The supreme court has just rescinded its stay of the sale.
Understanding that I am a fan and returning customer to Chrysler (for its Jeep products), my biases should be clear … this is very bad news to any senior creditor out there, dealing with a large troubled debtor, and a group with political patronage.
Why would any bank or lending institution possibly grant a loan, if political considerations will outweigh legal considerations? Will we see checkboxes on loans “are you a member of the following political party [ y/n ], are you now or have you ever been a political contributor to the president, vice president … ”
I didn’t want to see Chrysler liquidated. I just wanted to see the rule of law followed. Now it won’t be. And the impact upon the debt markets … well, it remains to be seen.