Today the Supreme Court delayed Chrysler’s sale to Fiat because of a lawsuit filed by a couple of Indiana pension funds. [1]
Glory Hallelujah.
I’m glad the Indiana Pension funds stepped up to assert their legitimate legal rights as secured creditors: it’s one thing if secured creditors decide on their own to accept $.29 on the dollar; quite another when they are strong armed by the government, the entity responsible for enforcing the law in our society, to take what the government decides they deserve to get.
Yes, the pension funds’ claim is small in relation to the overall debt owed secured creditors.
So what?
The law is the law whether its $1 or $1 billion.
To argue otherwise is to relinquish the principles of the rule of law and equal justice under the law, cornerstones of modern civilization.
The Obama administration will probably try to shame the Indiana pension funds into capitulating and sacrificing their interests for the “common good” (either that or they’ll use the same argument to get the Supreme Court to roll over).
I hope the pension funds hold their ground and the Supreme Court hears the case: both would be doing the republic a great service.
