Dana Corporation files chapter 11

**Steve** · 03-04-2006, 11:11 AM

Dana Corporation, one of the industry's largest supplier of vehicle frames, axles, trannies, bearing and hub assembly filed for protection under chapter 11 thru the U.S. court today.

Dana in recent weeks missed on payment of over 21 million dollars in interest (that was an interest ONLY payment mind you). Of course, Dana stock dropped from ~ $17.00 in Jan 2006 to less than $3.00 this week.

**84fiero123** · 03-04-2006, 09:29 PM

Sorry to hear that. That they are filing bankruptcy. They have been making rear ends for GM for as long as I can remember.

**Steve** · 03-05-2006, 09:35 AM

Yeah, they're just another casualty of some of the new business practives that GM is doing. Moving to cheaper overseas imports, etc.

**84fiero123** · 03-05-2006, 10:10 AM

Some people don’t understand the history that the American auto industry has. The American auto industry has been a leader in the auto for over a hundred years. We have built and still build some of the finest cars in the world. GM introduced the V-8-6-4 back in the early 80’s, long before any foreign manufacturers ever thought of it. Granted it didn’t work well but that was the designers fault.
The American public has become Media happy, if it’s in the paper, on TV, or the idiotnet for most people it’s true. No one even questions it. I have a friend that works for Toiletota as a technician and tells me they have just as many problems as the American cars just that the media doesn’t catch it.
When any company in this country sends jobs overseas we all loose.
We loose Jobs, the taxes from those jobs, the income for other businesses that are near those jobs, Gas stations, burger joints, and all the other jobs and businesses in the local area.
Not to mention the local taxes that the company itself pays.
If you don’t believe me just take a drive around Flint, Michigan. It is now just a shell of it’s former self.
I own nothing but American vehicles always have, will never buy anything made buy a foreign car company.

**Steve** · 03-05-2006, 06:02 PM

I agree. Not to mention the other aspects of the economic cycle. Less money in the national economy (trade deficit) means less money in some other American company's pocket. It means less money for a company that might buy the software that my company sells, so we have less sales and end up not being able to hire the 3 or 4 other people that we need. Those other people have to then take other jobs that don't pay as well, so they have less money to spend on other products, etc, etc, etc.

**Steve** · 03-05-2006, 06:04 PM

Originally Posted by 84fiero123

The American public has become Media happy, if it’s in the paper, on TV, or the idiotnet for most people it’s true. No one even questions it. I have a friend that works for Toiletota as a technician and tells me they have just as many problems as the American cars just that the media doesn’t catch it.

This is correct. Most all reports show that there is a virtual head-to-head defect-to-defect comparison between American, European and Japanese cars. The difference may have been as little as 1 defect per 10,000. Any not only that, the Cadilac and Lincolns got higher ratings that the Accura did in recent years.

**labanjohnson** · 03-06-2006, 08:29 AM

I agree with you guys, September 11, 2001 sure proved to me how sensitive our national economy is to small upsets and how that affects us PERSONALLY. Nowadays all cars are made well and half of the foreign cars are being built here anyway, but the bottom line is who is getting the big chunk of your money? An American, or... ?

**84fiero123** · 03-06-2006, 01:45 PM

Always an American gets my money, at least I try to buy Amercan. Now days it's hard to tell who's who. With GM, Ford, Dodge bring in imports with their badges you really got to look.
Like the new GTO is made down under.