Archive - May 14, 2009

The map below demonstrates the chickenpox impact that just the initial round of Chrysler dealer shutdowns will have on the US economy.

In bankruptcy court earlier, Chrysler filed an initial salvo in its quest to trim its cost side from uber-bloated to merely bloated. The list presented below, highlights the 789 dealers (out of a total of 3,200) that Chrysler has decided to eliminate at the first possible opportunity. Zero Hedge is attempting to evaluate the geographic fallout of these massive initial cuts, and will present its readers with the results as soon as practicable. If you are a dealer and you are on the list below: tough luck - you may have a chance to appeal, but the process will likely be a moot point.

In the latest twist of the Yellowstone Club bankruptcy saga, presiding Judge Kirscher ruled that investment bank Credit Suisse which had lent $375 million in first lien debt to the bankrupt club had engaged in predatory lending, and the resulting lien backing the loan would become subordinated equitably subordinated to virtually everyone including unsecured creditors. Can't be good for those recovery prospects.

In the latest twist of the Yellowstone Club bankruptcy saga, presiding Judge Kirscher ruled that investment bank Credit Suisse which had lent $375 million in first lien debt to the bankrupt club had engaged in predatory lending, and the resulting lien backing the loan would become subordinated equitably subordinated to virtually everyone including unsecured creditors. Can't be good for those recovery prospects.

• Weil: Goldman pays greenmail to make snoops go away (Bloomberg)
• Wholesale prices rise 0.3% in April, higher than 0.1% consensus (Yahoo)
• ECB policy makers clash over bond-purchasing less than a week after Trichet-engineered truce (Bloomberg)
• GM to pay suppliers a week ahead of filing for bankruptcy (