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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 [...]
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 [...]
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 [...]
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 [...]