Archive - Jun 9, 2009

As Zero Hedge expected in today's Frontrunning, it was only a matter of time before White & Case picked up on Fiat spokesperson Gualberto Ranieri's words, after he said "Fiat won't walk away from Chrysler." As has been repeatedly noted, the key argument presented by Chrysler and the USA, is that Fiat would bail if it had a chance.

[youtube=http://www.youtube.com/watch?v=KWu-efNN8PM&hl=en&fs=1&]

hat tip James

Impaired claimant groups are gradually starting to get smart about what ultra-fast 363 auto sales imply for them - nothing good. The latest development in the GM case involves the company's asbestos-injury claimants, as the Detroit Free Press reports. The group has requested official committee representation in the GM case as it believes the GM 363 sale may be unconstitutional since it has been left out of negotiations.

Casino, chemicals, retailers, private jet and auto loan heatmapping continues. Solid, solid companies.

• AIG is raising about $1.14 billion in the offering of the reinsurer’s stock.
• Barclays in talks to sale BGI, with Blackrock for $12 billion.
• BlackRock said to offer $13B cash, stock for Barclays Global Unit.
• Boston Newspaper Guild turned down the Globe's proposal in a 277-265 vote.
• High Court stymies quick sale of Chrysler.
• Callaway Golf cuts dividend by 86%, to sell $110M in stock.
• Citi's $58B swap of preferred shares into common stock will go forth this week.
• Court’s one-sentence order puts Chrysler reorganization into uncertaint
  

• German retailer Arcandor/Karstadt-Quelle files for bankruptcy - Merkel is last bastion of capitalism (Bloomberg)
• The worrying wall of debt (The Deal)
  

Because having the 60th ranked supercomputer in the world doing reverse Whois and DNS lookups on you is not the most pleasant thing in the world. And it is too late to smoke the green shoot peace pipe at 1am.

Presumably the Lawrence Livermore Lab is busy playing blind chess with Gary Kasparov, and Cambridge University hasn't mastered the art of trading SPYs.

Because having the 60th ranked supercomputer in the world doing reverse Whois and DNS lookups on you is not the most pleasant thing in the world. And it is too late to smoke the green shoot peace pipe at 1am.

Presumably the Lawrence Livermore Lab is busy playing blind chess with Gary Kasparov, and Cambridge University hasn't mastered the art of trading SPYs.

• Must Read: Taibbi destroys WSJ's Evan Newmark: "Time to enshrine Hank Paulson as national hero" WTF (Taibblog hat tip Ian)

The consolidated group of objecting Chrysler dealers has filed a summary in the Chrysler docket summarizing every single objecting party's pleadings. Very useful reading, which makes it easy to track what grounds any particular dealers believes the company/administration has wronged him/her on. Of course, way too late in the case to have a bearing on the SCOTUS decision, let alone BK court, but still good for all who are still curious about the dealergate scandal.

Everyone's favorite destructor of value Jim Dondero has provided a nice presentation on the "performance" of the Highland Credit Strategies Fund. Seeing how this is among the top 10 pro-cyclical (i.e. poised to outperform in a squeeze) it would not be a surprise if Dondero pulls a Weinstein and manages to start a brand spanking new hedge fund as investors and FoFs on the sideline believe he has learned his lessons and will never again lose billions and billions of AUM.