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Last Stand For Chrysler Creditors

Some of the recalcitrant Chrysler creditors are making a final appeal to reverse the sale and reorganization force fed upon them by the Obama administration:

The U.S. Court of Appeals for the Second Circuit accepted the appeal from a coalition of Indiana pension funds that has sought to block the sale of most of Chrysler's assets to a group led by Italian automaker Fiat, according to Chris Conner, spokesman for Indiana State Treasurer's Office.

A hearing is scheduled for Friday, Conner said.
The funds, which hold about $42 million of Chrysler's $6.9 billion in secured debt, claim the terms of the sale violate their rights as secured lenders by limiting their ability to recover all of their original investment in the company.

The appeal throws an element of uncertainty into the Obama administration's carefully orchestrated plan to speed the ailing automaker through bankruptcy court.

Presently this cause for the rule of law to prevail is basically symbolic but the creditors deserve praise for persevering in the face of Executive Office thuggery. On a side note, one interesting development is that the current Chrysler plan will probably discharge claims brought by a major Obama constituency, the trial lawyers:

Consumer groups and trial lawyers are crying foul over the Obama administration's bankruptcy plans for General Motors and Chrysler.

Those plans would extinguish all ongoing auto accident claims that blame a death or serious injury on a defective GM or Chrysler vehicle.

Perhaps the trial lawyers should form a support group with these people and try to get their head around the reality that with President Obama , money talks and everything else walks.


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Comments (17)

Barry's gonna get in troubl... (Below threshold)
GarandFan:

Barry's gonna get in trouble, pissing off those lawyers. Isn't there some ethics violation when one lawyer takes food out of the mouth of another lawyer?

"Presently this cause for t... (Below threshold)
Kenny:

"Presently this cause for the rule of law to prevail is basically symbolic but the creditors deserve praise for persevering in the face of Executive Office thuggery"

I'm glad to see someone standing up for the rule of law in this mess. Hugh calls this a symbolic stance, but is it really too late? Have we really reached the point where the rule of law no longer matters? Are we really just a patronage system now?

Any bets on how long until either the pension funds are demonized by the Obama administration, or the judge is pressured to delay the hearing?

It appears that we no longe... (Below threshold)
jvc:

It appears that we no longer have a functioning government in terms of the three branches as check and balance on each other. The executive branch has pretty much bypassed the need for legislative approval for most actions by appointing unaccountable czars to carry out executive whims. The legislative branch has no apparent will to challenge the many unconstitutional actions taken by Obama, since they mostly agree with and support his rule by fiat. The judical branch can only do what they are asked by congress, and they dismiss many valid claims from citizens (i.e. private lawyers) on the basis of standing. This mess is out of control, and there doesnt appear to be any way to reign this back in.

Join the club, trial lawyer... (Below threshold)
glenn:

Join the club, trial lawyers.

The big Dumbo eared thug in... (Below threshold)
914:

The big Dumbo eared thug in chief is tone deaf to capitalism. Throw 200 million at it and suddenly you become its best buddie.

Disgusting.

I love when people go on ab... (Below threshold)
mantis:

I love when people go on about rule of law when they don't actually understand the laws they are talking about.

You don't really need to un... (Below threshold)
JLawson:

You don't really need to understand how a crystal vase is constructed, Mantis, to understand just what happens when it's hit hard with a hammer.

If this does go through, it... (Below threshold)
Stan25:

If this does go through, it could throw a huge monkey wrench in the Obama plans of taking over the private sector. Not only would the ones plans for Chrysler be ruined but GM and quite possibly the bank takeovers would be reversed. This would not only be a major set back for the Messiah, it would maybe show the stamp of approval Dem controlled Congress, that Obama is a weakling and a coward.

Do you know or understand t... (Below threshold)
914:

Do you know or understand the laws you espouse cialis Mantis?

Obama is not a weakling or ... (Below threshold)
914:

Obama is not a weakling or coward Stan25. Just a pantywaste.

A new post will appear on W... (Below threshold)
Paul Hooson:

A new post will appear on Wizbang Blue today, specifically dealing with a $350 million dollar class action case against GM over a claimed issue with defective brakes and how Federal bankruptcy law impacts this case which has been ongoing since 1999 with no legal resolution so far.

However, the Obama Administration has no specific rules that decide the legal ramifications of the Federal bankruptcy case with GM, so I feel that is unfair to implicate them in this legal process here by some.

Ok Paul, We will implicate ... (Below threshold)
914:

Ok Paul, We will implicate the Obama administration in theft from the treasury and treasonous service above and beyond the call to prayer..

Hey Paul,Will this p... (Below threshold)
SCSIwuzzy:

Hey Paul,
Will this post have citations and links?

Well, it's got to be better... (Below threshold)
JLawson:

Well, it's got to be better than the "Lying rightwingnut haters who hate and lie all the time with their lies and hate" posts that Lee's been shoveling out later, even if it DOESN'T have links.

I'm worried about Lee, actually. He seems kind of... unhinged lately. Even more than usual, actually...

JL - Check wards post on th... (Below threshold)
marc:

JL - Check wards post on the "comment ban suspension" at blue.

It includes this bit: "Comment threads will be moderated and commenters will be banned under the same policy as was previously enforced."

Never let it be said ward isn't a disingenuous buffoon considering his previous "policy" consisted of banishment for nothing more than providing links to proof positive of a lie any of the nutjobs at blue post.

Well, maybe Lee will 'moder... (Below threshold)
JLawson:

Well, maybe Lee will 'moderate' things a bit. I'm kind of surprised he's allowing the banned folks again - or maybe he's just looking for the thrill of banning them again...

Hoosan, How disingen... (Below threshold)

Hoosan,
How disingenuous to hijack this thread to
promote your post before commenting on
this threads' topic.




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