The Supreme Court delayed Chrysler's sale to Fiat at the request of several Indiana pension funds and consumer groups that are opposed to the transaction.Ahead of the decision, Chrysler and the federal government warned such an intervention might lead to the liquidation of the auto maker. But the high court, in a brief order, said it will extend a temporary stay put in place by an appeals court until it has the chance to receive and review routine appeals from groups opposed to the sale.--WSJ
Carry on.
Posted by guest , Jun 08, 2009 4:05PM
first!
Posted by guest , Jun 08, 2009 4:06PM
wait.. you mean contract law might actually mean something in this country!?!
Posted by guest , Jun 08, 2009 4:07PM
wikipedia.org:
"An emperor of a prosperous city who cares more about clothes than military pursuits or entertainment hires two swindlers who promise him the finest suit of clothes from the most beautiful cloth. This cloth, they tell him, is invisible to anyone who was either stupid or unfit for his position. The Emperor cannot see the (non-existent) cloth, but pretends that he can for fear of appearing stupid; his ministers do the same. When the swindlers report that the suit is finished, they dress him in mime. The Emperor then goes on a procession through the capital showing off his new "clothes". During the course of the procession, a small child cries out, "But he has nothing on!" The crowd realizes the child is telling the truth. The Emperor, however, holds his head high and continues the procession."
Posted by guest , Jun 08, 2009 4:07PM
Good grief, What the hell is the point of that
Posted by guest , Jun 08, 2009 4:08PM
Hurrah!
Even Obama, God's peace be upon him, can't rewrite legal history.
Posted by guest , Jun 08, 2009 4:10PM
The telepromter will not be happy about this.
Posted by guest , Jun 08, 2009 4:11PM
Hurrah!
Even Obama, God's peace be upon him, can't rewrite legal history.
Posted by guest , Jun 08, 2009 4:11PM
Doesn't mean much. It only delays a sale until further notice from the court.
Posted by MarshallStack , Jun 08, 2009 4:11PM
Indiana pension funds?
Indiana?
Posted by guest , Jun 08, 2009 4:14PM
8 You're right - just like the Constitution.
Posted by Bulging Bracket , Jun 08, 2009 4:14PM
Fiat can walk if deal isn't complete by June 15th... so the stay is HUGE.
Posted by guest , Jun 08, 2009 4:15PM
Hoosier Daddy ?
Posted by guest , Jun 08, 2009 4:15PM
Hoosier Daddy ?
Posted by guest , Jun 08, 2009 4:15PM
11 - Supremes could approve the sale tomorrow.
Posted by guest , Jun 08, 2009 4:16PM
If you are surprised about this, raise your hand and leave the building.
Posted by guest , Jun 08, 2009 4:18PM
@4-- clearly you javen't read the "wsj'" tale of coercion and e-mails.
http://online.wsj.com/article/SB124424451815990495.html
auto csar my a$$. you puncha da nose, i breaka da face!
Posted by guest , Jun 08, 2009 4:22PM
Bam bam gunna be pissed.
Posted by guest , Jun 08, 2009 4:23PM
Fiat brings neither money nor expertise to the table. Might as well sell Chrysler to Amtrak.
Posted by guest , Jun 08, 2009 4:27PM
This has nothing to do with pounding secretaries in their asses.
Posted by guest , Jun 08, 2009 4:31PM
@3
Why are you bringing Bush to this? He's gone.
Posted by guest , Jun 08, 2009 4:31PM
Go Ruth G., go Ruth G.; it's yer birthday, it's yer birthday.
Posted by guest , Jun 08, 2009 4:31PM
@19 Unless she is Italian
Posted by guest , Jun 08, 2009 4:34PM
@18 selling to Fiat...its kinda like giving smallpox infested blankets to the Indians.
