Lee Iacocca to Lose Car and Pension Due to Chrysler Bankruptcy

Joshua Duval
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Chrysler CEO Bob Nardelli revealed today in bankruptcy court that Lee Iaccoca's pension would be among the obligations Chrysler will no longer have to pay once it emerges from bankruptcy as "New Chrysler."

The former Chrysler CEO's pension fund is an unsecured claim, which in a normal bankruptcy would be paid after secured claims. But Chrysler's bankruptcy is anything but ordinary, with the UAW retiree funds taking top priority and secured claim holders likely to see very little of money.

In addition to losing a large portion of his pension fund, Iaccoca will also lose his lifelong guaranteed company car as part of Chrysler's bankruptcy. Chrysler has written to other former executives as well, announcing that it will stop its vehicle program and will not reinstate it under "New Chrysler."

Chrysler said it regretted the action "in light of the many contributions these individuals have made to Chrysler over the years."

Iacocca, who worked at Ford from 1946 to 1978, led Chrysler from 1979 to 1992. Iacocca was largely credited with leading Chrysler out of near bankruptcy in 1979, and presided over the introduction of the minivan and the acquisition of AMC (and thus the Jeep brand). In the '80s, Iacocca appeared in a famous series of commercials for Chrysler's vehicles with the phrase, "If you can find a better car, buy it."

Source: Reuters

Seawolf2
Lee did a sissy's Mustang only to be saved buy a chili smelling Texan who made a mans car out of the Mustang,was crazy enough to compare the Granada to the Rolls, did a K that was supposed to be called a KK until a Cuban told him that sounded like shi... in Spanish, and then changed the name to K because he knew that the car was shi... but he could not let the buyers know before buying the car, and then he call one of those KK cars a Maserati because it had a porthole, for that Pavarotti still jumps in his casket, wishing only to be able to stick a Maserati trident in Lees' posterior.
tweak8487
If you can build a better car, sell it! Wouldn't it be funny if Mr. Iacocca was a jerk about it and buy, i dunno, some Japanese luxury car like an Acura RL or something. Then do a retro ad campaign for Acura saying something to the effect of, "I found a better car, so I bought it." To hell with the big-three
jdematio
I imagine Lee won't have to take the bus.

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