Well... this is interesting. It is never a good idea to second guess the Supreme Court, so we'll just have to wait and see how this develops. But Associate Justice Ruth Bader Ginsburg has, at the very least. thrown a speed bump in the path of the steam roller which has been driving the Chrysler bankruptcy process.
On Friday the Court of Appeals for the 2nd Circuit gave the OK for most of Chrysler's assets to be acquired by a group headed by Fiat, the Italian auto maker. But the 2nd Circuit stayed its order to give the parties time to appeal to the Supreme Court. Justice Ginsburg, the Justice assigned to first hear such requests in cases from the 2nd Circuit, has now extended the stay at the request of several Indiana pension funds opposed to the deal.
It could be that Ginsburg just wants more time to study the arguments. The Indiana parties claim that the government does not have the legal authority to lend money to a non-financial institution. But it is more likely that she wants to poll the other justices, at least informally, to see if there is enough interest to warrent a review by the entire Court. The Chrysler bankruptcy has raced through the courts with unprecendented speed and a lot fo short cuts were taken. It may well be that the Supremes will be the ones to wave the yellow flag and slow down the process while it checks to see if the rule of law is still being followed.
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The irony here is that the "law" has destroyed the finances of the country. What producing American would buy a common stock or bond?...What system destroyed the lesson learned in 1929?.Who in their right mind would buy or borrow anything?
Make no mistake- the country can not longer afford two systems of law, the legislators and the crackpot judges who declare legislated statutes illegal.Computers should make legal decisions not politically stacked hacks. The public company is dead.
THIS CASE PROVES THAT THIS COUNTRY IS A COUNTRY OF LAW, AND AS THE OLD SAYING GOES :
THE LAW IS THE LAW, SINCE YOUR SKIN IS BLACK MOVE TO THE BACK OF THE BUS. IF YOU DO NOT LIKE SITING IN THE BACK OF THE BUS GO CHANGE THE LAW.
THE GOVERMENT, SPECIFICALLY THE EXECUTIVE BRANCH CAN NOT USE ITS POSITION TO RYLERRUN OVER OTHER PEOPLES RIGHTS.
I WAS TRULY SURPRISED WHEN THE SECOND CIRCUIT APPROVED THE SALE OF CHRYLER TO FIAT. IWAS TRULY SURPRISED WHAT THE SUPREME COURT DID TODAY. I ONLY HOPE THE GINSBERG FOLLOWS THROUGH AND AGREES TO HAVE THE SUPREME COURT HEAR THE APPEAL REGARDLESS IF FIAT WALKS AWAY KNOWING THAT THEY WOULD BE GETING 20% OF THE EQUITY OF CHRYLER WITHOUT PUTING UP A SINGLE PENNY.