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A Snake in the Hand; Buyer says Chrysler blew prebankruptcy chance to sell Viper.(NEWS)
Byline: BOB GRITZINGER
Michigan businessman Scott Devon was surprised to learn that no one was interested in buying Chrysler's Dodge Viper business.
That's because he has made several offers to buy Viper since Chrysler put its marquee sports-car marque on the block last summer. Devon is CEO of Cole's Foods, a Michigan-based frozen-baked-goods com-pany with $100 million in annual sales.
In a U.S. Bankruptcy Court filing in New York, where Chrysler's assets are being sliced up and mostly sold off to Fiat, Chry-sler CEO Bob Nardelli said no bidders expressed interest when Chrysler asked $10 million for Viper and the Detroit plant where it is built. Chrysler spokesman David Elshoff said Nardelli's comment referred to the lack of post-Chapter 11 bankruptcy bids and that all prebankruptcy bids including Devon's and a $35 million offer from David Draper, who once owned Cars & Concepts, a Michigan-based car-conversion companyfailed to pass muster. Viper is now part of the pending deal with Fiat, which is expected to sell it.
Devon, through his company Devon Motor Works, said he tendered three different offers to buy Viper since January, including $20 million in cash in March. He also presented a plan to renovate the Viper plant and build a museum there.
According to Devon, although a broker handling the Viper sale was encouraging about his offer, Nardelli personally rejected it, demanding $30 million or more in cash for Viper. Devon said a subsequent offer of $30 million that relied on government financing ...
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Source: HighBeam Research, A Snake in the Hand; Buyer says Chrysler blew prebankruptcy chance to...