…The high court rejected a request from Indiana pension funds and other opponents of the sale to delay the deal while they challenge Chrysler’s sale to a group led by Fiat, a union-aligned trust and the U.S. and Canadian governments…
The Court did not have 4 Justices who felt the Indiana Pension funds had standing or claim to challenge the sale Phil LeBeau is reporting now..ergo the stay is lifted..Gee if only the Senior Secured Bondholders had COJONES and had filed, I am looking at you Perrella Weinberg….
…coming from Reuters via Larry Kudlow live on CNBC….
I know I play this one a lot, but it IS perfectly appropriate here….some say I always find AC/DC appropriate…well they are folks, they are…for every conceivable occasion or happening….
Courtesy of Longhorn2X
AC/DC, with the great Bon Scott, playing “Highway To Hell” live in Arnhem. 1979
..That is, a bit of dialogue so genuinely awful that- were it not from a source I consider impeccable, and unimpeachable- I would not dare to credit at all. Unfortunately, I must do precisely this, and personally believe it to be totally, frightfully accurate. I take no pleasure in relaying it, instead hoping that someone more directly in the business of running such matters down and printing them will carefully document it and- if true- expose it, or- if not- discredit it quickly and finally. This (as yet unproven) yarn goes exactly like this:
Confronting the head of a non-TARP fund holding Chrysler debt and unwilling to release it for any sum less than that to which it was legally entitled without compelling cause, this country’s “Car Czar” berated the manager of said fund with an outburst of prose substantially resembling this:
Who the fuck do you think you’re dealing with? We’ll have the IRS audit your fund. Every one of your employees. Your investors. Then we will have the Securities and Exchange Commission rip through your books looking for anything and everything and nothing we find to destroy you with.
Faced with these sorts of threats, in this environment, with valued employees in the crosshairs and AIG a fresh, open wound upon the market, the fund folded….
Go read the whole thing, this has ginormous ramifications to our economy if someone does not take it to SCOTUS and fight it now….
Hit it Cher: Pirates, thugs and thieves….every night they come around, to steal the money we laid down……
You Belong to Me: The Chrysler Files: Senior non-Tarp Lenders fight back, file motion citing Radford ruling…
Video Update with extended clip of the interview with Thomas Lauria in MI this weekend courtesy of MM who has it covered in detail at her place:
Clip courtesy of PaulFVillareal2:
(5.1.09) — This audio comes courtesy of The Frank Beckmann show on WJR 760 AM Detroit. Visit WJR here:
And visit Beckmann’s personal page on the WJR site here:
HA!!!!! HA!!!! Thank GAWD they are fighting back!!!!! Absolutely frakkin A right! The attorneys for the bondholders MUST WIN or American contract law is dead IMO and with it, the influx of capital to America that has always made us strong, would YOU lend your money to ANY American business if Team TOTUS can arbitrarily rule by FIAT going forward?, ha ha pardon the pun had to do it
Good song for this one is YOU BELONG TO ME, not to UAW or Uncle Sam to the Senior Bondholders!
Via HA, here is the pdf of the motion filed by Case & White (Thomas Lauria) on behalf of the Senior non TARP lenders of Chrysler who will FIGHT and NOT GO QUIETLY INTO THAT DARK NIGHT! A nice summary here under 17., of the easy peasy ruling this should be and the precedent:
17. Finally, that the Treasury Department would take these unconstitutional actions to help the United States address difficult economic times is not an answer. Indeed, the same justification was expressly rejected in Radford, where Justice Brandeis noted that a statute which violated secured creditors’ rights, but which was passed for sound public purposes relating to the Great Depression, could not be saved because “the Fifth Amendment commands that, however great the nation’s need, private property shall not be thus taken even for a wholly public use without just compensation.” Id. at 602.