Bankruptcy

Best Morning Business Summary

By mcbride

Here is a link to an article from www.Slate.com ?s Big Money section which is an excellent overview of today?s financial news.  Sample on Chrysler: ?Chrysler’s dive into bankruptcy protection means the U.S. taxpayer won’t be seeing the $7 billion in bailout money provided to the automaker ever again. CNN Money reports that the company understood, “the Treasury would forgive a $4 billion bridge loan given to Chrysler in the closing days of the Bush administration, a $300 million fee on that loan, and the $3.2 billion in financing approved last week by the Obama administration to fund Chrysler’s operations during bankruptcy.” Swallowing that dole-out is preferable to keeping Chrysler running at a continued loss, apparently.? 

 Sample on BoA?s need for cash: ?Perhaps then it’s not surprising to read in the Financial Times that BoA is considering offloading its $8 billion stake in China Construction Bank before the end of the week. How desperate is BoA for cash right now? “People familiar with the situation said that BofA would gain an extra dividend payment of $200m if it held on to the stock until at least June 17,” notes the FT.?

Here is the link: http://www.thebigmoney.com/features/todays-business-press/2009/05/06/bank-america-under-pressure

Michael

Full post as published by Texas Lawyer Blog on May 06, 2009 (boomark / email).