Chrysler bankruptcy...

[Larry Gude (Premo)]

...was filed, as I understand it, in New York.

Car maker. Detroit. Mid America. Motor city.

I haven't heard the question asked, so, why was it filed in New York and is this meaningful?

[Rommey]

Originally Posted by Larry Gude

I haven't heard the question asked, so, why was it filed in New York and is this meaningful?

Because the Chrysler Building is in New York...

[Tilted]

Originally Posted by Larry Gude

...was filed, as I understand it, in New York.

Car maker. Detroit. Mid America. Motor city.

I haven't heard the question asked, so, why was it filed in New York and is this meaningful?

I can't say for certain.

Generally speaking, you file for bankruptcy in the federal district where you legally reside. For a corporation, that means where you are incorporated, not where your are headquartered or where your principal operations are.

I know that Chrysler LLC, the primary entity that we are talking about here, is incorporated in Delaware (as are a lot of companies, I think you will find). However, there are no doubt numerous affiliate companies that are involved in this. If some of them are incorporated in New York, then that would give them a basis to file there. I'll do some checking on Monday and see if I can find a more definitive answer for you.

[Larry Gude (Premo)]

Originally Posted by Tilted

I can't say for certain.

Generally speaking, you file for bankruptcy in the federal district where you legally reside. For a corporation, that means where you are incorporated, not where your are headquartered or where your principal operations are.

I know that Chrysler LLC, the primary entity that we are talking about here, is incorporated in Delaware (as are a lot of companies, I think you will find). However, there are no doubt numerous affiliate companies that are involved in this. If some of them are incorporated in New York, then that would give them a basis to file there. I'll do some checking on Monday and see if I can find a more definitive answer for you.

My suspicion is that the locale is in the interest of the government.

[Tilted]

Originally Posted by Larry Gude

My suspicion is that the locale is in the interest of the government.

Could be. At the very least, this is a venue of choice - since I'm fairly sure that they could have chosen at least one other venue (Delaware).

The judge that is handling the case certainly has experience in large, high-profile bankruptcies - I recall reading that he handled Enron. I can see how that kind of experience would be desirable - regardless of any other, less forthright, motivations that there possibly could have been for selecting this venue.

[Sonsie]

This is a nice little addition to the socialized car industry story.

White House Denies Charge By Attorney that Administration Threatened to Destroy Investment Firm's Reputation*

May 02, 2009 3:17 PM

A leading bankruptcy attorney representing hedge funds and money managers told ABC News Saturday that Steve Rattner, the leader of the Obama administration's Auto Industry Task Force, threatened one of the firms, an investment bank, that if it continued to oppose the administration's Chrysler bankruptcy plan, the White House would use the White House press corps to destroy its reputation.

[Larry Gude (Premo)]

Originally Posted by Sonsie

This is a nice little addition to the socialized car industry story.

White House Denies Charge By Attorney that Administration Threatened to Destroy Investment Firm's Reputation*

May 02, 2009 3:17 PM

A leading bankruptcy attorney representing hedge funds and money managers told ABC News Saturday that Steve Rattner, the leader of the Obama administration's Auto Industry Task Force, threatened one of the firms, an investment bank, that if it continued to oppose the administration's Chrysler bankruptcy plan, the White House would use the White House press corps to destroy its reputation.

Tilted, still holding out hope that our Marxist buddy ha no nefarious motivations for filing in New York, aka, Timmy Land?

[chernmax (Premo)]

Originally Posted by Rommey

Because the Chrysler Building is in New York...

The land on which the Chrysler Building stands was donated to The Cooper Union for the Advancement of Science and Art,[25] a private college that offers every admitted student a full tuition scholarship, in 1902. The land was leased to the Chrysler Corporation to construct the building in 1929.[25] The land and the building continue to be owned by the college;[26] however, the lease has changed several times. The Chrysler Corporation moved out in the 1950s, and in 1957 it was leased to real-estate moguls Sol Goldman and Alex DiLorenzo, and later leased to the Massachusetts Mutual Life Insurance Company. The lobby was refurbished and the facade renovated in 1978–1979.[27] The building was leased by Jack Kent Cooke, a Washington, D.C. investor, in 1979. The spire underwent a restoration that was completed in 1995. In 1998, The Cooper Union leased the building to Tishman Speyer Properties and the Travelers Insurance Group. In 2001, a 75% stake in the lease of the building was sold, for US$ 800 million, to TMW, the German arm of an Atlanta-based investment fund.[28] On June 11, 2008 it was reported that the Abu Dhabi Investment Council was in negotiations to buy TMW's 75% economic interest in the building and a share of the Trylons retail structure next door for US$ 800 million.[29] On July 9, 2008 it was announced that the transaction had been completed, and that the Abu Dhabi Investment Council was now the owner of the building.[30]

[Rommey]

Originally Posted by chernmax

The land on which the Chrysler Building stands was donated to The Cooper Union for the Advancement of Science and Art,[25] a private college that offers every admitted student a full tuition scholarship, in 1902. The land was leased to the Chrysler Corporation to construct the building in 1929.[25] The land and the building continue to be owned by the college;[26] however, the lease has changed several times. The Chrysler Corporation moved out in the 1950s, and in 1957 it was leased to real-estate moguls Sol Goldman and Alex DiLorenzo, and later leased to the Massachusetts Mutual Life Insurance Company. The lobby was refurbished and the facade renovated in 1978–1979.[27] The building was leased by Jack Kent Cooke, a Washington, D.C. investor, in 1979. The spire underwent a restoration that was completed in 1995. In 1998, The Cooper Union leased the building to Tishman Speyer Properties and the Travelers Insurance Group. In 2001, a 75% stake in the lease of the building was sold, for US$ 800 million, to TMW, the German arm of an Atlanta-based investment fund.[28] On June 11, 2008 it was reported that the Abu Dhabi Investment Council was in negotiations to buy TMW's 75% economic interest in the building and a share of the Trylons retail structure next door for US$ 800 million.[29] On July 9, 2008 it was announced that the transaction had been completed, and that the Abu Dhabi Investment Council was now the owner of the building.[30]

UHhh, well, OK....my bad. :)

[chernmax (Premo)]

Originally Posted by Rommey

UHhh, well, OK....my bad. :)

Sorry, I'm from NYC...