Stay, just a little bit longer
Well, looky here: Justice Ruth Bader Ginsburg has ordered a stay of the Chrysler absorption by Fiat, pending a review of the whole shebang by the Supremes.
If this doesn’t wrap up in a week, the whole deal could be scotched:
Chrysler has until June 15 to emerge free and clear, else Fiat can walk away. And if that happens, Chrysler might owe Fiat $35 million — which is just $7 million short of what the three Indiana funds [who filed the suit] together have invested in the Pentastar.
All of a sudden the fait looks a hell of a lot less accompli.
Update: SCOTUSblog:
The wording of Ginsburg’s order — “stayed pending further order” — is the conventional way by which a Justice or the Court carries out an action that is expected to be short in duration, and not controlling — or even hinting at — the ultimate outcome. Any speculation that her order meant the Court was leaning toward a further postponement would be unfounded.
Kirk »
9 June 2009 · 8:34 am
Last night, Fiat’s chairman said they would allow time for the process to unfold, and would not scotch the sale if it doesn’t close next week.
CGHill »
9 June 2009 · 8:46 pm
Well, it’s going to close tomorrow, apparently; the Supremes have said that the parties requesting the stay have not adequately justified it.