Time would seem to be on VEBA's side

Time would seem to be on VEBA's side. Chrysler continues to do well, especially in the home market, where a slowly-recovering U.S. economy is fueling sales.Fiat, meanwhile, would love to divert Chrysler's revenue stream into its own books to offset weak sales in Europe. But that's can't happen as long as the two companies keep separate books, which is why Marchionne, titular head of both houses, wants to bring fourth a true and proper merger as soon as possible. You know. Keep it all in the family without a lot of messy outside interference.

This is why the Wall Street Journal reported last week that he's lined up a chorus of advisers to serenade the Trust with strains of a private buyout, and perhaps dispense with an IPO altogether. After months of negotiating for a way to buy the 41 percent of Chrysler that Fiat doesn't currently own, CEO Sergio Marchionne is hoping an IPO will move the process forward.Late Monday, Chrysler and the UAW VEBA Trust filed papers for an initial public offering to sell a small percentage of the company to the public.

The broader media will focus on how far Chrysler has come since it went through bankruptcy four years ago. Without a doubt, this is a far different company. It's profitable, growing and has a clear vision of what it hopes to achieve over the next several years. As Sergio Marchionne has said numerous times, Chrysler is no longer a company filled with employees worried about losing their job. Today, Chrysler is charging forward.This IPO highlights some weaknesses and strengths of Chrysler that investors should keep in mind as they consider some day buying Chrysler stock.

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