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The U.S. Court of Appeals for the Second Circuit upheld Judge Arthur Gonzalez’s ruling but stayed the sale until Monday, pending an appeal by the Indiana pension funds to the U.S. Supreme Court. The group’s attorney, Glenn Kurtz of Case & WHite LLC, said papers needed for the appeal are already in preparation. If it [...]
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 [...]
Judge Arthur Gonzalez has delayed a hearing on Chrysler’s request to terminate 789 of its dealers until Thursday, to give dealers more preparation time; the Senate Commerce Committee is questioning Jim Press and Fritz Henderson about Chrysler and GM’s dealer-dropping plans today. While Chrysler plans to terminate 789 dealers’ franchise agreements, GM is planning to drop [...]
Chrysler has asked Judge Arthur Gonzalez to waive an automatic ten-day waiting period to allow the sale of its assets to NewCarCo Acquistions to proceed as quickly as possible and allow the new Fiat-led Chrysler Group LLC to commence operations. “We are filing a request this afternoon to close the sale as early as Thursday [...]