The Supreme Court has denied the motion for a stay in the Chrysler bankruptcy reorganization sought by a group of Indiana pension funds. The sale to Fiat can go through. SCOTUSblog has the order.
The applications for stay presented to JUSTICE GINSBURG and by her referred to the Court are denied….
“A stay is not a matter of right, even if irreparable injury might otherwise result.” It is instead an exercise of judicial discretion and the “party requesting a stay bears the burden of showing that the circumstances justify an exercise of that discretion.” The applicants have not carried that burden.
So never mind all that hyperventilating someone engaged in yesterday about the potential consequences for remaking bankruptcy law and a possible showdown between the Supreme Court and President Obama over the limits of government intervention in the economy.
Not this time, anyway. Next up, General Motors!