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kane · 06-08-2009, 08:18 PM

I read that this was done so that the court would have time to take a closer look at a different suit filed by three Indiana pension funds. From what I understand these pension funds (or more accurately the people that run them) want to block the sale of Chrysler and they want to argue the case before the Supreme Court if needed. So the court stopped the sale so they could take a look at the pension fund case and see if it had merit.

Here is a quote from the article I read: "The Indiana pension funds argued that the sale of Chrysler unlawfully rewards unsecured creditors ahead of secured lenders and amounts to an illegal reorganization plan, and that the U.S. Treasury Department overstepped its legal authority by using financial bailout funds for Chrysler when Congress intended the money for banks."

So I guess if they find that the pension fund doesn't have a legit case then the sale will move ahead as planed.

06-08-2009, 08:18 PM
kane Too lazy to set a custom title Join Date: Aug 2001 Location: portland, OR Posts: 20,684	I read that this was done so that the court would have time to take a closer look at a different suit filed by three Indiana pension funds. From what I understand these pension funds (or more accurately the people that run them) want to block the sale of Chrysler and they want to argue the case before the Supreme Court if needed. So the court stopped the sale so they could take a look at the pension fund case and see if it had merit. Here is a quote from the article I read: "The Indiana pension funds argued that the sale of Chrysler unlawfully rewards unsecured creditors ahead of secured lenders and amounts to an illegal reorganization plan, and that the U.S. Treasury Department overstepped its legal authority by using financial bailout funds for Chrysler when Congress intended the money for banks." So I guess if they find that the pension fund doesn't have a legit case then the sale will move ahead as planed.