Chrysler Chief Jim Press Preparing For Bankruptcy? Currently In The Red For $1.6 Million

Chrysler Group LLC Deputy Chief Executive Jim Press owes the IRS almost $1 million in delinquent taxes and is being sued by his credit union for defaulting on a $609,000 loan, according to records obtained by The Detroit News.

Oakland County records chronicle the toll financial industry turmoil and the automobile industry collapse have taken on one of its top executives, whose financial woes mirror those of blue-collar workers and average Joes living paycheck to paycheck -- only on a much grander scale. He recently hired a lawyer, Wallace Handler, who specializes in bankruptcy cases.

Press blamed his money problems on the Auburn Hills automaker eliminating his year-end bonus and said two banks refused to loan him more money or refinance his home. "In this terrible credit environment, I have exhausted other avenues of getting a new loan which would allow me to pay you off," Press wrote in the letter, obtained by The Detroit News


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wins555 - 9/18/2009 12:30:58 PM

-2 Boost

Only in America where you can hide from your obligations with the help from the law. If he is sued by the gov't, he can pass on the suit to his previous employer for not giving the bonuses.

Agent009 - 9/18/2009 1:02:54 PM

+1 Boost

Actually his current employer did the dirty deed.

Dutchman - 9/20/2009 10:47:31 AM

+1 Boost

Does nobody in America save for a rainy day anymore? He worked for Toyota for quite a few years and there had to have been handsome bonuses during the boom years. If you cant manage your own finances why would a company let you handle theirs? and you watch he'll land at another manufacturer before Chrysler is completely liquidated.