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post #1 of 9 (permalink) Old 04-28-2009, 09:40 AM Thread Starter
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Chrysler/UAW Agreement Gives Union 55 Percent Share of Automaker


Less than a day after the UAW, Chrysler and Fiat agreed upon the terms of a contract that would keep the struggling U.S. automaker afloat, details of the agreement have surfaced in which the union will take a controlling share in Chrysler.

At first it seemed almost too good to be true that all sides had reached an agreement without the need for decreased wages. Instead the agreement stipulated that Chrysler would significantly reduce its participation in the employee retirement program.

The agreement came just days after a similar agreement had been reach between Chrysler Canada and the Canadian Auto Workers union - an agreement that was ratified the same day Chrysler and the UAW put together the current proposal.

Now word has leaked that in exchange for Chrysler's reduced payments to the company's retirement plan, the company had to essentially hand itself over to the union. In total, the UAW will get a 55 percent stake in the planned Chrysler-Fiat partnership, with Fiat initially taking a 20 percent share, with up to 35 percent ownership possible if certain conditions are met.

The agreement now has to go before Chrysler's 26,000 workers, with voting on Wednesday in order to ratify the agreement ahead of the government's end-of-month bankruptcy deadline. If the deal is reached and Fiat signs on, the Federal Treasury will provide Chrysler (or should we say the UAW) with $6 billion to keep the automaker afloat.

Meanwhile, one other major player (which has been incredibly quiet during this ordeal) has agreed to remove itself from the situation. Daimler will shed its 20 percent stake in Chrysler and rethink ever working with a U.S. automaker again.

More: Chrysler/UAW Agreement Gives Union 55 Percent Share of Automaker on AutoGuide.com
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post #2 of 9 (permalink) Old 04-28-2009, 09:49 AM
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I bet this is going to go well for Chrysler. LOL

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post #3 of 9 (permalink) Old 04-28-2009, 10:00 AM
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I bet the UAW take the 6 million, sell chrysler and give the 6 million to the unemployeed members.



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post #4 of 9 (permalink) Old 04-28-2009, 10:00 AM
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So, if I owned 1000 shares of Chrysler stock, what would happen to my stock. Would I only own 450 shares now?

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post #5 of 9 (permalink) Old 04-28-2009, 10:04 AM
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Quote:
Originally Posted by GPintheMitten View Post
So, if I owned 1000 shares of Chrysler stock, what would happen to my stock. Would I only own 450 shares now?
Less! UAU gets 55%, Fiat gets minimum of 20%, public (including you) gets 25% unless Fiat takes more than 20% then you get even less.

You would always own your 1000 shares but they would be worth even less. Your share of the worth would be 25% or less of the stated value of the corp.



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post #6 of 9 (permalink) Old 04-28-2009, 10:09 AM
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Quote:
Originally Posted by GPintheMitten View Post
So, if I owned 1000 shares of Chrysler stock, what would happen to my stock. Would I only own 450 shares now?
If I read the above article correctly, If you owned 1000 shares of stock in Chrysler LLC you now have to give your shares to the UAW union and someone will come to your house and kick you in the crotch. I may be wrong I don't really understand business deals like this.

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post #7 of 9 (permalink) Old 04-28-2009, 10:15 AM
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I won't try to understand the breakdown but...............A very similar arrangement was created by Harley Davidson to save itself in the mid-80's.
The employees became the majority stockholders.
The results speak for themselves.
This potentally is a very good move.
Ask anyone who bought stock in Harley back then.
I didn't...................Damnit!
Rob


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post #8 of 9 (permalink) Old 04-28-2009, 11:08 AM
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It miht work. When you go from an employee to an owner, seems like your whole outlook changes.

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post #9 of 9 (permalink) Old 04-28-2009, 03:46 PM
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Unfortunately, the employees won't be the owners, the union bosses and managment will be, effectively keep the employees in their same position but running the company with the efficiency of a Soviet car company. Hello socialism, I hope the employees like red jumpsuits with gold stars and hammer/sickle logos and "Comrade XYZ" stenciled on the breast pocket.

Daimler makes out the best in this. They get to dump their remaing Chrysler stock and get away clean.

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