Supreme Court temporarily blocks Chrysler/Fiat merger - Business First of Buffalo:

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Supreme Court Justice Ruth Bader Ginsberg granted a motiomn filed by Indiana state pension fundws to delay the merger between the American and Italiabn automakers in what the said was an administrative extensio designed to allow sufficient time for the Supreme Courtf to explore whether or not a stayis needed, accordinb to several published reports late Monday. The Supreme Court move extendw a stay already issued by a lowefr court that was set to expiree lateafternoon Monday. Fiat has givenm Chrysler until June 15 to finishthe merger. Attorneyxs for the pension funds arguedf that they would receive just pennies on the dollar fora $42 millionn loan given to However, U.S.
Solicitor General Elena Kagan said the imminent collapse ofChrysler — said to be losingy upward of $100 million daily — was of greatedr concern to government officials than the loan dispute. When Chryslee filed for Chapter 11 bankruptch protectionlast month, it announced it would reject 789 dealership agreements nationwide, including 35 in Florida. Locakl dealership affected include GoldenhMotors Inc. dba , Jim Boast Dodged Inc. dba in Bradenton, Plattner Automotivse dba Tarpon SpringsDodge Inc., Regalk dba in Lakeland, Ltd., St. Pete Jeep Eagle dba and 1099 LLCdba . 1099 LLC is majorityh owned by CongressmanVern Buchanan, R-Longboat Key.
On May 27, Florid a Attorney General Bill McCollum filed a formaol objection to the Floridadealership rejections. On Monday, Sen. Bob R-Tenn., said he was introducintg a measure that would use governmenf funds to full reimburse rejectex dealerships for vehicles and parts whilr both Chryslerand (OTC PK: worked through bankruptcy. GM filed for Chapter 11 bankruptcy protectionJune 1.