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Saturday, June 06, 2009

Courts - More on: 2nd Circuit Refuses to Block Chrysler’s Sale

Updating yesterday's entry, the WSJ ($$) has comprehensive coverage here.

The Baltimore Sun has a story today headed: "Md. joins states challenging the closing of Chrysler dealerships: Gansler says Chrysler must heed state's protections involving closings."

Bllomberg's Tiffany Kary and David Glovin write about a potential appeal of the Indiana case to the Supreme Court:

Chrysler LLC creditors lost an appeals court bid to block the carmaker’s sale of its best assets to a group led by Italy’s Fiat SpA and plan to appeal the decision to the U.S. Supreme Court.

A three-judge panel of the court delayed the Chrysler sale until 4 p.m. June 8 -- or until the Supreme Court says the sale shouldn’t be delayed. The judges affirmed the decision of the U.S. bankruptcy court, which said the only alternative to the sale was liquidation of the company. The appeals court will issue an opinion later, explaining their ruling. * * *

A creditor bid for Supreme Court intervention would likely go first to Justice Ruth Bader Ginsburg, who handles emergency matters from the New York-based federal appeals court that ruled yesterday. She could act on her own or refer the request to the full nine-member court.

The votes of at least four of the nine justices are required for the court to consider the appeal. If the Supreme Court doesn’t act by 4 p.m. on Monday, Chrysler and Fiat will be able to close the deal.

Here is an article by Noeleen G. Walder of the New York Law Journal, dated June 8th, headed "2nd Circuit Ruling in Chrysler Bankruptcy Upholds Sale of Assets to Fiat." It includes links to relevant documents.

Posted by Marcia Oddi on June 6, 2009 01:43 PM
Posted to Courts in general