The drama continued meanwhile in a New York courtroom in a second day of hearings on the government-backed plan to rescue Chrysler by creating a partnership with Fiat. Chrysler chief executive Robert Nardelli told the hearing that the only alternative would be a calamitous liquidation. "It got down to either file for bankruptcy ... or liquidate the company. I can't imagine using business judgment that (would result in) liquidating a company and impacting some 60,000 employees," Nardelli said. "It would have been just a cataclysmic impact on the industry and on the economy."