Dana Corp files for bankruptcy

mabar proclaimed:

It is legal to summarize a story or quote it in fair use for review. That doesn't look like a dissolution type bankruptcy, more to renegotiate terms with lenders, break contracts, etc. As for the customers of Dana, bankruptcy courts have collection powers that would make Tony Soprano envious. Don't see directly why it would affect Jeep at all unless they, like some companies, have internal rules prohibiting new contracts or purchases from companies in bankruptcy.

winchester, dana, so many others......this is what happens when you sell your soul to china, one walmart basket full of chinese crap at a time.

>

Lon,

Dana is not actually in default yet. They have a thirty day grace period on a missed bond payment. That bankruptcy court is going to place a higher priority on axle production than paying bills, at least in the near term. They have to do that, to preserve equity, so that there will be something for creditors to collect. For this reason, I don't think that there will be any interruption in axle supplies soon, although Jeep and its parents may reconsider their long term axle sourcing strategy. You can use transmissions and engines as a model for what may happen. Jeep has changed suppliers of transmissions and engines several times in the past, and the current Wrangler, for example, continues to look about the same as its predecessors.

Earle

*** Free account sponsored by SecureIX.com *** *** Encrypt your Internet usage with a free VPN account from ***

Just so there's no confusion, /Winchester/ isn't going to China, as some might assume.

The name is owned by Olin, an American corporation, that licenses it to the Herstal Group in Belgium. Herstal is closing the New Haven plant because it is discontinuing all of the specialty market "traditional" models on falling sales.

Dana got caught between rising energy and steel prices -- both an effect of China's inevitable modernization -- and bad corner office decisions at the Big Three. Costs went up, sales went down. DC was the source of

46% of Dana's revenue in 2004, Ford 25% and GM 11%, so it shouldn't be a surprise that a failure of the Big Three to suit the marketplace would have a ripple effect up the supply chain. I'm guessing further upstream from Dana there's small shops all across the country laying people off.

Nathan W. Collier wrote:

>

Yup, and GM & Ford because everybody in the country these days are driving their pretty new Toyotas and Hondas. How easily people forget. My old granddad would roll over in his grave if I ever bought a Jap. auto.

Terry

Posted Via Usenet.com Premium Usenet Newsgroup Services

---------------------------------------------------------- ** SPEED ** RETENTION ** COMPLETION ** ANONYMITY **

----------------------------------------------------------

And your great, great, great granddad would roll over in his grave if he knew you were driving at all, instead of riding a horse. Where do you draw the line about living in the past? _____________________________________________________________________

2003 TJ Rubicon * 2001 XJ Sport * 1971 Bill Stroppe Baja Bronco

"There is a very fine line between 'hobby' and 'mental illness'."

Pronunciation: 'jEp Function: noun Date: 1940

Etymology: from g. p. (G= 'Government' P= '80 > Yup, and GM & Ford because everybody in the country these days are driving

Half my Ford is made of components made in Mexico.

GM and Ford are in financial dire straits because their labor costs are out of control, health insurance, pensions, etc.

>

The companies are in "dire straits" because of mismanagement and the greed of the auto worker unions.

The auto executives have only looked at short term goals for, at least, three decades now and have given little thought to the long term health of their companies.

Their shortsightedness led to 10-15 years worth of cars that were only occasionally capable of being made to run properly

I could also include their arrogance with their belief that consumers will be happy with whatever they built but that is an other story.

Had the auto companies been financed and advised by 'professional' financiers and not by bean counters, lawyers, and bankers concerned about making that extra penny today then perhaps things might be different.

Had the auto workers not been in controlled by organized crime and in bed with the communists things might have been different.

This came as no surprise to anyone as both sides understood each other perfectly well. Both sides had officials whose sole duty was to devise ways of screwing the other side but no one to promote cooperation.

The union workers have been making obscene wage and benefit packages for decades and for a long time the auto consumer was willing and able to support this excess. The unions are still concerned only with what they can get in 'this' contract.... screw the companies long term health.

