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- Indiana State Police Pension Trust v. Chrysler LLC was a lawsuit brought in United States federal court June 2009 by several pension funds against Chrysler LLC and the United States Department of the Treasury, to block the planned sale of Chrysler LLC assets to a "New Chrysler" entity in the Chrysler bankruptcy. The case arose from the high-profile bankruptcy of Chrysler, in which the U.S. Treasury orchestrated a sale under Section 363 of the Bankruptcy Code to avoid the debtors' having to fully compensate a group of first lien priority creditors, which included roughly 100,000 retired teachers and police officers from Indiana. The United Auto Workers Union (UAW), which was closely allied with the Obama Administration, was a junior, unsecured creditor who stood to gain from the plan of sale. The plaintiff (pensioners) asked for the U.S. Treasury's redistribution of value in the bankruptcy from senior, secured creditors with priority liens to junior, unsecured creditors to be struck down, and also argued that the Emergency Economic Stabilization Act of 2008 (EESA) authorizes the federal government to use TARP (Troubled Asset Relief Program) moneys [sic] only to "bail out" financial institutions and not automakers. In Dec 2008, Congress declined to authorize the Auto industry bailout bill. The defendant (U.S. Government) asked to allow the bankruptcy plan to proceed, noting that the needs of the economy outweigh the needs of the deal's detractors. Government lawyers defended the use of funds from TARP and argued that Indiana's appeal lacked legal merit. The sale had been ordered to proceed by the decision in the United States Bankruptcy Court for the Southern District of New York. The order was appealed by the pensioners to the United States Court of Appeals for the Second Circuit, and from there to the United States Supreme Court, who decided not to hear the case, and dropped the stay allowing the asset sale to proceed. As a result of the sale the United Auto Workers Union (UAW) gained a 55 percent ownership stake in the automaker. Six months later the Supreme Court vacated the lower court's ruling, thereby ensuring that the controversial opinion would retain no precedential value going forward; no ruling was issued to explain the Court's actions. (en)
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- 31653 (xsd:nonNegativeInteger)
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- 0001-06-09 (xsd:gMonthDay)
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- Indiana State Police Pension Trust, et al. v. Chrysler LLC, et al. (en)
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- Indiana State Police Pension Trust v. Chrysler LLC (en)
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- Cert. granted, judgment vacated, case remanded, 558 U.S. 1087, Docket No. 09-285 (en)
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- Indiana State Police Pension Trust v. Chrysler LLC was a lawsuit brought in United States federal court June 2009 by several pension funds against Chrysler LLC and the United States Department of the Treasury, to block the planned sale of Chrysler LLC assets to a "New Chrysler" entity in the Chrysler bankruptcy. In Dec 2008, Congress declined to authorize the Auto industry bailout bill. (en)
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- Indiana State Police Pension Trust v. Chrysler LLC (en)
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- Indiana State Police Pension Trust, et al. v. Chrysler LLC, et al. (en)
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