Posted by guest , Jun 08, 2009 4:34PM
Fiat (Fix It Again Tony) isn't going to walk even if this thing is delayed a month. As has been pointed out above Fiat isn't bringing anything to the table aside from intellectual property and given the Italians track record regarding reliability that's of questionable value. This is a huge win for Fiat and they won't walk. Hopefully the SCOTUS will do the right thing and smack Bam Bam back to the ghetto where he belongs.
Posted by guest , Jun 08, 2009 4:34PM
22 or Greek!
Posted by guest , Jun 08, 2009 4:36PM
This isn't a big deal. All Justice Ginsburg did was allow the full court to decide whether to hear an appeal. It's not that uncommon in stay situations. A stay as not been been issued yet, and the may or may not hear oral arguments. Also, one week is plenty of time for the court to collect briefs, hear oral argument, and issue an opinion (which could simply indicate whether the lower court's opinion and order is affirmed/denied, with a full opinion to follow later). Given the likelihood that similar issues will arise in other bankrputcy sales (obviously GM is an example), it's not too suprising that she'd at least want to give the entire court am opportunity to vote on whether to allow an appeal.
Posted by guest , Jun 08, 2009 4:39PM
http://www.scotusblog.com/wp/ginsburg-temporarily-blocks-chrysler-deal/
Posted by guest , Jun 08, 2009 4:41PM
Lakers are the best!
Posted by guest , Jun 08, 2009 4:45PM
So why not do as Manzo suggested and merge Chrysler with GM, rather than let the Italians use their fiat currency. Oh wait, they aren't even forking over cash, right?
If we are going to have to bail both out, may as well do it in a lump because the antitrust is so overwhelming to others, as Greg Michaels points out in the succeeding post.
Posted by guest , Jun 08, 2009 4:47PM
Or Somali?
Posted by guest , Jun 08, 2009 4:48PM
I blame the Countrywide Mudpeople Army of Amerika.
Posted by Investorcluzo , Jun 08, 2009 4:54PM
too fiat, didn't accompli...
Posted by guest , Jun 08, 2009 4:56PM
At least one little tiny piece of the federal government still gets the joke: That is, without the rule of law, nothing means anything!!!!
Go Indiana!!!!!
Posted by guest , Jun 08, 2009 5:07PM
Going through the motions.
Posted by guest , Jun 08, 2009 5:08PM
They are just delaying a few days until the Redwings can skate away with the cup.
Posted by guest , Jun 08, 2009 5:24PM
Sanity at last. Hope and change!!
Posted by guest , Jun 08, 2009 5:33PM
Hope of Changing the Constitution... dashed.
Posted by guest , Jun 08, 2009 6:54PM
i clicked on the ATL link thinking i could comment there. i may be going out on a limb here, but is there perhaps a restatement section that applies to my situation?
Posted by guest , Jun 08, 2009 6:55PM
Rahn Emanuel vs. Ruth Ginsberg.
Even with the cancer my money is on Ruth.
Posted by guest , Jun 08, 2009 7:18PM
@38 what are you talking about?
Posted by guest , Jun 08, 2009 10:20PM
As is clear, a liquidation will cause all stakeholders to realize a lower amount than the Fiat sale will. Stupid Indiana nonsense. I only hope the above comments are correct and that this will be treated as a formality along the lines of what the SC did when Bush stole the Presidency :-)
Posted by guest , Jun 09, 2009 1:05AM
You fuckers don't understand anything. Tom Lauria was representing a bunch of hedge funds fighting this (remember the non-TARP lenders group?) and got his ass (or is it, arse?) handed to him in the media and by the Emperor. So, he went out and found some dyed in the wool blue collar pension funds representing union and state workers who had invested in Chrysler and now he's using them to fight this because hedge funds aren't sympathetic enough. This was a great move by him to fight what's right but I'm not convinced the SCOTUS will block the sale anyway. I wish Scalia were the on-call justice for NY as opposed to Ginsburg...
Posted by guest , Jun 09, 2009 2:00AM
Right, Scalia is a prounion guy. Get a clue.
Posted by guest , Jun 09, 2009 6:18AM
Barry broke the law and the law won