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Monday, December 14, 2009

Ind. Decisions - Still more on: Indiana Chrysler bankruptcy challenge cert petition being reviewed today [Updated again]

"Critics Of Chrysler Sale Find Positive In High Court's Order " is headline to this WSJ story by Brent Kendall. A quote:

The Supreme Court's order, while leaving the Chrysler sale undisturbed, vacated the 2nd Circuit's June ruling that affirmed the manner in which Chrysler's assets were sold.

The order means the 2nd Circuit's decision no longer has the force of legal precedent.

Critics have argued the quick Chrysler sale trampled on creditors' rights and the normal Chapter 11 bankruptcy process.

"If the appeals court's decision had stayed on the books, it would have been very difficult for people to challenge these kinds of asset sales," said Richard Samp of the Washington Legal Foundation, which filed a court brief supporting the Indiana challengers.

[Updated] "3 Indiana pensions to lose $6 million" is the headline to this story by Sylvia Smith, Washington editor for the Fort Wayne Journal Gazette that begins:
WASHINGTON – Three Indiana pensions will lose $6 million after the Supreme Court refused Monday to hear Indiana’s protest about Chrysler’s bankruptcy.

The decision ends the state’s argument that three Hoosier pension funds should get a bigger share of the bankrupt automaker’s assets.

Indiana Treasurer Richard Mourdock had argued that a trust for retired Chrysler workers should return $4.6 billion to creditors of the bankrupt car company after the automaker sold its prime assets to Fiat.

Three Indiana pension funds representing police officers and teachers lost $6 million in the Fiat sale.

[Updated again, on 12/15/09] See this discussion of the Chrysler decision in the Bankruptcy Litigation Blog.

Posted by Marcia Oddi on December 14, 2009 06:21 PM
Posted to Indiana Decisions