Chrysler Sale to Fiat-Led Group Is Delayed by Supreme Court

CNBC ^ | June 8, 2009 | CNBC with Reuters

[patriotgal1787]

A US Supreme Court justice granted Monday a request to put on hold the sale of bankrupt automaker Chrysler to a group led by Italian carmaker Fiat.

Supreme Court Justice Ruth Bader Ginsburg, in a one-sentence order, said the orders of the bankruptcy judge allowing the sale "are stayed pending further order of the undersigned or of the court." AP

Ginsburg acted as a 4 p.m. deadline from a U.S. appeals court in New York was due to expire.

The appeals court order would have allowed Chrysler to proceed with its sale to Fiat, a union-aligned trust and the U.S. and Canadian governments.

[patriotgal1787]

Tonight on the Andrea Shea King Show at 9 pm EST

Auto industry expert Kevin Kimbrough

General Motors has filed for Chapter 11 bankruptcy protection. GM's bankruptcy filing is the fourth-largest in U.S. history and the largest ever for an industrial company. The company said it has $172.81 billion in debt and $82.29 billion in assets.

The bankruptcy is part of the Obama administration's plan to shrink General Motors to a "sustainable" size and gives a 60% ownership stake to the U.S. Government. Canada's government gets 12.5% ,the U.A.W. receives 17.5% and unsecured bondholders get 10%. Existing GM shareholders are expected to be wiped out.

Auto industry expert Kevin Kimbrough joins us this evening to break down the bankruptcy in layman's terms. The longtime dealership owner and editor of the www.thatcarguy.com blog has a unique perspective on how the GM and Chrysler bankruptcies will affect everyone, including:

-What happens to your GM stock in the bankruptcy? -How many more plants are going to close with the new, smaller GM? -Was this the right move for GM? For the Federal Government? -What are some ways that the GM bankruptcy affect people not in the auto industry? -How many GM dealerships will close? What does that mean to small towns where that might be the only GM dealership? -How has Ford managed to stay out of bankruptcy court?

Join us. Link to the show here. or http://BlogTalkRadio.com/ASKShow/2009/06/09/Andrea-Shea-King-Show

*****

[FromLori]

http://www.businessinsider.com/supreme-court-halts-chrysler-sale-2009-6

Good article too has ruling in it.

[patriotgal1787]

Thank you!

[FromLori]

Your welcome. :)

[devane617]

http://www.freerepublic.com/focus/f-news/2267434/posts

[blackminorca]

I think the existing court does not take kindly to the lightweight that Obama is dumping on them - they might be anxious to shut him down.

[raybbr]

From Ginsburg? Is hell freezing over?

[JosephSmithNAW]

This news made me happy initially but it seems now that there isn't enough cause to celebrate as YET.

All Ruth Ginsberg has done is granted an extension of the stay. That by itself doesn't amount to much. Things will only become clearer in a few days time.

Several things have to happen. First the Supreme Court has to agree to even hear the appeal. Even THAT hasn't happened yet. And even if that happens they might still rule the way the lower courts ruled. So we still have a long way to go :(

[nina0113]

From Ginsburg? Is hell freezing over?

It's her district - each justice has a section of the country, and wherever the filing is, the justice in charge of that section gets to stay/not stay. I wonder whose idea it was to file in her section?

[nina0113]

Here’s a list, though I couldn’t quickly find a map:

http://www.supremecourtus.gov/orders/courtorders/020106pzr-caj.pdf

[4Speed]

I am not hopeful that SCOTUS can over rule TOTUS.
I am Not a lawyer, but I can read and Comprehend Bankruptcy rules as passed by Congress.
My conclusion is....
BHOle is dumber than a 5th grader, leta hope Ginsberg didn’t go to Harvard.

[balls]

But, even Congress has to follow the Constitution!