Judge rules against Chrysler in efforts to retrieve equipment f...

A federal bankruptcy court judge will not allow Chrysler LLC to immediately retrieve equipment from a supplier that has filed for bankruptcy protection.

[Maria]

Judge got it wrong.
- Plastech only filed for Ch. 11 AFTER Chrysler wanted CHRYSLER'S tools back.
- Judge is not considering that Plastech quality caused extra measures many times including three times with a third-party.

Chrysler has a right to have their tools go to a supplier that is going to deliver parts meeting spec.

The last thing Plastech needs is affirmation that quality/control/responsibility do not matter.

[anonymous]

Maria,

Judge only said for now. The current interim deal expires on Feb 27. The timing of the Ch 11 filing is irrelevant in a court of law regarding Chrysler's access to the tools.

Basically, the judge said "we're going to give Plastech a little bit more time than 12 days to reorganize and find additional funding but they better act quick because this gravy train will end soon. Not just yet, but soon."

The only chance that Plastech has for salvation is another injection of cash from Ford, GM and JCI or the sale of a few plants to JCI to raise enough capital to resume operations.

I wouldn't expect those 3 companies to throw more good money after bad, especially after they have voiced their support of Chrysler's stance on the issue. Absent cash from those customers, who would possibly want to finance Plastech out of this mess? Their debt is already selling for below 70 cents on the dollar before the filing.

[whatever]

They're Chrysler's tools...Chrysler owns them...
maybe the judges house or cars should be taken from him...apparently in his courtroom ownership means nothing!!!!!!!!!!

[anonymous]

Ever heard the saying:

possession is 9/10ths of the law?

[Maria]

anonymous wrote:

Ever heard the saying:
possession is 9/10ths of the law?

Yes, but how does that apply here? It is clear and easy to prove Chrysler owns the tools. Your saying relates to totally different situations.

[C L Jones]

How can a company under bid everybody, take the work plus keep the molds when contracts aren't met? And what kind of business will they expect to attract afterward?