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soopernaut
So Norm, what did you hear?

Sorry for the delay. I was busy at work and didn't get back here before all of the news broke publicly.
By now you all know that the feds had this all pre-arranged. Chrysler actually came very close to avoiding this, only 3 out of 45 lenders did not accept the re-organization plan. Can't blame them, they have fiduciary responsibilities to their shareholders, many of whom are everyday Americans with pension money invested in Chrysler and they could not afford to give up billions in exchange for a few cents on the dollar.
These are secured creditors and will be first in line in court.
Chrysler is selling all of it's assets to Fiat, Nardelli will leave and the future model line-up is uncertain.
The UAW holds 55% of the assets, but only one vote on the board of directors.
Basically we could have done this on our own a year ago and been able to forestall government intervention and foreign ownership.
Mr. Nardelli probably never understood the auto world, he did not comprehend the passion behind brands, these are not washer and dryers...it's a sad and uncertain time...