Chrysler Bankruptcy Sale Halted INDIANAPOLIS, IN Late on Tuesday night, June 2, the Indiana Treasurer of State's Office received work that its petition for a stay in the bankruptcy sale of Chrysler, LLC had been granted by the United States (US) Court of Appeals for the Second Circuit in New York City, New York.  The schedule brankruptycy sale of Chrysler, LLC originally set for Friday, June 5, 2009, at noon will not occur. The US Court of Appeals for the Second Circuit has agreed to hear leagal arguments on behalf of the Indiana State Police Pension Fud, the Indiana Teacher's Retirement Fund, and the Major Moves Construction Fund with legal briefs to be filed by noon Thursday, June 4, 2009, and oral arguments to begin on Friday , June 5, 2009 at 2:00pm. "We are pleased the Court of Appeals has agreed to hear our arguments," explained Treasurer Mourdock. "As we have stated from the beginning, Indiana retirees and Indiana taxpayers have suffered losses because of unprecedented and illegal acts of the federal government." Indiana's appeal will raise several fundamental points of law including: The secured creditors such as the Indiana funds have been made secondary to unsecured creditors in contravention of longstanding bankruptcy law.  The proposed sale gives majority ownership of the company to the government's prefeerred unsecured creditors, while secured creditors receive only 29 cents on the dollar. Also, the federal government has illegally used TARP funds to leverage this sale because the US Congress inteded TARP funds to solely be used to aid "financial institutions" For the entire story, subscribe to the Indiana Herald!

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