68 of the French say have a poor opinion of the professiontemporary decree for a period of five yearsThe French shareholders speak with one voiceThere are also mud flats herbariums etcThe final balance sheet reports of two deadToday Nicolas Lemaire wants to diversifyThe fight against climate change finally growingKookai therefore the antiDim Dim seduced by womenAged seventyeight the person concerned provides have everything preparedFor the moment there has not yet was defectsWhatever the final verdict, the police of Indiana pension funds can boast of having threatened to derail the automobile plan of the White House. In the wake of the surprise decision of the judge of the Supreme Court Ruth Bader Ginsburg, sixty sixteen, to suspend the sale of the assets of Chrysler to Fiat ("Les Echos" of yesterday), the Italian reaffirmed its willingness to conclude the operation, while deploring the "risks" posed any additional time on the recovery of the US manufacturer. In theory, Fiat still has until June 15 to waive the transaction, but its CEO, Sergio Marchionne, ruled out any withdrawal. According to experts, the scope of the provisional decision of Justice Ginsburg does not imply necessarily that the use of 3 Indiana funds will be held admissible. Will "fiat does not give up the transaction even if it is not finalized at the June 15", said a spokesman for Fiat. "Never", even stated Sergio Marchionne.
The Italian group is determined to enter 20 in the capital of Chrysler, with an option up to 35 alongside Union UAW (55) and the Canadian and American Governments. He is convinced that the use of 3 Indiana funds cannot challenge the bailout of the auto of the White House sector plan. For its part, while keeping to comment on a judicial decision, the Obama administration has placed its impact, indicating that it is to give the Supreme Court time to examine the arguments of the complainants.
"When the Supreme Court will read" the whole of the record, "I doubt that it maintain the stay of execution", considers Martin Bienenstock firm Dewey & LeBoeuf, Council of GM and Chrysler for their restructuring plans. But for Chrysler, a prolonged stay could, in practice, "kill the deal with Fiat and lead to the winding-up." In charge of emergency measures, Justice Ginsburg can still submit the appeal to the full Court, but in this case five out of nine members shall allow a stay of execution of the decision of the Court of appeal on 5 June, which validated the transaction on the merits. And some experts see the formulation of the provisional decision, "until further notice", the index of a "fleeting stay."
"Exceptional situation".
In the case of referral on the merits of the Supreme Court, the case would be even more embarrassing to the administration Obama j. Ginsburg, appointed in 1993 by Bill Clinton, with the support of Republican Senator Orrin Hatch, is known for his progressive views. In its communication to the Supreme Court, the Advocate General, Elena Kagan, insisted on the urgency of the assignment by reminding that it is the "only feasible alternative to liquidation." In his arguments filed with the Court, Chrysler recalled every day that passes represents an additional loss "of $ 100 million. "We are in an exceptional situation." "Every day that passes increases the invoice for the American taxpayer," said the Italian group which should make the deal June 5.
"The Indiana pensioners are not responsible for the bankruptcy of Chrysler (...)". The question of the rights of secured creditors is more important than Chrysler. "It is an essential basis of our financial markets," believes Richard Mourdock, Treasurer of Indiana. The use of funds was the implicit support of several Republican elected officials. Alabama Republican Senator, Richard Shelby, openly criticized the "unfairness" of the holders of bonds treatment in the restructuring of Chrysler.
