The Supreme Court ruled moments ago that Chrysler cannot yet sell most of its assets to Fiat, a move that has been opposed by three Indiana state pension and construction funds.Ginsburg issued the stay, and didn't give a reason for doing so.
The ruling grants a stay in the sale as the court gathers more data and schedules a hearing on the matter.
It temporarily blocks the way for Chrysler to complete its merger with the Italian automaker and begin its new, post-bankruptcy life.
What does this mean? Is the Supreme Court about to consider ruling this government participation in private enterprise unconstitutional, and send us back to the Lochner era? Is this a takings case that the pension funds are filing, arguing that the government is forcing them to give up their Chrysler stock to the UAW and Fiat, and if so, why the hell would you file that suit if your other option is losing all of your stock in bankruptcy proceedings? I don't ask for much, SCOTUS watchers. Just tell me what all this is about.