CAW seeks guarantee from Cerberus

[Eugene]

Source: Reuters

CAW seeks guarantee from Cerberus
Mon May 14, 2007 1:02PM EDT

DETROIT (Reuters) - The Canadian Auto Workers (CAW) union said
on Monday it would seek a written guarantee from Cerberus Capital
Management that no jobs would be cut at Chrysler Group factories
in Canada through the term of the current contract.

Cerberus said on Monday it would buy an 80.1-percent stake of
DaimlerChrysler's (DCXGn.DE) (DCX.N) Chrysler Group for $7.4
billion.

CAW President Buzz Hargrove told reporters the union's message
to Chrysler's new majority owners would be "not one job (lost)
as a result of this new ownership structure."

The CAW's contract with Chrysler expires in September 2008.
The union represents about 10,000 workers at Chrysler factories
in Canada.

-snip-

Read more: http://www.reuters.com/article/reutersEdge/idUSN1426904920070514

[ScreamingMeemie]

1. Good luck with that then...

:(

[whistle]

2. This is another financial leveraged buy-out where Cerberus Capital has NO

....equity stake, is borrowing all of the $7.4 billion to get control of DaimlerChrysler's stock and then will put the company into bankruptcy/receivership, sell off the assets, payoff the debt, pocket the profits, filling only the most top tier executive's Golden Parachutes and turning all the rest of DaimlerChrysler's North American factory employees over to local soup kitchens.

This hostile take over must not be allowed to happen!:wtf:

[ReadTomPaine]

3. Here are some interviews with CAW President Buzz Hargrove done a few weeks ago...

Courtesy of Autoline Detroit - one of the better automotive industry TV-talk shows around.

http://www.autolinedetroit.tv/media/autoline/1117.wmv

http://www.autolinedetroit.tv/media/autoline/1117-extra.wmv

http://www.autolinedetroit.tv/media/autoline/1119.wmv

Real Media is also available at the site if preferred. It's interesting to hear him talk about this just before the sale.