Supreme Court Stalls Chrysler-Fiat Deal - THANK YOU SCJ GINSBURG!!!!

[Soul Crusher]

Supreme Court Stalls Chrysler-Fiat Deal
Washington Post ^ | June 8, 2009

Posted on Monday, June 08, 2009 4:22:55 PM by grundle

The Supreme Court ruled moments ago that Chrysler cannot yet sell most of its assets to Fiat, a move that has been opposed by three Indiana state pension and construction funds.

The ruling grants a stay in the sale as the court gathers more data and schedules a hearing on the matter.

It temporarily blocks the way for Chrysler to complete its merger with the Italian automaker and begin its new, post-bankruptcy life.

The U.S. favors the Chrysler-Fiat merger and wants to remove the Indiana road block.

"I'm delighted it appears we will be getting our day in court," Indiana state treasurer Richard Mourdock said in an interview on CNBC.

Here's the text of the statement from Associate Justice Ruth Bader Ginsburg:

"UPON CONSIDERATION of the application of counsel for the applicants, and the responses filed thereto, IT IS ORDERED that the orders of the Bankruptcy Court for the Southern District of New York, case No. 09-50002, dated May 31 and June 1, 2009, are stayed pending further order of the undersigned or of the Court."


(Excerpt) Read more at voices.washingtonpost.co m ...

________________________ ________________________ ________________________ ______

Finally some damn sense!

[Bindare_Dundat]

Jesus, when does the idiocy stop?

Kagan defended the use of funds from the Troubled Asset Relief Program and argued that Indiana's appeal lacks legal merit. In addition, she said the losses to the Indiana funds "cannot outweigh" the potential broader problems a collapse of Chrysler would present.

"As an economic matter ... blocking the transaction would undoubtedly have grave consequences," Kagan wrote.

This is the Administration's response to the appeal to the United States Supreme Court (which has not decided whether to grant cert or not) on blocking the Chrysler 363 asset-strip to Fiat.

Here's the problem - the rule of law is not about "the economy will be better if we do this."

Under that rubric you have no right to life, property, or pursuit of happiness. After all, it would undoubtedly be better for the economy as a whole if the government re-instituted slavery for anyone who was jobless - go build that road or bridge under penalty of being shot!

[Soul Crusher]

Jesus, when does the idiocy stop?

Kagan defended the use of funds from the Troubled Asset Relief Program and argued that Indiana's appeal lacks legal merit. In addition, she said the losses to the Indiana funds "cannot outweigh" the potential broader problems a collapse of Chrysler would present.

"As an economic matter ... blocking the transaction would undoubtedly have grave consequences," Kagan wrote.

This is the Administration's response to the appeal to the United States Supreme Court (which has not decided whether to grant cert or not) on blocking the Chrysler 363 asset-strip to Fiat.

Here's the problem - the rule of law is not about "the economy will be better if we do this."

Under that rubric you have no right to life, property, or pursuit of happiness. After all, it would undoubtedly be better for the economy as a whole if the government re-instituted slavery for anyone who was jobless - go build that road or bridge under penalty of being shot!

What they are doing to the bondholders violates every tenant of US bankruptcy law.