Spread Bets on Individual Equities

234497 Resource 133538 120646 120646 1244558672555 1244558672555 Controlled Supreme Court Halts Chrysler Bankruptcy Sales

Sale to be reconsidered in light of concerns raised by pension funds

With the advent of the bankruptcy filings of Chrysler and <a href="item/233912" target="_blank" title="GM, Chrysler, Ruth Bader Ginsburg, Supreme Court, Chrysler bankruptcy, spread bets individual equities, spread betting stock market">GM</a>, the U.S. -- and the world -- see an end to an automobile era. Chrysler meant to sell part of itself to Italian car maker Fiat, and the remaining equity in Chrysler would be held by the U.S. government, Canadian government and the United Auto Workers. Secured bond holders would be compensated about 29 cents on the dollar. Pension fund controllers saw this development as unacceptable, and filed an appeal with the U.S. Supreme Court to halt the sales. <a href="http://www.google.com/hostednews/afp/article/ALeqM5i9LCNUDuWVmmzcuMKfOd5UG5Qkmw" target="_blank" title="GM, Chrysler, Ruth Bader Ginsburg, Supreme Court, Chrysler bankruptcy, spread bets individual equities, spread betting stock market">AFP reports on the arguments used by the funds</a>: <blockquote> They argued that the sale is unconstitutional because it puts the rights of junior creditors ahead of the rights of senior lenders. The three state pension and construction funds also said the US Treasury Department had overstepped the authority it was granted by Congress under the Troubled Asset Relief Program (TARP), a 700-billion-dollar bailout intended for the financial industry, by financing Chrysler's restructuring. </blockquote> In response, Supreme Court Justice Ruth Bader Ginsburg singed an order to halt the sale until the case could be reviewed. This is a first in U.S. corporate law. It also brings up the question of whether of not bankruptcy proceedings by GM will be halted as well. 9 application/xml false Chrysler Chrysler bankruptcy GM Ruth Bader Ginsburg spread bets individual equities spread betting stock market Supreme Court Spread Bets on Individual Equities Spread betting on the stock market http://www.gftuk.com/land/index.asp?aid=53 Mozilla/5.0 (Macintosh; U; Intel Mac OS X 10.5; en-US; rv:1.9.0.10) Gecko/2009042315 Firefox/3.0.10 GTB5 127.0.0.1 127.0.0.1 mmarquit 63.248.48.57 false true false false true 133538 blog blogsite/GFTUK/web