WASHINGTON (AP) — The Supreme Court has declined to take another look at Chrysler’s bankruptcy.
The justices on Monday turned down an appeal from the state of Indiana pension funds that earlier challenged the automaker’s bankruptcy proceedings.
The bulk of Chrysler LLC’s assets were sold to Italy’s Fiat.
The court previously rejected the pension funds’ effort to block the sale.
In the latest appeal, the funds argued that the arrangement worked out with Fiat, and approved by federal courts, violated federal bankruptcy law. The pension funds said they were not trying to reverse the bankruptcy sale, but instead wanted to recover money for themselves and other Chrysler creditors.
Bankruptcy attorney Jeffrey A. Schreiber said the court’s decision was “predictable.”
“If the state has been granted a stay at the lower court level and they appealed, they would have had a better chance to recover the money. But when the ultimate stay was denied, their appeal became moot. Chrysler’s assets have been sold and disposed of.”
When Chrysler exited from bankruptcy June 10, after a 40-day stay, its best assets were sold to the government-sponsored Chrysler Group LLC company.
The old Chrysler is now referred to as Old Carco. It remains in bankruptcy and is being liquidated.
• K.O. Jackson, Tribune business writer, contributed to the report
Local News
Appeal of Chrysler sale gets rejected
- Local News
-
-
19% rate hike coming
An almost $3 billion coal-to-gas power plant that Kokomo’s main electricity provider is building in southern Indiana will result in a more efficient approach to energy, the company’s president said Wednesday.
-
Council leaves budget intact
Whether Kokomo Mayor Greg Goodnight’s proposed 2011 city budget made a splash with Kokomo Common Council members remains to be seen.
-
County seeks help with legal bills
Howard County officials are hoping other local taxing entities will provide some financial help toward legal bills accrued in the fight with Chrysler Group LLC over personal property assessed values.
-
More charges for ex-nursing home director
The former Kokomo nursing home director arrested last week on drug charges will also be facing burglary and theft charges, police announced Wednesday.
-
Commissioners OK dispatch center consolidation plan
The Howard County Board of Commissioners approved a recommendation Tuesday to budget about $1.4 million — about $200,000 less than the county’s dispatch center says it needs — for a consolidated dispatch center.
-
City Line bus service launched Tuesday
About 20 community leaders, representing Indiana University Kokomo, Ivy Tech, the United Way of Howard County, the Kokomo Rescue Mission, Howard County and Kokomo city government and the Kokomo-Center Schools, all crowded into the City Line’s new transit center at Union and Superior streets Tuesday.
-
Donnelly visits Kokomo Opalescent Glass factory
Tuesday morning, Kokomo Opalescent Glass workers swept broken glass. Some workers quickly transported molten glass from a 2,000-plus degree furnace, and another employee poured hot, honey-colored liquid glass into a mold.
-
United Way associates heading to businesses
Today marks the start for about a dozen people to raise almost $2 million over a little more than three months.
-
Library ready for move back home
Kokomo-Howard County Public Library staff will begin moving materials into the newly renovated Main Library beginning Sept. 13, library officials announced Friday.
-
Rally honors workers
More manufacturing jobs and better wages were on everyone’s wish list during a Labor Day rally at United Auto Workers Local 685 union hall.
- More Local News Headlines
-
19% rate hike coming
