|Indiana Pension Fund attorney Tom Lauria (left) seeks better return for the secured debtholders.|
Chrysler deal may get court review
WASHINGTON - Three Indiana state pension and construction funds want the Supreme Court to block Chrysler's sale to Fiat so they can pursue an appeal.
Also filing emergency papers at the high court yesterday were lawyers representing consumer groups and individuals with product-related lawsuits.
An appeals court in New York approved the sale Friday, but gave objectors until this afternoon to try to get the Supreme Court to intervene.
Chrysler LLC wants to sell the bulk of its assets to a group led by Italy's Fiat Group SpA as part of its plan to emerge from bankruptcy protection.
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 Chrysler's unsecured stakeholders ahead of those of secured debtholders such as the funds.
Chrysler had hoped to close the sale by the end of last week.