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''Indiana State Police Pension Trust v. Chrysler LLC'' was a lawsuit brought in United States federal court June 2009 by several pension funds against Chrysler LLC and the United States Department of the Treasury, to block the planned sale of Chrysler LLC assets to a "New Chrysler" entity in the Chrysler bankruptcy. The case arose from the high-profile bankruptcy of Chrysler, in which the U.S. Treasury orchestrated a sale under Section 363 of the Bankruptcy Code to avoid the debtors’ having to fully compensate a group of first lien priority creditors, which included roughly 100,000 retired teachers and police officers from Indiana. The United Auto Workers Union (UAW), which was closely allied with the Obama Administration, was a junior, unsecured creditor who stood to gain from the plan of sale. The plaintiff (pensioners) asked for the U.S. Treasury’s redistribution of value in the bankruptcy from senior, secured creditors with priority liens to junior, unsecured creditors to be struck down, and also argued that the Emergency Economic Stabilization Act of 2008 (EESA) authorizes the federal government to use TARP (Troubled Asset Relief Program) monies only to "bail out" financial institutions and not automakers. In Dec 2008, Congress declined to authorize the Auto industry bailout bill. In June of 2009 House Majority Leader Steny Hoyer (D-MD) said that Congress specifically authorized the Obama administration to bail out the auto industry—thus legally justifying the government takeover of General Motors--even though the highly publicized and debated auto bailout bill that Congress considered in December was defeated when it could not overcome a filibuster in the Senate. The defendant (U.S. Government) asked to allow the bankruptcy plan to proceed, noting that the needs of the economy outweigh the needs of the deal's detractors. Government lawyers defended the use of funds from TARP and argued that Indiana's appeal lacked legal merit. The sale had been ordered to proceed by the decision in the United States Bankruptcy Court for the Southern District of New York. The order was appealed by the pensioners to the United States Court of Appeals for the Second Circuit, and from there to the United States Supreme Court, who decided not to hear the case, and dropped the stay allowing the asset sale to proceed.〔 〕〔 〕 As a result of the sale the United Auto Workers Union (UAW) gained a 55 percent ownership stake in the automaker. Six months later the Supreme Court vacated the lower court’s ruling, thereby ensuring that the controversial opinion would retain no precedential value going forward; no ruling was issued to explain the Court's actions. ==Background== Chrysler LLC and General Motors both carried a substantial debt and interest-cost burden that would make restructuring for future viability difficult, unless bondholders' claims were reduced or exchanged for equity by agreement. The original U.S. government plan was for both companies to enter a Chapter 11 bankruptcy, obtain critical agreements from most stakeholders, and minimize objections, allowing the companies to exit the bankruptcy process without a prolonged battle with stakeholders affected by the filing.〔 Fiat's agreement permitted Fiat to decline to consummate the proposed partnership with the new Chrysler Group company if it were not completed by June 15, 2009, which in turn could force the liquidation of all Chrysler assets.〔 Four major U.S. financial institutions (including JP Morgan Chase and Bank of America) which had received Troubled Asset Relief Program (TARP) bailout funds from the U.S. federal government held 70 percent of the Chrysler bonds, and agreed to the proposed deal of 33 cents on the dollar.〔 〕 The remaining holders of the debt formed a group known as the Committee of Chrysler Non-Tarp Lenders that accused the TARP bondholders of having a conflict of interest.〔〔 (Statement from non-Tarp Chrysler lenders ), Financial Times, April 30, 2009 〕 Under federal government pressure, most key members of the Non-TARP Lenders acceded to a bankruptcy agreement, raising the total of bondholders agreeing to 92 percent.〔 However, since not all stakeholders had agreed before the deadline, Chrysler filed for bankruptcy on April 30, 2009. In the bankruptcy court, the U.S. government lowered the debt exchange offer to 29 cents on the dollar.〔〔 The Indiana State Police funds, plaintiffs in the lawsuit, had obtained their Chrysler bonds in July 2008 at 43 cents per dollar of face value.〔〔 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Indiana State Police Pension Trust v. Chrysler LLC」の詳細全文を読む スポンサード リンク
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