Supreme Court Denies Appeal

" News out of the Supreme Court apparently. The justice had decided that the state is no longer in play and looks like the Chrysler sale to Fiat that -- There's quote unquote imminent is that right am right there was an -- they denied the emergency appeal by the Indiana pension funds as well as the others who signed on today it's essentially what's happened here is there was a stay in place. Until 4 PM on Monday justice Ginsburg said that you would extend that stay. While the other justices decided whether it would they want to hear the argument that the Indiana pension funds would make. Among other things as saying that the use of TARP funds and other monies by the US government bailout Chrysler is just a legal the other issue for that was that the secured lenders the pension funds among others. We're being given a secondary position in the bankruptcy to unsecured creditors and their argument that this would turn upside down bankruptcy law and president of the United States. The court doesn't agree because not going to indicate they've denied the emergency appeal which clears the way for Chrysler and Fiat to close their deal by June 15 annual call. Sergio mark Downey yesterday said we will never walk away from Chrysler than today in the filing both Chrysler and -- if you don't do this by the fifteenth. It's into the world. I -- feeling that anything did did debt coming out of Markey don't have anything to do with the justice coming back saying you know there were removing the stay -- the -- proceed but I think the justices would ever admit to feeling pressure from anybody outside of the court but there's another issue that we haven't talked a lot about which is that roughly 50000 employees of Chrysler. We're on hold. And and perhaps the justices are thinking of the of those men and women who if they had decided to hear the arguments of the Indiana pensioners. Those people to be going back to work anytime soon as of right now if this deal does close before Monday the fifteenth minute the the ways glare. They go back to work on August in mid August they're going to start producing cars that 7977. -- some dealerships closing around the country Chrysler at least. Vet who is who that was happening with or without the steak but I day -- 789 dealerships lost a bid today. I'm -- about 300 of them to stop what -- is essentially they're being cut off for good. From Chrysler at midnight tonight they're done. -- And so those dealerships now stuck of that inventory in which they have to sell at fire sale prices Chrysler won't buy it back. And then back to solid auction of that salt on the deal as -- going to lose money on these things after trying to help Chrysler and do the right thing. They lost their argument in court today they can appeal but that's understood that it would be sad fact that the deal's gonna closed for -- I think he's just going to have a Monday. Probably have reform and I think about causes as soon as they can have caused by Monday what's really the other big issue here is General Motors. This clears the way now for General Motors which is at a much. Bigger I mean the gigantic. Version of all of that -- actually got a real ugly if they let this thing drag on Chrysler at least -- exemption have exploited since changing by the every minute to stay out of every minute Adam Shapiro."