The Supreme Court on Tuesday rejected a request from Indiana pension funds to delay Chrysler’s sale to Fiat, allowing the U.S. government-backed sale of Chrysler to Italian carmaker to proceed.
Ending more than three days of intense, round-the-clock and high-stakes legal maneuvering in the Supreme Court, the Justices on Tuesday evening without dissent removed a legal obstacle to sale of the troubled auto industry giant, Chrysler.
Insisting that it was denying a postponement “in this case alone,” the two page order said the challengers had not met their burden of showing that a delay was justified. The order allows a closing of the deal as of next Monday, because it lifts a temporary stay that Justice Ruth Bader Ginsburg had issued on Monday; she did so, apparently, only to give the Court time to ponder the issue.
The Court said nothing about the biggest issue lurking in the case: the legality of using federal “bailout” money to pay for the rescue of an auto manufacturer. In fact, the order stressed that “a denial of a stay is not a decision on the merits of the underlying legal issues.”[T]he Court appeared to be unanimous in letting the sale occur…