Officials of three Indiana funds have petitioned the U.S. Supreme Court to reconsider hearing their objections to bankruptcy court decisions that allowed Chrysler to be taken over by Italian automaker Fiat. The officials still maintain the sale unfairly favored certain unsecured stakeholders, like United Auto Workers, ahead of secured debtholders like the pension funds.
The Supreme [...]
An article by Zach Lowe in the AmLaw Daily reports that the Indiana pension funds have paid White & Case $2 million in legal fees. The funds, led by state treasurer Mourdock, were supposedly protesting a “bad deal,” which provided lenders with 29 cents on the dollar (the funds themselves paid about 43 cents on [...]
The Supreme Court has ordered a stay on the sale of Chrysler’s primary assets to a government holding company, pending a decision by the Court on whether to postpone the deal further.
If the Supreme Court does approve the sale this week, the central assets of Chrysler, LLC will be acquired by a special new company [...]
Solicitor General Elena Kagan presented written arguments to the U.S. Supreme Court today. On behalf of the Obama Administration and the U.S. Justice Department, Ms. Kagan urged the court to reject a request by a group of Indiana pension funds to delay the sale of Chrysler’s assets to NewCarCo Acquisitions LLC.
In her filing, the Solicitor [...]
A small group of creditors are appealing to the Supreme Court after their appeal was denied. One key creditor is a group of Indiana pension funds under the rule of elected official Richard Mourdock.
One of the judges noted that, under the TARP law, no interference with the Treasury’s “truly extraordinary” powers was possible unless there [...]
The U.S. Court of Appeals will hear a challenge to the sale of Chrysler LLC assets by a group funds led by Indiana’s Treasurer, which could delay Chrysler’s ability to reopen its plants and resume fleet sales. While the funds hold a very small portion of Chrysler’s debt, purchased at a steep discount, the deal [...]
A group calling itself the Indiana Pensioners is challenging Chrysler’s reorganization plans and wants an examiner to look into the company’s business decisions.
The Indiana Pensioners consists of the Indiana State Police Pension Trust, the Indiana State Teachers Retirement Fund and the Major Movers Construction Fund. All three funds hold Chrysler senior secured debt. The group [...]
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