FINALLY, CHAPTER 11 FOR CHRYSLER, L.L.C.

[Get the latest "Truth With Speedzzter" here]

The wait for the inevitable Chrysler bankruptcy is now over

The objective of this "controlled" bankruptcy is to cane recalcitrant debt holders into accepting roughtly 29 cents on the Dollar for their debt, dump environmental liabilities that Fix It Again Tony (FIAT) does not want, and to quickly (and cheaply) reject hundreds of "excess" dealer franchise agreements outside restrictions of state franchising laws.

Debtor-in-possession financing will apparently be by your tax-paying grandchildren and great-grandchildren, courtesy of Chinese and other foreign loans, as "lanudered" through the Obama Administration. Thus, it's a potent coctail of bankruptcy AND bailout! For the Government's largess, they will snag an equity stake in the "new, new" FIAT-Chrysler or whatever the surviving company is called.

(State ownership was SUCH a success for the British motor industry years ago . . . (not really))

It's probably also a test case to see if consumers really won't buy vehicles from a company in bankruptcy. If they will, look for the "controlled" bankruptcy of General Motors (although Detroit News Columnist Daniel Howes disagrees).

For its part, Ford Motor Company is keeping an optimistic outlook, believing that Chrysler's "controlled" (government funded) bankruptcy won't lead to the collapse of suppliers or Chrysler's obtaining a huge cost advantage on labor or supplier inputs.

Whether the Glass House optimism is warranted remains to be seen. However, they're probably banking on gaining loads of marketshare from the bankrupt Chrysler at least in the short term.