Thoughts, essays, and writings on Liberty. Written by the heirs of Patrick Henry.

June 8, 2009

Open Thread — Chrysler Storm A-Brewin’

by Brad Warbiany

This news just came through the tubes —

A U.S. Supreme Court justice on Monday granted a request to put on hold the sale of bankrupt automaker Chrysler LLC to a group led by Italian carmaker Fiat SpA.

U.S. Supreme Court Justice Ruth Bader Ginsburg, in a one-sentence order, said the orders of the bankruptcy judge allowing the sale “are stayed pending further order of the undersigned or of the court.”

This, of course, was prompted by some of the senior creditors — Indiana state worker pension funds — complaining about the raw deal they were getting in favor of the UAW, the government, and Fiat. I spoke on that here.

I’m pretty busy today, so I’ll leave this one to the commenters… This is a pretty good time for an open thread too, as a “one-sentence order” doesn’t give a lot of evidence for serious analysis… What does this mean, and what will the fall-out be? Are we headed to a Supreme Court rebuke of the Administration?

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  • SWilliams

    Maybe it is headed towards a SC rebuke of Obama or just some very powerful bond holders flexing their muscle.

    http://www.bloomberg.com/apps/news?sid=a109vAXclorI&pid=20601087

    I doubt that group cares much about the pensions of Indiana state employees.

    Detroit is the canary and all involved from the C level to the apprentice toilet washer share in its demise and it is a damn shame, but the one name on that list of lenders that has always intrigued me is the Bill and Melinda Gates Foundation. Bill Gates is also on the BOD of Berkshire Hathaway. BRK has made some interesting moves in the past few years that, if I put my tin foil hat on, would benefit greatly form the total destruction of labor as well the end of automotive in the US, with investments in Harley Davidson and Chinese auto suppliers. But then I also find it interesting that Germany shunned allowing/financing the Fiat Opel purchase so maybe they are flexing muscle as well, it appeared they wanted to use this as an opportunity to place Opel as a partner in a Fiat/GM/Chrysler/Opel monolith.

    I did find it hypocritical of Gates to join the “non-TARP recipients” group in this. If we remember back BRK made out like bandits when taxpayers covered the unsecured debt of AIG and Fred/Fan.

  • http://merchant-loans.net Chris R

    It is nice to see someone taking the time to think before making a decision that effects so many people rather than the typical knee-jerk reactions of our elected officials.

  • southernjames

    No “storm” after all, it appears.

    And the Progressive March forward carries on.

    Italy. 1930s.

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