"The Indiana State Police Pension Fund, the Indiana Teacher's Retirement Fund and the state's Major Moves Construction Fund claim the deal unfairly favors the interests of the company's unsecured stakeholders ahead of those of secured debtholders such as themselves.
The funds also challenged the constitutionality of the Treasury Department's use of Troubled Asset Relief Program, or TARP, funds to supply Chrysler's bankruptcy protection financing. They say the Treasury did so without congressional authority.
The government-sponsored reorganization of the U.S. auto industry, including the Chrysler bankruptcy proceedings, 'is a matter of incredibly high profile and importance,' the funds said in their request to the high court. 'The public is watching and needs to see that, particularly when the system is under stress, the rule of law will be honored and an independent judiciary will properly scrutinize the actions of the massively powerful executive branch.'"
Sunday, June 7, 2009
Supreme Court Asked To Block Chrysler Sale - CBS News
Supreme Court Asked To Block Chrysler Sale - CBS News:
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