http://apnews.myway.com/article/20100122/D9DCJHOG1.html
About 600 car dealers try to get businesses back
Jan 22, 12:34 AM (ET)
By TOM KRISHER
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India Johnson, an arbitration association senior vice president who is in charge of the hearings, said she expects 700 to 800 dealers to seek binding arbitration before the deadline. Not all will get hearings, she said. Some filed paperwork to preserve their appeal but may not proceed, while others may settle with the automakers before hearings, she said. The hearings, which must be held in the dealership’s home state, are likely to cost both sides a lot of money. Some dealers may lack cash to pursue them because they’ve closed their businesses or aren’t making as much as they once did. Wolf said dealers who appeal are gambling the legal fees in an effort to keep franchise agreements that alone are worth $500,000 to more than $2 million. The nonprofit arbitration association will do all it can to keep costs down, Johnson said. In some cases, dealers may represent themselves without an attorney, and arbitrators in some cases may cut their hourly rates, she said.
Chrysler CEO Sergio Marchionne has said the automaker may challenge the constitutionality of the arbitration law in federal court, but spokeswoman Kathy Graham said Thursday that no decision has been made.
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Disclaimer: Frau lost 5k in GM bonds while America lost its liberty!
Clearly, the “auto company bailout” was:
- Mis-named. It was, in fact, a bail out of the UAW.
- Unconstitutional seizure of the bondholder’s property.
- A violation of the rule of law. What happened to the bankruptcy code?
- Socializing the losses while allowing the fat cats in “management” and labor to escape with the profits.
- A Nazi-style nationalization of the car companies; just like the banks.
Obama, in the style of FDR, seized the economy. And, like fascists and socialists have always found out, it doesn’t work. The economy is in the toilet. In a large part, due to the uncertainty that the Obama administration has introduced. Tax your bonus, windfall profits tax, taxes upon taxes, cap ‘n’ tax, healthcare taxes — all scare private investment to the side lines.
Argh!
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Reinke Faces Life 