Monday, May 04, 2009

Chrysler's Lawyers' Sneak Attack Fails

According to, Chrysler's lawyers tried to pull a fast one on the secured creditors with a Tora Tora Tora sneak attack on the non-TARP secured lenders. Chrysler filed a motion to have all of Chrysler's valuable assets transferred into a new company. They filed the motion at 7:30 Sunday evening and asked for a hearing Monday morning at 10:00 AM. Talking about SOB litigators! Can you imagine if one of us tried the same stunt? The secured creditors were ready and filed a reply, making sure the important stuff won't be heard on the rocket docket.

The non-TARPees came out swinging with some pretty interesting arguments as to why Chrysler's (and the government's) plan is illegal and prejudicial to the secured creditors.

This one promises to be a real slugging match.

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