Breaking: SCOTUS stops Chrysler sale »
Posted By pc25 5 months ago in NewsThe Supreme Court, in an order signed by Justice Ruth Bader Ginsburg, has stopped the sale of Chrysler to Fiat and the bankruptcy plan engineered by the White House. No details are available quite yet on the story, but I will be watching for updates on the wires and blogs.
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pc255 months ago
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pc255 months ago
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Interesting that Justice Ginsburg stopped the deal.......
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FTA
The move will allow the justices to consider whether to allow a full hearing of the legal issues — a delay which Chrysler and US officials say could cause the plan to collapse.
A group of Indiana pension funds opposed to Chrysler’s sale to Fiat filed the emergency appeal with the Supreme Court to halt the sale.
The pension funds wanted a hearing on alleged violations to due process that damaged their standing in the bankruptcy.
You can not kick your creditors to the curb the way the Obama administration with Chrysler....... -
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pc255 months ago
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http://www.americanissuesproject.org/blogs/columns...
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The Whim of a Madman
Now, however, the Obama administration wants the senior creditors to take a back seat while unsecured creditors get the lion's share of the bankruptcy proceeds. The senior creditors hold almost $7 billion in face value of debt, for which they would get $2 billion in cash and exit Chrysler altogether. The UAW, holding unsecured liabilities amounting to $10 billion for its pension fund, will give up half of that amount in exchange for 55 percent of the restructured Chrysler. The rest of Chrysler will be owned by Fiat, who will invest around $8 billion, with 10 percent going a partnership between the US and Canada – after American taxpayers will invest more than Fiat and the UAW combined during the execution of this bankruptcy.
not in this country friends......... -
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nostalgia5 months ago
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If the Court decides to hear this, it will also impact the GM bankruptcy
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I'm glad the Chrysler bond holders decided to pursue this
I can't believe the Obama administration even bothered to think through the possible consequences of their actions
Who in the world would be dumb enough to buy a company's secured bonds if they thought they might end up getting 29 cents on the dollar if there was a bankruptcy?-
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pc255 months ago
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Wolfie20075 months ago
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This is the best thing that could have happened for the country. If this goes to the full court it will be interesting to learn who, if any, of the justices vote to allow the deal. You don't have to be a rocket scientist, a brain surgeon or even a Supreme Court Justice to know this deal is illegal. You can't just change a contract to cheat people out of their property and then give that property to someone else. Well, that is, except in Obama's version of Amerika.
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nostalgia5 months ago
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Especially the Indiana pension funds - The Indiana State Teachers Retirement Fund and the Indiana State Police Pension Trust
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Can you even imagine the Obama administration doing this to teachers and police in order to give the UAW a larger share than they deserved under bankruptcy law?
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hefaa1Comment removed: Hard Banned
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