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May 26, 2009

Indiana Pensions Lose Fight for Chrysler Stay

To review: the Indiana police and teachers pension plans are secured creditors in Zombie Chrysler who are trying to hold off the sham sale of the company which has been concocted by President Obama. They sought a stay in the district court. It was just rejected:

After a federal court hearing in Manhattan on Tuesday, U.S. District Judge Thomas Griesa said he would deny a motion by a group of Indiana pension funds that claim the government did not have the authority to provide funds to Chrysler for its proposed sale. The funds had asked the judge to prevent Chrysler's scheduled sale hearing in bankruptcy court on Wednesday from going forward, but the Judge also denied that request.

Judge Griesa said he would explain his decision in a formal opinion later on Tuesday and that once the bankruptcy judge rules on Chrysler's sale, the objecting parties should have a "fair" opportunity to appeal that decision.

Chrysler, which filed for bankruptcy protection on April 30, is seeking approval this week to sell itself to a "New Chrysler" owned by the U.S. and Canadian governments, Chrysler's union and Italian carmaker Fiat SpA.

Under the proposed sale, the creditors would only get 29 cents on the dollar for their portion of Chrysler's debt. The reduction is because under Obama's sham sale the unions get jumped ahead of the senior creditors.

The sale hearing in bankruptcy court will take place tomorrow. The district court judge said that the pensions can appeal any adverse decision which comes out of the sale hearing.


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posted by Gabriel Malor at 04:49 PM

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