Zerohedge is covering the Indiana pension appeals of the Chrysler sale today at 2pm. If you are interested, read this Zerohedge piece and follow the Zerohedge blog for updates.
I agree with Zerohedge that questioning the use of TARP funds to help the auto industry is a non-starter in the current environment. ZH states that the pensions should have presented their own objective liquidation analysis. I think a competing liquidation analysis should have been presented before the Bankruptcy Court ruled on the sale.
But I wonder, what will the Court of Appeals say about the objection based on the assertion that the FIAT sale is in effect a plan of reorganization without going through the plan process? This objection make carry more weight than one might think. It is also perhaps a better issue to bring in front of an appeals court than a competing liquidation analysis. We shall see.
Cheers, Mike
Friday, June 5, 2009
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