Posted on 06/08/2009 1:09:28 PM PDT by Steelfish
Supreme Court grants delay in Chrysler sale
Indiana funds had petitioned for review of deal that involves sale to Fiat
NEW YORK - The US Supreme Court has agreed to delay Chrysler's pending sale to Fiat while the court reviews the bankruptcy deal.
The Indiana funds filed emergency papers with the Supreme Court on Sunday, joined by lawyers representing consumer groups and individuals with product-related lawsuits.
(Excerpt) Read more at msnbc.msn.com ...
Buzzey Ruth’s fault.
Didn’t they get the edict from Lord Obama?
Well there is a big finger to Bambi who earlier today told SCOTUS to not get their nose in this.
“The One” will be most displeased!
BO will be making some phone calls.
Whooaaah, your unemployment numbers you want everyone to forget just grew again Mr. O!
Ginsburg as a savior?
What’s going on, does she own Chrysler bonds?
I believe you - but is there a link to article regarding his “command”..?
Well they absoulty waited to the last min.!
0bama is all about driving disorder, so waiting for further order would seem to be a fool's errand.
it’s a step...
another version....
WASHINGTON (Dow Jones)—The U.S. Supreme Court Monday delayed Chrysler LLC’s sale to Fiat SpA (FIATY) at the request of several Indiana pension funds and consumer groups that are opposed to the transaction.
Ahead of the decision, Chrysler LLC and the federal government warned such an intervention might lead to the liquidation of the automaker. But the high court, in a brief order, said it will extend a temporary stay put in place by an appeals court until it has the chance to receive and review routine appeals from groups opposed to the sale.
Fiat previously set a June 15 deadline for the transaction to close. The Supreme Court’s freeze on the sale is likely to stay in place for several months.
The last-ditch appeals were filed over the weekend after the 2nd U.S. Circuit Court of Appeals in New York approved the acquisition of most of Chrysler’s assets by a group led by Fiat. The appeals court stayed the sale until Monday so the funds could make their case to the Supreme Court. A U.S. bankruptcy judge early last week approved the transaction.
The fast-paced stay process played out in a series of legal filings. Investors and creditors lined up on one side or another of the transaction while both Chrysler and the federal government argued in briefs that the deal did not warrant Supreme Court review.
“There is no other bidder for Chrysler’s assets,” Chrysler said in a legal brief. “The only other viable alternative for Chrysler is to proceed with a liquidation that will return no more than $800 million for all constituents.”
Chrysler cited a June 15 deadline set by Fiat for the sale to close that it said is based on the auto company’s “fragile state and daily erosion of value.”
According to a Chrysler filing, the Indiana pensions challenging the deal are set to lose only $5 million dollars under the terms of the Fiat purchase. The funds spent $17 million of Chrysler debt and are set to receive $12.2 million after the transaction is complete, the automaker said. The pension funds, in their own filing, put their losses in the “millions of dollars.”
The pension funds argued the sale, orchestrated by the U.S. and Canadian governments under bankruptcy laws, was illegal and that the federal government exceeded its bailout authority with its involvement.
“The negative economic consequences of permitting an unlawful sale to proceed may well over time dramatically outweigh Chrysler’s short-term harm,” the funds said.
Oopsie. Maybe the socialist thug in our White House shouldn't have told the Supreme Court that they didn't have the authority to question his decrees.
Let's hope she's exercising some good sense.
HA HA Barry ......Your Marxist plan to take over the USA is on hold until SCOTUS weighs in ....Barry - you are loser ! Hey Barry, it is time to stack the court and follow FDR’s lead. But I thought you were HONEST ABE? Please make your stupid mind up, you big dope !
Anybody else notice that this “breaking news” just happened to break about the same time as the NYSE closing bell?
Got a quick link? We need to parse and deconstruct 0bama's every word.
I guess the judicial branch is letting the executive branch know “we don’t work for you”.
“Ginsburg as a savior? What’s going on, does she own Chrysler bonds?”
We are wayyyyyyyy through the looking glass now, Alice...
I think Ginsberg realized she has not much time left to prove she isn’t a sock-puppet of the Left and if she wants to leave some sort of legacy behind other than that of a willing tool, she better extend the stay and let the entire court weigh this.
Some common sense!
Wait a second here, Ginsberg is a racist ! Anybody who disagrees or questions Chairman Zero is a racist.. Off to the “cooler” for Ginsburg and the rest of SCOTUS.
There are a lot but here is one, the second story down on this page.
http://www.upi.com/Top_News/2009/06/08/UPI-NewsTrack-TopNews/UPI-48521244477825/
It is heartening to know that the rule of law may still rule the day.
Usually, a stay is not granted unless there are serious questions of constitutional law involved.
All, Justice Ginsburg has done is to refer this to the full court. At least four justices must agree to hear the case or else the stay is dissolved.
Drudge asleep at the wheel.... no siren. Did Raum the Dead Fish “get to” Drudge ?
Barry Zero must be pissed off, his gov’t take-over of the US auto industry is placed on hold.
In the Supreme Court the score is:
People of the United States: One
Obama: Zero
Could it be? Could it be that they ....may.....uphold the United States Constitution?
Ginsberg better lock her door tonight and bring her cats in...
Ok thanks
“obama administration” via U.S. Solicitor General Elena Kagan said: the challengers have no standing to make their request....
My first thought from your post was that obama had publically and personally “warned” the Supremes to butt-out
That was just asking for it, wasn’t it? I couldn’t believe the administration would make such a sophomoric mistake. Even Ruth Buzzy wasn’t going to let that stand.
in a legalese way.
Thanks. I thought maybe the teleprompter spoke directly to the press at one of the golf course tees at Andrews AFB or something.
Too bad he didn’t have Rham send her a dead fish.
I’m sure she will get the dead fish tommorow.
In the one story(link a few comments above) he said that he hoped they stayed out of it, which to me is BS. He has no business trying to override the checks and balances on this and he must know it is illegal or he wouldn't have tried to keep them from hearing the case.
A horse head is more likely.
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