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Daimler AG: Chrysler worth $0

Discussion in 'Sports and News' started by poindexter, Oct 27, 2008.

  1. poindexter

    poindexter Well-Known Member

    The bargains that come out of Detroit.... last year, we had the house for $5. Now, Daimler AG's stake of Chrysler: $0.


    Daimler: Chrysler worth nothing

    Minority partner values its stake in company at $0


    As Daimler AG sees it, Chrysler is worth nothing.

    The German automaker has depreciated its stake in Chrysler to zero from $268 million at the end of June, the company said Thursday. A little over a year ago, the company valued its 19.9% stake in Chrysler at $2.2 billion.

    The announcement came as part of Daimler's quarterly financial release on a day when Consumer Reports scolded the Auburn Hills automaker's quality and Chrysler announced plant cuts that will halt hybrid vehicle production -- all as majority owner Cerberus Capital Management talks with General Motors Corp. about a merger that could result in 30,000 job cuts.

    Chrysler indicated Thursday that it had a net loss of $662 million in the second quarter of this year, meaning the automaker and its financing arm, Chrysler Financial, lost more than $1 billion in the first half of the year. The bulk of the $662-million losses -- $572 million -- was attributed to the automotive business.....
  2. Football_Bat

    Football_Bat Well-Known Member

    Lee Iacocca just wept took a hit from Snoop.
  3. Inky_Wretch

    Inky_Wretch Well-Known Member

    I'll give Daimler $1 for its stake in Chrysler.
  4. TheSportsPredictor

    TheSportsPredictor Well-Known Member

    TV Guide laughs at Chrysler.
  5. heyabbott

    heyabbott Well-Known Member

    You're buying someone else's debt. Give me a dollar and I'll sell you my credit card, and balance.
  6. 2muchcoffeeman

    2muchcoffeeman Active Member

    Bugger that. I'll buy a Jeep Wrangler for $10 and put them in a better financial position.
  7. mustangj17

    mustangj17 Active Member

    That will make three that they've sold this year.
  8. old_tony

    old_tony Well-Known Member

    Hell, if they'd sell them for $10, I'd take three.
  9. I Digress

    I Digress Guest

    So, if the company is worthless, the cars are now free?
  10. BitterYoungMatador2

    BitterYoungMatador2 Well-Known Member

    After driving a couple of their cars I could have told them this 10 years ago.
  11. Inky_Wretch

    Inky_Wretch Well-Known Member

    The Feds aren't going to bail you out like they will Chrysler.
  12. Beef03

    Beef03 Active Member

    So I bought one in July -- I actually love the thing -- who bought the other?
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