The U.S. Supreme Court ruled moments ago that Chrysler cannot yet sell most of its assets to Fiat, a move that has been opposed by three Indiana state pension and construction funds.
The ruling grants a stay in the sale as the court gathers more data and schedules a hearing on the matter.
It temporarily blocks the way for Chrysler to complete its merger with the Italian automaker and begin its new, post-bankruptcy life.
The U.S. favors the Chrysler-Fiat merger and wants to remove the Indiana road block.
“I’m delighted it appears we will be getting our day in court,” Indiana state treasurer Richard Mourdock said in an interview on CNBC.
Finally, someone is applying a brake (albeit a very small one) to our headlong rush into Obamanomics, aka “Industrial Policy.” Which, as you know, worked such wonders for Japan in the ’90s and has lifted millions of hepatitis-suffering, inebriated Russians into [sic] poverty.