Word: york
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...such as Collins & Aikman, Intermet and Plastech Engineered Products - and has fielded its share of megacases, including the landmark bankruptcy that resulted from lawsuits against Dow Corning over silicone breast implants, landing GM may be an uphill battle. "The [lawyers] for the automobile companies sleep much closer to New York and Delaware than they do to Detroit," says Hugh Ray, a partner at the Houston-based law firm Andrews Kurth who is also admitted to the New York bar. "You're afraid of what you don't know, and it's easy to tell a client they face a great...
...press is upset that the car companies will not put on their usual splendid displays at the New York International Auto Show. There will not be a big collection of V8 thunder cruisers, women in bikinis to demonstrate the latest models, and wild concept cars which are inordinately attractive but will never be built...
...auto companies are losing perspective by chopping what they spend when they come to New York. The only purpose that the car show has ever had was to sell cars. The parts about seeing Broadway shows and drinking too much was always a side-show. The Javits Center has acres of space and can accommodate tens of thousands of people over the period of the event. Cheating potential customers of their one chance to see the best of the industry is an invitation to pushing light vehicles sales down even further. Who wants to buy what the car companies will...
...York Federal Reserve says the second round of TALF lending amounts to just two issues for $1.7 billion in loans, divided roughly equally between auto and credit cards. The $1.7 billion is well below the $4.7 billion in loans from last month. Fed officials say they will return after the holiday weekend to try and get a sense of why the subscription was so light. (Read "Doubts Raised About Government Plan to Boost Consumer Lending...
There are three possible reasons for the shortfall in demand. First, there have been disagreements over terms between some of the dealers who are packaging consumer loans and the investors they want to sell them to. The New York Fed has engaged both sides in several of these disputes and believes it can resolve the problems, says the Fed official. The second potential reason for the TALF shortfall is fear of retroactive penalties from Washington. "There's nervousness about the possibility of retroactive action by Congress," says a government official...