In the latest appellate order, the Indiana Pension Funds early this morning were granted a motion to appeal directly to the U.S. Court of Appeals, bypassing District Court, as had been the desire of Chrysler and Fiat. While undoubtedly a last ditch effort before the June 15 deadline, after which Fiat can walk away if there is no closed deal, the action will hopefully derail Gonzalez' steamrolling of over 300 objections, which early yesterday were overruled as he proceeded to approve the 363 sale motion.
In his order, Gonzalez was brief and to the point: "The Court certifies that an immediate Appeal of the Sale Opinion, the TARP Opinion and Sale Order is appropriate because this case involves a matter of public importance, and an immediate appeal may materially advance the progress of this case."
Undoubtedly, Gonzalez found himself in a very tight place, after District Judge McMahon earlier stated that "no court in the land would deny [the Indiana Pensioners’] right to be heard on appeal." The major question now is the determination by appelate court if there is grounds for one, and the process over the next two weeks, which will determine if the entire bankruptcy procedural farce has any chance of being overturned. If that is the case, all of Obama's rhetoric yesterday at the GM bankurptcy announcement about the Warp 10 speed with which Chrysler emerged from bankruptcy (trampling over many, many objections) will be refuted squarely in another court of law.
The order granting the appeal and the initial apeal filing are both provided below.
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