Supreme Court to Chrysler: Just Hold on There
The Supreme Court has put the brakes on Chrysler’s sale to Fiat, after several Indiana pension funds and consumer groups complained that the proposed transaction was unlawful, if not unconstitutional.
Ahead of the decision, Chrysler and the federal government warned such an intervention might lead to the liquidation of the auto maker. But the high court, in a brief order, said it will extend a temporary stay put in place by an appeals court until it has the chance to receive and review routine appeals from groups opposed to the sale.
The Supreme Court’s stay could delay the sale of Chrysler to Fiat by several months. Clearly, this is a blow to the Obama adminstration, which wanted to see an expedited Chrysler bankruptcy process.
>Read the complaint from the Indiana pension funds.
>The Supreme Court’s stay.
