NEW YORK (CNNMoney.com) -- The Supreme Court threw a wrench into the plans to have a quick bankruptcy process at Chrysler LLC, delaying the company's combination with Italian automaker Fiat.
The bankruptcy judge overseeing the Chrysler case had given approval for the company's most valuable assets, such as plants, dealerships and contracts, to become part of a new company in which Fiat would hold a significant stake.
Supreme Court Justice Ruth Bader Ginsburg, in an order issued late Monday, granted a request for a delay of that approval sought by Indiana state pension funds, which had argued that they and other lenders deserved better treatment by the bankruptcy court.
I have zero faith that the Supremes will decide that the plan that Team Obama is trying to ram through the Bankruptcy court is in violation of Bankruptcy law, but they should. These major moves to restructure the American economic landscape (financial and auto industries) done in back rooms on the fly by unidentified but certainly for the most part unelected people.....it has to stop.
In this case Team Obama created an artificial deadline by letting Fiat drop out just a few weeks after agreeing to a deal (june 15) and they cries that we have to sell Chrysler right now otherwise Chrysler will die. **** them. Chrysler probably should die, and in any case Team Obama does not have the right to screw over the debt holders of the old Chrysler.