Chrysler says it got no offers for Viper plant

[Yellow32]

Chysler ought to sell to Devon. Hell, the Devon GTX looks so much like the Viper coupe that if you slapped a Viper logo on the side and said it was the next generation Viper it would work.

You got that right!

I think the Devon deal is "the one", seems completely plausible.

 

[FangZ]

How much is the Devon GTX? I have not found a price for it yet. I am sure it is not below $100K... but I'm sure it will be an indication for future Viper prices if they buy the Viper.

 

[FrankBarba]

Why don't we get 2,000 VCA Members pony up 5K each. We as owners would own Viper & all that goes with it. I am sure that there are enough smart people in this club that could make this work...

 

[VIPERUSA]

[COLOR="Red"[SIZE="5"]I think we should all kick in $5000,, buy the v-division and GIVE it to Chuck Tator. At least it would be run with integrity/honesty/class [/SIZE][/COLOR]

 

[Brake Dust]

IM IN +1 USA

 

[kennyhemi]

Why don't we get 2,000 VCA Members pony up 5K each. We as owners would own Viper & all that goes with it. I am sure that there are enough smart people in this club that could make this work...

I'm IN!! Even for twice that!!

 

[triplexotica]

I say have a few beers and put it up on eBay for .99 cent start no reserve!

That's what I used to do and I didn't do too shabby. lol

 

[triplexotica]

I'm IN!! Even for twice that!!

Where do I sign up? I've been retired for 3 years looking for something to do.

I need a job man!

 

[Bobpantax]

Not good. Read this.

Thursday, May 28, 2009
Chrysler chairman expects sale to be complete Friday

Alisa Priddle / The Detroit News

New York -- Chrysler LLC Chairman Robert Nardelli created a stir in bankruptcy court here today when he testified that Friday is the day he expects the sale of the automaker's assets to a new company will be complete, regulatory approvals will be finalized and he will leave the company.
He said he plans to report to work at former employer Cerberus Capital Management LP Monday morning. Nardelli worked for Cerberus until July 2007. When the hedge fund bought a majority stake in Chrysler, Nardelli was asked to run the automaker, a post he assumed in August 2007.
During testimony on the second day of hearings to sell Chrysler's good assets to a group headed by Fiat SpA, Nardelli said he doesn't have an office ready at Cerberus, but added that didn't matter much because he'd be visiting clients away from the company's New York headquarters.

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The Chrysler chairman said he expects regulatory approvals in the U.S. to be wrapped up Friday as well.
The exchange came during a testy cross-examination as Nardelli explained the automaker has been in dire financial straits since late last year and in a "situation of not having enough liquidity to keep the doors open."
Nardelli also said he favored the plan to keep Chrysler independent, as opposed to the partnership with Fiat that will create Chrysler Group LLC.
Chrysler has been trying to sell assets, but the efforts have been thwarted by the down economy. For example, a yearlong effort to sell the Viper brand and plant proved unsuccessful. The asset was valued at as much as $150 million a year ago and the most recent offer of $10 million fell through.
[email protected] (313) 222-2504

 

[Warfang]

Doesn't Lutz have 10 mil floating in a bank acct somewhere? It's time to come home Bob!

 

[Art 138]

"Not good. Read this."

Bob, I would presume that all cars in build status will be completed,but a negative outcome could impact orders beyound that .......

 

[Lawrenzo]

From $150 Million to just $5.5 in less than a year. That's ridiculous.

 

[triplexotica]

I have wealthy friends in high places. (or at least they were before this financial meltdown)

This is the email I sent him last night…



Long time ** hear. Hope you're doing well in these fu*ked up times.

Man what happened to everything?


I got a news flash about the Viper brand, and remembered you mentioned your
brother was in the car business in Detroit.

You wouldnt happen to have oh lets say 5 mil sitting around in a hedge
fund to buy the Viper brand?

It comes with the plant and everything in it.

One of your motor-head rich buddies could buy it and move it to PHX.

The entire plant can operate with less than 50 full time employees that are
100% dedicated to the Viper brand.

Hey we'll all have jobs! lol

The way things are going lately I might have to get a part time job at
Mc'D's just to keep up with my health insurance.

I’ll have to paint the black stripes on my Viper to red if I get the job I might get a happy meal bonus if I turn my snake into a McViper. lol

 

[Y2K5SRT]

You guys are still talking about a big old building and not the Viper platform...

http://www.autonews.com/apps/pbcs.dll/article?AID=/20090528/ANA02/905289958&nocache=1

Don't let media misinterpretation or misinformation lead you down the wrong path...

 

[Bobpantax]

Chris. The link does not work for a non subscriber. Please post the article.

 

[Y2K5SRT]

Chris. The link does not work for a non subscriber. Please post the article.

Sorry about that, it was sent to me and said it needed no subscription...

Chrysler's breakup value deteriorates, adviser says

Automotive News
May 28, 2009 - 4:14 pm ET
DETROIT -- Chrysler's financial adviser now says a breakup and sale of the company would bring far less cash than he had projected four months ago.

The adviser, Robert Manzo, executive director of Capstone Advisory Group LLC also believes that only the Dodge Viper and Jeep Wrangler among Chrysler's product lines could be sold separately as going concerns. Manzo previously envisioned several other models being sold as stand-alone going concerns.

Chrysler has received only limited interest from potential buyers of its factories, product lines and other assets, company executives and lawyers said in documents filed with the U.S. Bankruptcy Court yesterday.
The offers, in most cases for one plant or another, did not suggest widespread interest among potential buyers in larger portions of the automaker, they said.

Chrysler is arguing in court that its proposed sale of select parts to Italy's Fiat S.p.A. is the only viable alternative for the company. Dissenting debt holders have objected to the plan, implying that the breakup and sale of the entire company might raise more cash for Chrysler's creditors.

