Chrysler filed to go into Court  Today and filed for Chapter 11 Bankruptcy protection after talks fell through with their lenders.

The Company would not repay their bond holders only offering 30% on the dollar while larger concessions were made to Unions and a special buy in by Fiat who will now own 20%.

The question is how does Fiat with only 20% become the new “In Name” owner while the UAW Unions control most of the remaining company.

Stock Ownership is the normal way that you calculate who owns a corporation but under Chapter 11 the government will wipe out the ownership rights of individual stock holders and provide it to Fiat and the UAW.

Something doesn’t seem right here does it….?

Anyway if you have a Chrysler Vehicle you can now go to any US Post Office for General Maintenance and Warranty Repairs.