We wonder how healthy it is to stand in front of a moving bus, particularly one bearing the hopes and dreams (and fantasies) of a restored, vibrant Chrysler. You know, the Chrysler that the "money people" almost ruined, but was saved at the last moment by diligent, purposeful leaders who weren't going to allow the American Dream of Car Ownership be tainted by something so trivial as [fill in the blank]. There's a lot of mass in that bus. So standing in front of a 363 sale with a hand-held stop sign might be a dangerous idea.
Seeking to stop Chrysler's speedy sale in bankruptcy court, a group holding portions of the automaker's senior secured debt filed an objection to the deal Monday, calling it rushed, unconstitutional and the result of a "tainted" sales process.
A judge had been scheduled to consider Chrysler's sale motion at a 10 a.m. hearing Monday morning in federal bankruptcy court in New York, but consideration of the sale motion was postponed until Tuesday afternoon.
In a long document filed Sunday evening, Chrysler asked a judge to approval a sale of most of its assets and some of its liabilities for $2 billion to an entity formed by Fiat, the United Auto Workers' retirement trust and the United States and Canadian governments.
In Monday's objection, a group of debtholders advised by the law firm White & Case criticized the proposal as too rushed, arguing that it was unreasonable to rule on the merits of the sale on "15 hours' notice."
Wimps. When we worked in big law you got 3 hours notice and liked it.
Chrysler's Holdout Lenders Object to Sale [DealBook]