Chrysler recently offered to sell the Conner Avenue plant in Detroit, which builds the Dodge Viper sports car, for $10 million, Chrysler Chairman Bob Nardelli said in a statement.

"We received no purchaser interest," Nardelli said. "The market for such assets is extremely depressed at this time."
Manzo, whose financial advisory firm was hired by Chrysler, reviewed the breakup value of the company and cited examples of outside interest in Chrysler assets. In his statement, he discussed the potential values of various Chrysler assets if the company were liquidated.

On April 30, Manzo submitted to the court a liquidation analysis he had conducted on Jan. 30. On May 21, he submitted a new liquidation analysis conducted May 20. Manzo said his two assessments differ in important ways.

The latest analysis expects that in a liquidation, Chrysler's main secured creditors would recover $1.2 billion at most. In his Jan. 30 analysis, Manzo predicted they would recover between $654 million and $2.6 billion.

The latest study "assumes that only Chrysler is in bankruptcy," he said. If another automaker files for bankruptcy, "the hypothetical recovery ranges could be significantly lower."

Manzo also said that he now sees only the Wrangler and Viper being sold as going concerns. The Jan. 30 study assumed that Chrysler also could sell the Dodge Ram and Dakota pickup lines, along with certain car lines built in Brampton, Ontario. That factory builds the Chrysler 300 and Dodge Charger and Challenger.

"I have concluded that the sale of these additional car lines on a going concern basis are unlikely," he said. One reason Manzo changed his mind: He now has seen actual earnings results for 2008. Before, he was working from Chrysler's forecasts.

Looking just at the Wrangler, Manzo estimated a liquidation sale could bring between $156 million and $234 million. But a potential buyer, he said, would face "significant additional investment costs upwards of $1 billion."

 

[Simms]

I used to be optimistic, but I really don't know what to think now. Sure hope Viper survives.

 

[01sapphirebob]

Just keep the faith. I believe we will be hearing who the new owner of Viper is soon.

 

[MoparMan]

Chrysler has received only limited interest from potential buyers of its factories, product lines and other assets, company executives and lawyers said in documents filed with the U.S. Bankruptcy Court yesterday.

The article you linked actually seems to refer to not only plants like Conner Ave but also properites such as the Viper brand itself.

I hope you're saying that the deal you think will go through is part of that "limited interest" mentioned in the article.

 

[slaughterj]

It's amazing that so many on here are able to afford Vipers with the apparently limited reading comprehension. It seems pretty clear that the "Viper building", CAAP, is distinct from the Viper product line. The one offer of $5.5 million that has been made on the building valued at $10 million has little to do with the other offers made for the Viper product line valued at $150 million (except to the extent any of those offers were made based on including the building too).

 

[triplexotica]

It's amazing that so many on here are able to afford Vipers with the apparently limited reading comprehension. It seems pretty clear that the "Viper building", CAAP, is distinct from the Viper product line. The one offer of $5.5 million that has been made on the building valued at $10 million has little to do with the other offers made for the Viper product line valued at $150 million (except to the extent any of those offers were made based on including the building too).

Most of us here are as educated as Mike Tyson.

Me on the other hand I won powerball.

 

[99 R/T 10]

I can pony up some coin. I bet we as a community could easily pool our money and come up with a serious offer. I could put forth $50K to the deal. I'm serious, let's put Bob and John Slaughter on point to arrange this

 

[Simms]

I can pony up some coin. I bet we as a community could easily pool our money and come up with a serious offer. I could put forth $50K to the deal. I'm serious, let's put Bob and John Slaughter on point to arrange this

I'd throw in some jingle as well!

 

[Martin]

I'm in, too. Seriously.

 

[Warfang]

I can see it now.... a whole lotta cooks in that kitchen. Only way this would work is if someone like Herb is named Chief and everyone else stays a silent partners.

 

[Martin]

I can see it now.... a whole lotta cooks in that kitchen. Only way this would work is if someone like Herb is named Chief and everyone else stays a silent partners.

To work it would have to first show financial viability. If that hurdle is passed, bylaws, investor rights agreements, corporate structure, and a charter would be drafted to determine who does what and who is silent. There are some smart people associated with this club, some who have founded businesses in the past and have learned from past mistakes. Certainly would be interesting. I'd honestly put it way out on the long-shot side of the viability spectrum, but Iv'e seen some much less viable enterprises make it work.

 

[Sittingbull101]

All the people supposedly "in the know" on this board who were saying "everything is fine" look pretty stoopid to me now. Or just stooges or Chrysler flunkies spreading disinformation so that people would keep buying.

 

[Warfang]

All the people supposedly "in the know" on this board who were saying "everything is fine" look pretty stoopid to me now. Or just stooges or Chrysler flunkies spreading disinformation so that people would keep buying.

Businesses never run on the schedule of it's faithful fanatics (I think we all here apply). Deals are ALWAYS finalized last minute while all sides angle for better positioning. Some sides often leak info to the press to get leverage or drum up more demand (wow.... Viper plant/brand THAT cheap???... maybe we can afford it...).

Enjoy your car and don't sweat the things you have no control over.

 

[Hoodoo Man]

Just keep the faith. I believe we will be hearing who the new owner of Viper is soon.

I hope you are right. But only six business days left . The fact that its coming down to the wire would seem to point to some obstacles.

Larry

 

[tennis tom]

It's amazing that so many on here are able to afford Vipers with the apparently limited reading comprehension.

Reading comprehension is what you hire lawyers for. The beauty and greatness of our country was that if you showed up, worked hard and hustled you could make a lot of money fast. Being real intelegent is probably a detrement to making really big bucks.

I'm afraid the great opportunites that were afforded by capitalism will quickly dry up now that we have a socialist government.