Sep 21, 2009 -
Cry Me A River
Chrysler Group LLC Deputy Chief Executive Jim Press owns more than $18 million worth of real estate in some of the country's priciest ZIP codes, but he has financial problems more commonly found on the factory floor, not the boardroom.
According to Oakland County Circuit Court records, Press had an unsecured personal line of credit with Toyota Federal Credit Union until the credit union merged with Western Federal in September 2007. Western Federal ended the practice of extending unsecured lines of credit and asked Press to pay off the loan, according to Press' letter.
Press didn't have the cash, however.
He asked for more time, and the credit union agreed. He owed $816,000 and agreed to make four payments starting in June 2008, according to court records.
By August 2008, Press had repaid $410,000 but defaulted in November after failing to make the first of two $203,000 payments, court records indicate.
In the November letter, Press explained why.
"I am not able to make the November and February payments due to the elimination of bonuses, which was just announced by my company," Press wrote. The bonus was eliminated as the auto industry tumbled to historic lows and amid congressional backlash after CEOs of Detroit's three carmakers flew on private jets to Washington, D.C., to seek emergency financing.
Welcome to the world of living beyond your means.
Read the entire article at the Detroit News
