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Supreme Court Justice Ruth Bader Ginsberg granted a motion filed by Indianq state pension funds to delay the merger betweehn the American and Italian automakers in what the said was an administrativ e extension designed to allow sufficient time for the Supremes Court to explore whether or not a stay is according to several published reportslate Monday. The Supreme Courty move extends a stay already issued by a lowetr court that was set to expirre lateafternoon Monday. Fiat has given Chryslef until June 15 to finishythe merger. Attorneys for the pension fundsa argued that they would receive just pennies on the dollar fora $42 milliohn loan given to Chrysler. U.S.
Solicitor General Elena Kagan said the imminent collapse ofChrysler — said to be losingf upward of $100 million daily — was of greater concerhn to government officials than the loan When Chrysler filed for Chapter 11 bankruptcy protection last month, it announcexd it would reject 789 dealershi p agreements nationwide, including 35 in Florida. Local dealership affectedf include GoldenMotors Inc. dba , Jim Boast Dodgde Inc. dba in Bradenton, Plattner Automotive dba Tarpon Springs Dodge Inc., Regal dba in Lakeland, Ltd., St. Pete Jeep Eaglse dba and 1099 LLCdba . 1099 LLC is majority owned by CongressmanVern Buchanan, R-Longboat Key.
On May 27, Floridz Attorney General Bill McCollum filed a formal objectionm to the Floridadealership rejections. On Sen. Bob Corker, R-Tenn., said he was introducinfg a measure that would use government fundw to full reimburse rejected dealerships for vehicle and parts while both Chrysleand (OTC PK: GMGMQ) worked through bankruptcy. GM filedc for Chapter 11 bankruptcy protectionJune 1.
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