One of the more unusual initial public offerings in recent years has hit the brakes just when it looked like we might actually see shares start trading. Chrysler's board of directors issued a statement saying an IPO will not be practicable this year. The board said it's still working on necessary steps for an IPO in the first quarter of next year.
On Tuesday afternoon, the company also filed papers signaling its intent to seek a listing on the New York Stock Exchange.
The stall is the latest pull by the Chrysler board in the tug-of-war over a potential stock offering of Chrysler shares. It comes amid reports we could see the VEBA Trust put 16 percent of its Chrysler shares up for bid within the first two weeks of December.
Keep in mind, the VEBA trust and the Chrysler Board have yet to agree on the value of Chrysler, which is a key component in the process. Bankers and analysts on Wall Street have put the value of Chrysler between $10 billion and $11 billion. That means the VEBA Trust, which still owns 41.5 percent of Chrysler, has a stake valued between $4.1 billion and $4.5 billion.