The executives are making obscene salaries and vote themselves huge bonuses every year....... It makes perfect sense to me after all....this year they lost 100 million dollars less than they did last year....

But management may not have been as incompetent as we believed. perhaps they sought to intentionally run the company into bankrupsy. The court will allow them to then break their contracts with the unions and the federal government will take over the pensions and offer reduced benefits paid not by the company but by the taxpayer. Of course..... the executive board will then vote them even more extravagant bonuses and perks for returning their company to financial health......

>>

hi terry, im gonna be in helena all day monday. any suggestions on locating rural acerage? if you care to meet up for lunch (or just coffee) give me a call (number listed on

Nathan, Lots of nice rural acerage around here once you get out of town if you have the coin, but I can't give you any pointers since I haven't been looking to buy. I can only recommend a realtor or two that I know that might be able to assist. Prices are always on the rise around here it seems, however. Gotta add that "mountain tax". And this area is growing rapidly too, mostly people from the Seatlle area and Kalifornia moving here. They say Helena will be another Missoula and Bozeman in a few years. What a shame. I've heard land prices are still reasonable up towards Great Falls, if you don't mind living on the plains, but close enough to get to the mountains within an hour's drive or so. We can talk about it over lunch.

Lunch sounds good tomorrow. Unless you have another preference, why don't we meet at the Overland Express @ 11:45? I'll give you a call tomorrow in the AM from work.

Terry

Posted Via Usenet.com Premium Usenet Newsgroup Services

---------------------------------------------------------- ** SPEED ** RETENTION ** COMPLETION ** ANONYMITY **

----------------------------------------------------------

thats to bad. .....with the way my work has expanded im looking for a more central location. about half of my work is in billings, with the other half being combined of working in polson, missoula, butte, and even down in cody/powell/worland wyoming. butte would probably be the most central location for me to work from, but i really prefer helena to butte. i dont care to live inside helena, acerage outside helena would be perfect.

heh......i tried that one already........really dont care much for great falls.

ill look for your call tomorrow morning. i should be in town by 10. i dont know how flexible your schedule is, but i should be able to be at overland express by 12 anyway if that works for you. as much as we've talked online, it will be good to put a face with the name.

Where to draw the line indeed. I don't see anyone renting their robes over the demise of companies that once made trolley cars (killed by affordable automobiles) or diner cars (killed by chain eateries).

Here's a little more depth on what has happened to Dana -- which, by the way, is still turning a profit in its overseas operations.

twaldr> And your great, great, great granddad would roll over in his grave if he

Well, I am still bummed out by the recent National Blacksmith Memorial ceremonies, where the Chariot Makers Guild were the honored guests, with the Fraternal Order of Mammoth Handlers providing a special treat with their precision drill team.

Lee Ayrton proclaimed:

I like the excuse "Internal accounting woes prompted it late last year to lower its profits by $44 million for the last four years"

I think another way to say that would be " We intentionally devised and implemented, with malice, an illegal scheme to falsify the books".

I won't bore you with pointing out where I agree and disagree with your opinions below, but I'd like make a few points.

• The base wage at Delphi is .00 an hour, which doesn't meet my sniff test for obscene. Yes, some of its workers had been making 6-figures for years, but they were relying on overtime.

• The average annual cost of insuring a US family this year will be about ,000, and it won't ever be going back down.

An observation: I'm shocked at the anger exhibited towards pensioners.

And an opinion: Employers generally get the unions that they deserve. Beat your employees regularly, cheat them out of every dime you can and make them watch while you blow your nose into a wad of cash, screw them over just for fun and you'll find yourself facing a cigar-chomping, tire-slashing, sloganeering contract negotiator who will be happy to shut you down until the cows come home and your customers have all gone elsewhere.

billy ray wrote:

reader2.panix.com!reader1.panix.com!panix!newsfeed.media.kyoto-u.ac.jp!newsfeed.news.ucla.edu!canoe.uoregon.edu!arclight.uoregon.edu!feednews.vanderbilt.edu!feed.news.qwest.net!news.uswest.net.POSTED!not-for-mail