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Yesterday, the Rumormill spewed out more bad news for Chrysler: the $3 billion project to design the new "Phoenix" V6 was all but dead. But vice chairman Jim Press says it isn't so.

The Chrysler rumormill is running at full steam for obvious reasons, and the latest talk surrounds Chrysler and its $3 billion Phoenix V6 engine program. Word on the street is that the project has been canceled, which makes abundant sense if in fact a Chrysler merger is imminent. If a deal to merge Chrysler with either General Motors or Renault/Nissan materializes, both potential mates have V6 engines that are vastly superior to anything nestled under the hood of a Chrysler, Dodge or Jeep. Why w