The U.S. Supreme Court has stayed the government sponsored
Chrysler-Fiat deal. So at least for now, Chrysler cannot sell most of
its assets to Fiat.
The sale of the company which was brokered by the Obama administration was opposed by three Indiana state pension funds.
I'm delighted it appears we will be getting our day in court," Indiana state treasurer Richard Mourdock said in an interview on CNBC.
Speaking for the Supreme Court Ruth Bader Ginsburg wrote:
"UPON CONSIDERATION of the application of counsel for the applicants, and the responses filed thereto,
IT IS ORDERED that the orders of the Bankruptcy Court for the Southern
District of New York, case No. 09-50002, dated May 31 and June 1, 2009,
are stayed pending further order of the undersigned or of the Court."
According to the Washington Post:
"The ruling grants a stay in the sale as the court gathers more data and schedules a hearing on the matter.
It temporarily blocks the way for Chrysler to complete its merger
with the Italian automaker and begin its new, post-bankruptcy life.
The U.S. favors the Chrysler-Fiat merger and wants to remove the Indiana road block."
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