I am writing today to announce the closure of the Michigan Messenger. After four years of operation in Michigan, the board of the American Independent News Network, has decided to shift publication of its news into a single site, The American Independent at Americanindependent.com. This is part of a shift in strategy, towards new forms [...]
An abstinence-only presentation provided to numerous school districts in Calhoun and Eaton Counties in October of this year provided false and misleading information to students about HIV, experts allege.
Two county registers of deeds filed a class action lawsuit Monday on behalf of Michigan’s 83 counties alleging that the Mortgage Electronic Registration Services owes millions of dollars in property title transfer taxes.
Despite evidence of the impact of mercury on children and public health, Michigan Attorney General Bill Schuette last month joined with 24 other state attorneys general in filing a lawsuit to scuttle new EPA regulations that would reduce mercury emissions from power plants.
The U.S. Treasury Department announced on Thursday that Chrysler had paid off the last remaining government investment in the company, much sooner than anyone expected them to do so.
In a press release the agency said:
Today, the U.S. Department of the Treasury announced that it received $560 million in proceeds from the sale of its remaining stake in Chrysler Group LLC to Fiat. With the closing of this transaction, Treasury has fully exited its investment in Chrysler Group under the Troubled Asset Relief Program (TARP).
Fiat paid $500 million to Treasury for its 98,461 shares or 6 percent fully diluted equity interest in Chrysler Group. Fiat also paid $60 million to Treasury for its rights under an agreement with the UAW retirement trust pertaining to the trust’s shares in Chrysler Group.
“With today’s closing, the US government has exited its investment in Chrysler at least six years earlier than expected,” said Assistant Secretary for Financial Stability Tim Massad. “This is a major accomplishment and further evidence of the success of the Administration’s actions to assist the US auto industry, which helped save a million jobs during the worst economic crisis since the Great Depression.”
Fiat held a call option to purchase Treasury’s equity interest in Chrysler Group. This option was exercisable for the twelve months following the repayment of the Treasury loan provided to Chrysler Group. On May 24, 2011, Chrysler Group repaid $5.1 billion in TARP loans and terminated its ability to draw a remaining $2.1 billion TARP loan commitment. On May 27, 2011, Fiat notified Treasury of Fiat’s irrevocable commitment to exercise its option to purchase Treasury’s 6 percent fully diluted equity interest in Chrysler Group. Pursuant to the Call Option Agreement, the price for the 6 percent fully diluted equity interest in Chrysler Group was determined based on negotiation between Fiat and Treasury.
Treasury committed a total of $12.5 billion to Old Chrysler and Chrysler Group under TARP’s Automotive Industry Financing Program (AIFP). With the closing of today’s transaction and Chrysler Group’s repayment in full of its TARP loans in May, more than $11.2 billion of that amount has been returned to taxpayers through principal repayments, interest, and cancelled commitments.
The remaining $1.3 billion is owed by Old Chrysler and can only be repaid through liquidation of the assets, but Treasury does not anticipate being able to recover that amount.
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