{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='US Supreme Court delays Chrysler sale to Fiat' data-url='/boclips/videos/5c54bd1fd8eafeecae131c22' data-video-url='/boclips/videos/5c54bd1fd8eafeecae131c22' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nUS Supreme Court delays Chrysler sale to Fiat\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eRedwood City, California - 9 June 20091. Wide shot of Chrysler dealership2. Mid shot of Chrysler cars3. Mid shot of car inside dealership4. Close-up of Chrysler sales stickerWashington DC - 9 June 20095. Medium shot of AP Supreme Court...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eRedwood City, California - 9 June 2009\u003cbr/\u003e1. Wide shot of Chrysler dealership\u003cbr/\u003e2. Mid shot of Chrysler cars\u003cbr/\u003e3. Mid shot of car inside dealership\u003cbr/\u003e4. Close-up of Chrysler sales sticker\u003cbr/\u003eWashington DC - 9 June 2009\u003cbr/\u003e5. Medium shot of AP Supreme Court writer Mark Sherman\u003cbr/\u003e6. SOUNDBITE (English) Mark Sherman, AP Supreme Court writer:\u003cbr/\u003e\"The Supreme Court is involved in this case because some of the opponents of the bankruptcy sale of Chrysler to Fiat have objected, and their only place to go was to the Supreme Court. Both the federal bankruptcy judge and the Second US Circuit Court of Appeals have approved the sale. The Second US Circuit Court of Appeals in New York though, gave the opponents some time to try and get the Supreme Court to intervene.\"\u003cbr/\u003eFILE: Date Unknown - Washington DC\u003cbr/\u003e7. Various of Supreme Court Justice Ruth Bader Ginsburg\u003cbr/\u003eWashington DC - 9 June 2009\u003cbr/\u003e8. SOUNDBITE: (English) Mark Sherman, AP Supreme Court writer:\u003cbr/\u003e\"Ruth Bader Ginsburg issued a temporary delay, she did not set a deadline and she did not say how long the delay would last. What will happen now is that either Justice Ginsburg, or more likely the full court, will consider the issue of whether it should extend the delay, and consider the full appeal of the opponents of the sale of Chrysler to Fiat or whether it should let the sale go forward.\"\u003cbr/\u003eChicago, Illinois - 9 June 2009\u003cbr/\u003e9. Wide of Chrysler dealership\u003cbr/\u003e10. Mid shot of dealership owner Stanley Balzekas\u003cbr/\u003e11. Mid shot of car in Chrysler dealership\u003cbr/\u003e12. SOUNDBITE (English) Stanley Balzekas, Balzekas Motor Sales:\u003cbr/\u003e\"Now we have to chase around looking for some company or banks to finance our used cars. Well, the banks are not going to look very favourably on a dealer that does not have a new car franchise.\"\u003cbr/\u003e13. Mid shot of Balzekas walking in dealership offices\u003cbr/\u003e14. Mid shot of Balzekas Motor signs\u003cbr/\u003e15. Various close-up shots of Chrysler emblem\u003cbr/\u003e16. SOUNDBITE (English) Stanley Balzekas, Balzekas Motor Sales:\u003cbr/\u003e\"It was almost like a meanness to this. You are dirt on the floor, you know. It just wasn't right.\"\u003cbr/\u003e17. Wide interior of showroom\u003cbr/\u003e18. Close-up of Chrysler sign\u003cbr/\u003eRedwood City, California - 9 June 2009\u003cbr/\u003e19. SOUNDBITE (English) Hunter Elkins, Boardwalk Auto Centre:\u003cbr/\u003e\"We own all the cars that are on this lot. They're bought and we need to sell them, so it's a great time to buy a car, as you can imagine.\"\u003cbr/\u003e20. Mid shot of cars on Chrysler lot\u003cbr/\u003e21. Close-up of Chrysler sign\u003cbr/\u003eThe Italian automaker Fiat says it won't walk away from a deal to acquire a controlling stake in Chrysler, whose five weeks of breakneck-speed bankruptcy proceedings has been halted by a U.S. Supreme Court stay on the deal.\u003cbr/\u003eFiat has the legal right to walk away from the deal if the sale is not completed by June 15. However a spokesman for Fiat said on Tuesday that the automaker will stay on board despite the new delay.\u003cbr/\u003eThe U.S. Supreme Court decision on Monday to hear a challenge by three pension and construction funds could\u003cbr/\u003escuttle the sale. But the delay could also only be temporary. \u003cbr/\u003eIf Fiat were to walk away, Chrysler would have little option but to liquidate.\u003cbr/\u003eIt was unclear late on Monday just how long the stay would last, or if the court planned to take up the case.