Posted on January 21st, 2010 • by David Zatz
The old Chrysler, Old Carco or Chrysler LLC (as opposed to Chrysler Group LLC), has had its bankruptcy process moved forward as Judge Arthur Gonzalez approved the company’s disclosure statement and voting process for liquidation. Michigan tax and environmental agencies are demanding priority, as the old company owes some taxes and $2.8 million in environmental [...]
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Posted on December 14th, 2009 • by David Zatz
Indiana’s treasurer was dealt a final defeat by the United States Supreme Court, which dismissed three state pension funds’ challenge to the sale of 20% of Chrysler (escalating to 35% of Chrysler) to Fiat. Republican State Treasurer Mourdock had the Indiana State Police Pension Trust, the Indiana State Teachers Retirement Fund and the Major Movers [...]
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Posted on September 5th, 2009 • by Bill Cawthon
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 [...]
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Posted on June 10th, 2009 • by David Zatz
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 [...]
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Posted on June 8th, 2009 • by David Zatz
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 [...]
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Posted on June 8th, 2009 • by Bill Cawthon
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 [...]
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