Justice Ginsburg temporarily blocks Fiat-Chrysler deal

Wow. Finally a decision from Supreme Court Justice Ruth Bader Ginsburg that I agree with--although it's not really a decision.

AP reports:

Supreme Court Justice Ruth Bader Ginsburg on Monday delayed Chrysler's sale of most of its assets to a group led by Italy's Fiat, but didn't say how long the deal will remain on hold.

Ginsburg said in an order that the sale is "stayed pending further order," indicating that the delay may only be temporary.

Chrysler LLC has said the sale must close by June 15, or Fiat Group SpA has the option to walk away, leaving the Auburn Hills, Mich., automaker with little option but to liquidate.

A roadblock has emerged in the Hoosier State:

But a trio of Indiana state pension and construction funds, which hold a small part of Chrysler's debt, have been fighting the sale, claiming that it unfairly favors Chrysler's unsecured stakeholders ahead of secured debtholders like themselves.

The unsecured creditors includes a favored group of Barack Obama, the United Auto Workers union.

Secured creditors are supposed to pass through the buffet line first, not that the Czar of all the Czars cares about the law.

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