Are GM & Chrysler Bond holders just rich guys that can take the hit?

[Gainster]

http://www.foxnews.com/story/0,2933,525319,00.html

WASHINGTON — Opponents of Chrysler's sale to Fiat are asking the Supreme Court to block the deal.

Three Indiana state pension and construction funds filed emergency papers at the high court early Sunday to put the sale on hold so they can pursue an appeal.

The federal appeals court in New York approved the sale Friday, but gave objectors until Monday afternoon to try to get the Supreme Court to intervene. Chrysler wants to sell the bulk of its assets to a group led by Italy's Fiat as part of its plan to emerge from bankruptcy protection.

The emergency request goes first to Justice Ruth Bader Ginsburg, who handles such matters from New York. She can act on her own or refer it to the entire court.

The Indiana State Police Pension Fund, the Indiana Teacher's Retirement Fund and the state's Major Moves Construction Fund claim the deal unfairly favors the interests of the company's unsecured stakeholders ahead of those of secured debtholders such as themselves.

 

[Gainster]

Maybe they have a legit *****?

Justice Ginsburg delays Chrysler sale to Fiat
On Monday June 8, 2009, 4:18 pm EDT
Buzz up! Print WASHINGTON (AP) -- Supreme Court Justice Ruth Bader Ginsburg has temporarily delayed Chrysler's sale to Fiat.

Ginsburg says in an order Monday that the sale is "stayed pending further order."

The action indicates that the delay may only be temporary.

Chrysler has said a delay could scuttle the deal.

A federal appeals court in New York had earlier approved the sale, but gave opponents until 4 p.m. EDT Monday to try to get the Supreme Court to intervene.

Ginsburg issued her order just before 4 p.m., when Chrysler would have been free to complete the sale of most of its assets to Fiat.

Ginsburg could decide on her own whether to extend the delay or ask the full court to decide. It is unclear when she or the court will act.