Appeals court to hear appeal of Chrysler sale
Lawyer Blogs
A federal appeals court late Tuesday halted Chrysler's sale of the bulk of its assets to Italy's Fiat pending an appeal by a trio of Indiana state pension and construction funds.
The U.S. Court of Appeals for the Second Circuit will hear arguments in the case Friday afternoon in New York, according to the Indiana treasurer's office. Chrysler LLC had hoped to close the sale by the end of week, pending regulatory approval.
"We are pleased the Court of Appeals has agreed to hear our arguments," Indiana Treasurer Richard Mourdock said in a statement. "As we have stated from the beginning, Indiana retirees and Indiana taxpayers have suffered losses because of unprecedented and illegal acts of the federal government."
Chrysler has maintained that the deal with Fiat Group SpA is its only hope of avoiding selling itself off piece by piece. If the sale doesn't close by June 15, Fiat has the option of pulling out of the deal.
But the funds, which include the Indiana State Police Pension Fund, the Indiana Teacher's Retirement Fund, and the state's Major Moves Construction Fund, claimed that the deal as structured unfairly favors the interests of the company's unsecured stakeholders ahead of those of secured debtholders such as themselves.
Related listings
-
Reid praises Sotomayor as 'the whole package'
Lawyer Blogs 06/02/2009The Senate's top Democrat praised federal judge Sonia Sotomayor Tuesday as an extraordinarily well-qualified Supreme Court nominee whose background as an "underdog" appeals to Americans. "We have the whole package here," said Sen. Harry Reid, seated ...
-
Gay marriage debate complicates SF mayor's future
Lawyer Blogs 06/01/2009San Francisco Mayor Gavin Newsom has been linked to gay marriage ever since he directed city clerks to issue marriage licenses to same-sex couples in 2004. Now he's running for governor and trying to broaden his appeal, but fate appears to be working...
-
Nevada lawmakers reject veto of partnership bill
Lawyer Blogs 06/01/2009Nevada's Assembly voted Sunday to override Gov. Jim Gibbons' veto and to change state law so that domestic partners, whether gay or straight, have many of the rights and benefits that Nevada offers to married couples. The Assembly's 28-14 vote — the ...
New York Commercial Litigation Law Firm - Woods Lonergan PLLC
Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.