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Old June 8th, 2009, 04:26 PM   #1
Yetti
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Default well The Court pushed it through!...the sale of Chrysler that is.

I just read the Supream court threw a wrench in the works...thats sucks.


Up dated

12 minutes ago
WASHINGTON The Supreme Court on Tuesday cleared the way for Chrysler's sale to Fiat, turning down a last-ditch bid by opponents of the deal. The court rejected a plea to block the sale of most of Chrysler's assets to the Italian automaker. Chrysler, Fiat and the Obama administration had warned that the high court's intervention could have scuttled the sale.
A federal appeals court in New York had earlier approved the sale, but gave opponents until Monday afternoon to try to get the Supreme Court to intervene.
Justice Ruth Bader Ginsburg ordered a temporary delay just before a 4 p.m. deadline on Monday.
Now the court has freed the automakers to complete their deal.
The opponents include a trio of Indiana pension plans, consumer groups and individuals with product-related lawsuits.
The court issued a brief, unsigned opinion explaining its action. To obtain a delay, or stay, someone must show that at least four of the nine justices find that the issue raised is serious enough to warrant hearing a full appeal and that a majority of the court will conclude the lower court decision was wrong.
"The applicants have not carried that burden," the court said
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Old June 8th, 2009, 04:26 PM   #2
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Why did they block the sale of Chrysler?
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Old June 8th, 2009, 04:32 PM   #3
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prolly to kill them, like a-holes
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Old June 8th, 2009, 04:52 PM   #4
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Well, the state of Indiana is the one who filed the stay.

Indiana state Treasurer Richard Mourdock told CNNMoney.com Monday morning that it was important to protect secured lenders, including three of his state's public employee pension funds, which have a priority in bankruptcy cases to recover debts owed to them.

The three Indiana pension/retirement funds loaned $42 million to Chrysler and would recover only 29 cents on the dollar under the proposed Fiat-Chrysler deal.
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Old June 8th, 2009, 04:53 PM   #5
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It ain't over yet, just a delay.

I'd almost assume its because if the deal closes and Chrysler is out of Bankruptcy there may be some way the dealers can come back for reparations. and the dealers have until June 9th, i think?

Although it could just be the government being the government.
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Old June 8th, 2009, 04:59 PM   #6
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im ready for my turbo diesel fiat truck with jeep grill





im waiting indiana
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Old June 8th, 2009, 04:59 PM   #7
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Didn't people try this with the Daimler sale?
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Old June 8th, 2009, 05:04 PM   #8
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$0.29 to the $1.00, or nothing. Take what you can get and let the sale go through.
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Old June 8th, 2009, 05:05 PM   #9
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The Government request the courts to not delay it.
Guess the courts didn't listen to Big Brutha.

As soon as the deal is done I get my pay check for March when the contract house made us go 1099. <Da Bastiges>
The invoices were all approved prior to the filing.
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Old June 8th, 2009, 07:19 PM   #10
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Originally Posted by PMSmith View Post
$0.29 to the $1.00, or nothing. Take what you can get and let the sale go through.
Your wrong.

The federal government is destroying the bond market by forcing secured bond holders to take 0.29 on the dollar.
They have NO right to do this.

Obama is destroying this country by ignoring written laws any time it fits his needs.
They don't even bother changing laws, they just don't give a damn.
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Old June 8th, 2009, 07:45 PM   #11
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Quote:
Originally Posted by Stan View Post
Your wrong.

The federal government is destroying the bond market by forcing secured bond holders to take 0.29 on the dollar.
They have NO right to do this.

Obama is destroying this country by ignoring written laws any time it fits his needs.
They don't even bother changing laws, they just don't give a damn.
Go Stan Go!!!!!!

X eleventykajillion.




And it's not just my secured GM bonds talking either.... I'm SCREWED.
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Old June 8th, 2009, 07:54 PM   #12
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Originally Posted by DuffMan View Post
Go Stan Go!!!!!!

X eleventykajillion.




And it's not just my secured GM bonds talking either.... I'm SCREWED.
Is there a scenario that you aren't screwed?

What would the keyboard jockeys do different?
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Old June 8th, 2009, 07:59 PM   #13
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also from what they are saying the UAW is walking away with a huge stake in the new company, so there is room to reinvest. The bond holders are just loosing what they had in the company. I know it doesnt seem like a lot to some but these people in indiana have every right to be upset, they invest and lose but others who invest are getting a second chance to re-invest by getting over 50% of the new company.Then if you look past this look at the the banks, they keep getting more and more money, but the average Joe gets the harsh your screwed attitude.


Like stan said there are laws written for this very reason and you have to go by these laws, you cant just obey the laws when it is good for you or the people you are looking out for.

This is just the start, chrysler is small compared to GM. Things are going to get ugly, but I am just a white guy with a computer and a tv. So I will just sit back and watch
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Old June 8th, 2009, 07:59 PM   #14
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i think i just lost faith in 99% of humanity




1% is military i have faith in them. they have no choice.

Last edited by luvitmyjeep; June 8th, 2009 at 08:02 PM.
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Old June 8th, 2009, 08:01 PM   #15
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Quote:
Originally Posted by Haggar View Post
Is there a scenario that you aren't screwed?

What would the keyboard jockeys do different?
idk. not smrt enuff 4 that. but i would love to hear from others
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Old June 8th, 2009, 08:02 PM   #16
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Quote:
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What would the keyboard jockeys do different?
Follow the rule of law. And the constitution.
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Old June 8th, 2009, 08:05 PM   #17
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Quote:
Originally Posted by Stan View Post
Your wrong.

The federal government is destroying the bond market by forcing secured bond holders to take 0.29 on the dollar.
They have NO right to do this.
Thanks...I should have said that in my post!
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Old June 8th, 2009, 08:14 PM   #18
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Hey Stan? didn't I read somewhere that the indana bold holders bought there shares from a hedgefund that bought them for $.43 on the dollar? if thats the case they are only going to lose $.14 on the dollar on a less then 1% stake in the whole company. seems to me if they were going to lose it all this fight would be worth it.
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Old June 8th, 2009, 08:15 PM   #19
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Quote:
Originally Posted by Stan View Post
Follow the rule of law. And the constitution.
Like the last 8 years?



But, seriously, please explain how that something different is going to unscrew everyone better than this solution? And be more specific of exactly what laws and sections of the consititution were violated.


Don't take any of this as a thought that I know any solution. Simply, wondering at people who think things are going in the wrong direction, what they feel is the right direction.

I'm a bit suprised you all support the dissolving of chrysler and GM.
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Old June 8th, 2009, 08:18 PM   #20
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I was just playing with the math, if I did it correctly the indiana guys are gunna lose about $5.8m out of the orginal $42m, sounds like a gamble lost but a not a total wash out.
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