Word: auto
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Dates: during 2000-2009
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...even though the Michigan court has deep experience with auto-related bankruptcies - it has handled those of partsmakers such as Collins & Aikman, Intermet and Plastech Engineered Products - and has fielded its share of megacases, including the landmark bankruptcy that resulted from lawsuits against Dow Corning over silicone breast implants, landing GM may be an uphill battle. "The [lawyers] for the automobile companies sleep much closer to New York and Delaware than they do to Detroit," says Hugh Ray, a partner at the Houston-based law firm Andrews Kurth who is also admitted to the New York bar. "You're afraid...
...press is upset that the car companies will not put on their usual splendid displays at the New York International Auto Show. There will not be a big collection of V8 thunder cruisers, women in bikinis to demonstrate the latest models, and wild concept cars which are inordinately attractive but will never be built...
Instead, the auto manufacturers, especially The Big Three, are showing up with paper and Styrofoam versions of their future models which will sit on linoleum floors. The most extravagant attractions, which were often better than the cars, will be completely absent. As The Wall Street Journal points out, "Chrysler LLC has eliminated its popular test track in the basement of the Jacob K. Javits Convention Center, for which it once trucked in tons of dirt, rocks and logs and where attendees could go for a short spin in a Jeep. " (See pictures of the Top 10 scared traders...
...auto companies are losing perspective by chopping what they spend when they come to New York. The only purpose that the car show has ever had was to sell cars. The parts about seeing Broadway shows and drinking too much was always a side-show. The Javits Center has acres of space and can accommodate tens of thousands of people over the period of the event. Cheating potential customers of their one chance to see the best of the industry is an invitation to pushing light vehicles sales down even further. Who wants to buy what the car companies will...
...York Federal Reserve says the second round of TALF lending amounts to just two issues for $1.7 billion in loans, divided roughly equally between auto and credit cards. The $1.7 billion is well below the $4.7 billion in loans from last month. Fed officials say they will return after the holiday weekend to try and get a sense of why the subscription was so light. (Read "Doubts Raised About Government Plan to Boost Consumer Lending...