Get Freakin Real

Another victory for Indiana Treasurer Richard Mourdock and America.

The Supreme Court on Monday granted an emergency appeal asking it to halt the impending government-backed sale of Chrysler to Italian automaker Fiat.

The order stops for now Chrysler’s sale, which the company claims could scuttle the deal.

via Supreme Court Halts Chrysler Sale to Fiat – Political News – FOXNews.com.

Obama’s attempt to ignore the law hits another bump. This temporary stay offers a ray of hope. It’s anyone’s guess right now what happens next. Hopefully, the Supreme Court will agree to take up the case and put a stop to this administration’s complete disregard for contract law.

Specifically, the case deals with two issues. First, is the unprecedented manner in which unsecured interests (the UAW) are given preferential treatment. Secondly is the legality of how TARP funds are being used in the deal.

See also: Breaking: SCOTUS stops Chrysler sale

Like Horatio at the Bridge,  Richard Mourdock continues to fight for what’s right.

Indiana’s State Treasurer has at least temporarily blocked the sale of most of Chrysler Corporation’s assets to Fiat.

A late decision allows for a court challenge to see if two Hoosier pension funds and a construction fund are getting a raw deal in the automaker’s bankruptcy.

State Treasurer Richard Mourdock says he doesn’t like holding up the sale of Chrysler to Fiat, but he insists he won’t back down, and now he’ll get a hearing before a federal appeals court. via Indiana Treasurer Wins Right to Appeal Chrysler Bankruptcy Terms | Indiana’s NewsCenter: Fort Wayne WPTA-TV, WISE-TV, CW, and My Network | Local & Regional.

The Obama thugs decided that the rules of bankruptcy needed to be “adjusted” to help out with the UAW bailout. It should be no surprise. After all, seizing personal property for redistribution is the ultimate goal of both the UAW and Obama.

Enter Indiana Treasurer, Richard Mourdock who has filed an objection to protect the property rights of Indiana teachers and police officers.

Indiana was the sole creditor to file objections with the court (PDF can be found here.)

As stated in the filings, the US Treasury Task Force is seeking to use the Chrysler bankruptcy to extinguish
the property rights of the pension funds as secured lenders, violating the most fundamental tenets of creditor
rights in disregard of widely recognized bankruptcy jurisprudence. The proposed restructuring of
stakeholders’ rights seeks to make payments of billions of dollars to unsecured creditors, while paying the
secured creditors only 29 cents on the dollar.

“As fiduciaries, we can’t allow our retired police officers and teachers to be ripped off by the federal
government. The Indiana state funds suffered losses when the Obama administration overturned more than
100 years of established law by redefining ‘secured creditors’ to mean something less,” explained Treasurer
Richard Mourdock. “The court filing is aimed not only at recouping those losses but also reasserting the rule
of law and preventing the federal government from pursuing policies that strike at the heart of the capital
system.”

TreasurerMourdockObjectiontoChryslerBankruptcy.pdf (application/pdf Object).

Treasurer Mourdock will not allow portfolios under his
control to make additional investments in businesses that are receiving or will be receiving federal bailout money.

Good move.

How bad am I suppose to feel for American auto manufacturers and the UAW? Unions have destroyed the auto industry by forcing unreasonable demands and outrageous expenses upon them.

Unions produce no tangible product. They prohibit members from being individuals, artificially inflate the cost of labor and they cause industries to fail. It’s extortion sanctioned by the politicians they bribe. Continue reading