About Chrysler Cars

With DaimlerChrysler AG announcing yesterday that it had sold off its Chrysler unit to Cerberus Capital Management, i1connect reached out to Chrysler bidder Daniel Imperato for an interview in response to the recent news.

Imperato said, “Chrysler is doing a great injustice to the workers and shareholders of the company.”

Initially, Imperato approached United Auto Workers (UAW) President Ron Gettelfinger with a formal written proposal to discuss what needed to be done to protect the workers of the UAW and its pension fund.

In addition, Imperato made a press statement for his ESOP (Employee Stock Ownership Program) plan to publicly announce that his group came up with the original ESOP proposal. After making his release, Imperato contacted JP Morgan for the official due diligence package for the Chrysler Corporation that was being distributed to other potential suitors such as the Blackstone Group, Cerberus Capital Management, and Magna Parts International.

According to Imperato, he was “treated with no respect, ignored, and basically shuffled out of the opportunity to make a fair bid.” Fellow bidder, Kirk Kerkorian, also did not receive the due diligence package from JP Morgan Chase, according to published news reports. However, Kerkorian did receive some media coverage for his bid which featured similar aspects to Imperato’s ESOP proposal.

After the initial round of bidders made their proposals, a group of UAW workers, led by Michele Mauder, put together an ESOP proposal to Dr. Dieter Zetsche, Chairman of DaimlerChrysler AG. The group of Chrysler employees was essentially denied an opportunity to make a competitive bid by UAW President, Ron Gettelfinger, and the Chrysler Corporation stating that their offer was not serious.

“I call on the workers of the UAW to rally and support my plan in collaboration with Michele Mauder’s plan as a unity plan for the people and the workers of the UAW. I call on the employees to demand Daimler Chrysler to at least hear our proposal,” stated Imperato.

Imperato then went on to state that he has been in discussions with Michele Mauder to bring his financial resources and strategy to Michele Mauder and her group to strengthen the offer of the ESOP plan to protect the UAW workers.

The $7.4 billion offer by Cerberus Capital Management for 80% ownership of the Chrysler Corporation, in Imperato’s estimation, was “excessively high,” and that the deal potentially could not close, leaving Chrysler in a “danger zone” to get a deal done.

In this exclusive interview, Imperato also stated that he is awaiting a meeting with Kirk Kerkorian for a potential partnership. The meeting has been held up by the busy schedules of both Kerkorian and Imperato, who has been touring the country at a frenetic pace as part of his presidential campaign.

At the meeting, Imperato will ask Kerkorian to be a humanitarian and join and put his financial muscle behind the Imperato-Mauder team for “justice for all workers.”

Imperato also suggested that there may be potential legal action against Gettelfinger and DaimlerChrysler AG stating that Gettelfinger and DaimlerChrysler AG et. al. “did not act in good faith and did not adhere to the fiduciary responsibility that they have to the shareholders and workers of the Chrysler Corporation.”

He also stated that he wouldn’t be surprised to see an American boycott of DaimlerBenz AG including their Mercedes Benz line.

During the interview, he pointed out that Michele Mauder’s legal counsel could suggest the potential lawsuit and a potential rally and strike in order to make their voices heard.

“I support Michele Mauder and the workers of the UAW. I have reached out and offered my collaboration, and I believe that collectively, we will continue to explain our position. At the end of the day, we will be heard and have the ability to implement our plan to protect the great state of Michigan and the workers of the UAW.”

Imperato concluded the interview by stating that new parties have come to the negotiating table to help Imperato and Mauder, and their bid to give the workers an ESOP plan to save their under funded pensions, and their corporate legacy.

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