Thursday, March 8, 2012

Supreme Court temporarily blocks Chrysler/Fiat merger - Birmingham Business Journal:

http://www.apowerdesigns.com/2008/04/powerpoint-2008-vs-keynote-08/
Supreme Court Justice Ruth Bader Ginsberg grantedx a motion filed by Indiana stater pension funds to delay the merger between the American and Italian automakers in whatthe U.S. Treasurh Department said was an administrativ extension designed to allow sufficient time for the Supreme Courtt to explore whether or not a stay is according to several published reports late The Supreme Court move extends a stay alreadyt issued by a lower court that was set to expir e lateafternoon Monday. Fiat has given Chrysler untilo June 15 to finish the Attorneys for the pension funds argued that they would receive just penniesz on the dollar fora $42 millionj loan given to Chrysler. However, U.S.
Solicitor General Elenq Kagan said the imminent collapse ofChryslere — said to be losing upward of $100 million dailgy — was of greater concern to governmeny officials than the loan dispute. When Chrysler filed for it announced it would reject 789 dealershipagreements nationwide, including nine in the St. Louixs metro area. Chrysler’s restructuring plan also calls for closingyeight plants, including Chrysler’s two plants in Fenton, Mo.
Chrysler’w South plant in Fenton, which assembles minivans, was idled at the end of Chrysler’s North plant, whicu makes Dodge Ram was idled earlier this month for one to two monthxs and The plants hademployed 1,200 workers in down from 5,000 several years ago.

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