Power: New-Vehicle Sales Slide 13 Percent So Far
J.D. Power and
Associates' mid-month report on new-vehicle sales finds the industry numbers
slipping in early March. The Power Information Network (PIN), which assembles
sales data, says sales have dropped 13 percent in the first 12 days of the
month, not including fleet sales. The PIN notes that GM's market share sat at
21.3 percent during its survey period, down from 23 percent in the year prior;
Scion's tC Release Series 2.0 Coming to N.Y., Too
Scion's latest Release Series 2.0 will show off its goods at the New York show, too - but this time the special edition is based on the brand's two-door tC coupe. On sale in mid-April, the tC 2.0 gets Blue Blitz paint, 17-inch wheels, side and curtain airbags, and a new stainless-steel grille. A Pioneer sound system is outfitted, too, and comes with three months of standard XM service, along with an iPod jack. Scion says only 2600 copies will be built, to be sold for $18,260 each.
Smart 2004 Smart city coupe
2004 Smart city coupe
Deal for Part of GMAC Done
General Motors Corp. said it has sold a majority interest in GMAC's commercial mortgage division in a deal valued at $9 billion, including $1.5 billion in cash. Another $7.3 billion in loans that the commercial mortgage unit owed GM were repaid at the closing.
The deal restores the commercial mortgage group's investment grade credit rating and could help GM's lagging efforts to sell off a majority interest in GMAC's remaining units, analysts suggested. The sale has been pending since August. Apparently the new buyers, which included private investors Kohlberg Kravis Roberts & Co., Five Mile Capital Partners, and Goldman Sachs Capital Partners, have been satisfied that regulators and creditors won't come hunting for them if GM is ever forced to file for court protection under Chapter 11 of the Federal Bankruptcy Code. As part of the deal, GMAC Commercial Holding also announced it has changed its name to Capmark Financial Group Inc. The new company was immediately assigned an investment-grade rating by Fitch Investment Services.
GMAC's credit rating lost its investment-grade status last year on the heels
of continuing losses at GM. GM hopes selling a 51-percent stake in GMAC will
both raise cash and boost the unit's credit rating back to investment grade.
Analysts also said the deal was another step in the restructuring of GM, which
got a boost this week when it got the green light from the United Auto Workers
to offer buyouts to 126,000 union members employed by GM and
Keeps GMAC On The Block by Joseph Szczesny (3/20/2006)
Accounting issues dragging down company's Wall Street cred.
Chrysler Turns Tables on Litigators
In a classic
turnaround, DaimlerChrysler has demanded disbarment of a
According to DaimlerChrysler lawyer Steven B. Hantler, "Our company was the
victim of one of the most outrageous examples of lawyer misconduct in
In 1998, three
When the fraud was revealed the judge dismissed the case and fined the lawyers nearly $1 million which, according to DaimlerChrysler, still remains unpaid. The trial judge referred the matter to the Texas Bar for disciplinary action, which resulted in one of the trio being disbarred after he fled the country, while the other two received less sanctioning than DC attorneys felt was justified.
Accordingly, they have intervened with the Bar for further review of the remaining lawyers' status.
This is not the first time an auto company has fought back against misconduct by plaintiff attorneys or their allies. Several years ago, a contract trial lawyer defending General Motors sued the Center for Auto Safety for defamation by the CAS in post-trial statements concerning GM's defense of its trucks. The Center's insurance carrier settled for the full amount of the liability coverage held by CAS, $500,000. -Mike Davis