Posted on 06/09/2009 4:28:47 PM PDT by Para-Ord.45
Edited on 06/09/2009 4:38:36 PM PDT by Admin Moderator. [history]
The events last October demonstrated that “markets” simply do not see 6 months downstream.
What an awful picture. Wish I didn’t have that in my memory bank.
This means that, between Roberts, Scalia, Alito, and Thomas, they couldn’t get four votes to hear the case.
Play a funeral dirge. The Republic is only searching for a comfortable place to lay down and finish dying.
I am discouraged. I’ll recover, but for the moment, I’m discouraged.
The Court did not say that the secured bond holders did not have any rights. It did not rule on the merits of that argument. The basis for the ruling was that the bond-holders did not show irreparable harm by letting the sale to Fiat take place.
Perhaps the court thought that in the end it could award the UAW shares to the bondholders. If this is a possible remedy, or if there is another remedy which makes the bondholders whole, then the lifting of they stay does not have that great an import.
Yep right on --- it was like a rejection, not a ruling. And the order said so. Any idea why they rejected the appeal? I heard the AG the other night and what they were doing sounded sort of flaky to me.
There is still hope, and where there is hope there will be change.
They were sitting at the table, ready to close at 4:01 yesterday - until Ginsberg extended the stay. You think they won’t get back to the table now that the stay has been lifted?
We are now a complete Democracy instead of a Republic.
Next step?
So they pulled a Pontius Pilate.
They needed 5 not 4.
Same with GM, and it's pretty much what's been done all along with all the other large bankruptcies the last 20 years.
The law treats these health care benefits as SALARY or WAGES. Presumably the company secured the benefits with its assets.
International Harvester was literally reduced to a successor company with nothing to do but pay the health benefits.
The preferred bondholders would be in line immediately behind workers demanding wages (including the health care benefit).
I suspect the UAW lawyers and grifters are already figuring out how to bleed the new NPG that will be administering the health care benefit.
Best investment in America these days is a timely contribution to Obama.
Works for the unions.
(You watch. The government will guarantee their pensions.)
I suspect that the “compelling state interest” meme has claimed another constitutional barricade against tyranny.
And it a punny way it’s fitting: Using Presidential fiat for the benefit of Fiat.
Placemark.
You need “state action” to bring a Takings Clause case; here, one could prove that the gub’mint was the driving force behind this sale action. The government designed it, facilitated it via TARP money, and is a big shareholder (I forget whether majority or minority) in the new legal entity that bought the company, New Chrysler.
Oh cripes-I thought it wouldn’t go through until Monday. How could they have been ready to close when Gonzales just ruled today on the dealerships. Did that not have anything to do with the sale to Fiat?
No one can accurately predict the future but markets try to nonetheless. In this case they didn't have to. This GM thing is old news.
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