they were drinking?

 

[FE 065]

Here's a link to the radio story I heard earlier today

WWJ Newsradio 950 - Automotive Insight-B 06/08

 

[PatentLaw]

Perhaps this is a different view on what happened....

Congressional letter alleges Nardelli and Chrysler failed to disclose more lucrative offer for Viper

 

[FE 065]

Perhaps this is a different view on what happened....

Congressional letter alleges Nardelli and Chrysler failed to disclose more lucrative offer for Viper

Hmm that's interesting. Don't forget to read through the comments below the story. Some interesting points being brought up there as well.

 

[ViperTony]

"Prior to the Chapter 11 filing, no offers meeting the company's basic requirements for the sale of Viper assets were submitted," Chrysler spokesman Dave Elshoff said. "All parties who had an interest in purchasing the Viper assets were instructed by Judge Arthur Gonzalez to make a bid. Chrysler received just one post-petition bid of $5.5 million for Viper. Judge Gonzales subsequently signed a sale order approving the sale of most of Chrysler assets, including all the Viper assets, to a new company to be formed with Fiat."

It could be that an offer was made that didn't meet Chrysler's requirements. Why didn't the buyer show up in BK court to submit their offer? It's odd that the buyer would make a stink about their offer in the media but not show up to court to make their bid especially if it's legitimate. None of this make any sense. This could be nothing more than a chance for the politicians to get some news time.