\u003cbr/\u003eChrysler said it had no comment until it received further information from the court.\u003cbr/\u003eGinsburg said in her one-sentence order that the sale was \"stayed pending further order,\" indicating that the delay may only be temporary. \u003cbr/\u003eGinsburg could decide on her own whether to end the delay, or she could ask the full court to decide.\u003cbr/\u003eA federal appeals court in New York approved the sale on Friday, but gave opponents until 4 p.m. (local time) on Monday to try to get the high court to intervene. \u003cbr/\u003eGinsburg issued her order minutes before the deadline.\u003cbr/\u003eDespite the aggressive objections of a trio of Indiana state pension and construction funds that own a small part of Chrysler's secured debt, the automaker has moved swiftly through the Chapter 11 process.\u003cbr/\u003eThe Auburn Hills, Michigan, company received bankruptcy court approval for the sale just a month after filing for bankruptcy protection and had been expected to emerge from court oversight when the sale closed.\u003cbr/\u003eChrysler's ability to speed through the process has partially been a result of the involvement of the Obama administration's auto task force, which provided 4.5 (b) billion US dollars in bankruptcy financing and helped negotiate a deal between the company's stakeholders.\u003cbr/\u003eUnder a deal brokered in the days leading up to Chrysler's April 30 Chapter 11 filing, Fiat will receive up to a 35 percent stake in the new company created by the sale, in exchange for sharing the technology Chrysler needs to create smaller, more fuel-efficient vehicles.\u003cbr/\u003eThe United Auto Workers union will get a 55 percent stake that will be used to fund its retiree health care obligations, while the US and Canadian governments will receive a combined 10 percent stake.\u003cbr/\u003eMeanwhile, the automaker's secured debt holders would get two (b) billion US dollars in cash, or about 29 cents on the dollar, for their combined 6.9 (b) billion US dollars in debt.\u003cbr/\u003eSome of the debt holders balked at the deal, saying as secured lenders they deserved more.\u003cbr/\u003eA group of investment firms that held about four percent of Chrysler's secured debt filed an objection to the sale shortly after the automaker's Chapter 11 filing, but the group later dissolved, saying it didn't have enough members to mount an effective challenge.\u003cbr/\u003eLater on, the Indiana funds, represented by the same law firm as the dissident debt holders, filed their own objection and eventually appealed to the 2nd US Circuit Court of Appeals and the Supreme Court.\u003cbr/\u003eThey claim the sale unfairly favours Chrysler's unsecured stakeholders, such as the union, ahead of secured debt holders like themselves.\u003cbr/\u003eThe funds also are challenging the constitutionality of the Treasury Department's use of money from the Troubled Asset Relief Programme to supply Chrysler's bankruptcy protection financing. \u003cbr/\u003eThey say the government did so without congressional authority.\u003cbr/\u003eThe funds hold about 42.5 (M) million US dollars, or less than one percent, of Chrysler's 6.9 (b) billion US dollars in secured debt. They bought it in July 2008 for 43 cents on the dollar.\u003cbr/\u003eConsumer groups and individuals with product-related lawsuits also are contesting a condition of the Chrysler sale that would release the company from product liability claims related to vehicles it sold before the asset sale to Fiat.\u003cbr/\u003eCompensation for such claims would have to be sought from the parts of the company not being sold to Fiat. But those assets have limited value and it's doubtful that there will be anything available to pay out.\u003cbr/\u003eChrysler also is working to reduce its ranks by 789 dealers, or about 25 percent, as part of its cost-cutting actions. \u003cbr/\u003eBut the move, which still needs bankruptcy court approval, is being challenged by a group representing more than 300 dealers, as well as individual dealers.\u003cbr/\u003eA hearing on the motion that began on Thursday with the testimony of about a dozen dealers is scheduled to continue on Tuesday with arguments. \u003cbr/\u003eUS Judge Arthur Gonzalez is expected to rule after arguments conclude.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead 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