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As the movie Hoosiers amply demonstrated, Indiana natives don't quit. That's also true for three Indiana state pension funds who have fought Chrysler's bankruptcy all the way to the federal appeals court in New York and, having lost their case there, are filing papers with the Supreme Court today.
The central issue is that the funds feel Chrysler's post-bankruptcy remuneration plans have unfairly cost the funds a great deal of value by putting unsecured debtors such as the UAW ahead of the funds' claims. They are fighting the bankruptcy by alleging that the government's TARP disbursal to Chrysler was unconstitutional and that the subsequent events amount to a covert reorganization, not Chapter 11.
Yet when asked whether a Chrysler liquidation would be better for the pension funds than the Fiat deal, the funds' lawyer replied that he was looking for more remuneration for secured debtors. The filing will go to Justice Ginsburg who will decide whether to accept it at all, to handle it alone or to refer to the full court for hearing. Chrysler has until June 15 to emerge free and clear, else Fiat can walk away. And if that happens, Chrysler might owe Fiat $35 million -- which is just $7 million short of what the three Indiana funds together have invested in the Pentastar. Thanks for the tip, MM!
[Source: Automotive News, sub. req'd]

2009 Turkish Grand Prix -

With the established teams still threatening to walk and new teams lining up by the dozen, nothing could have better characterized Formula One's transition from old to new better than the move from the Monaco Grand Prix two weeks ago to the Turkish Grand Prix this weekend. While the Monaco race - held on the streets of Monte Carlo, with its close proximities and timeless seaside city-scape - remains one of the sport's oldest venues, the race in Turkey - at the new-school Istanbul Park Circuit, characterized by wide run-offs and state-of-the-art accommodations - is one of its youngest.
First held in 2005, the Turkish Grand Prix has been won the past three years running by the same driver: Ferrari's Felipe Massa, the young Brazilian who narrowly lost out on the driver's crown last year to Lewis Hamilton. Surely Ferrari's golden boy was eager to extend his domination at the Ottoman autodrom, but would he and his Maranello squad be able to translate the marked improvement which they displayed in Monte Carlo just a fortnight ago into a return to winning form in Istanbul?

General Motors said today that it will stop building medium-duty trucks at its Flint Assembly plant by July 31.

GEM CEO Fritz Henderson said that the automaker was unable to find a buyer for the operation. It had been searching for a buyer for the last four years.

The Flint factory employs some 2,100 people, of which 525 made medium-duty trucks for GM and Isuzu. The plant also builds the Chevrolet Silverado and the GMC Sierra.

GM had negotiated a deal with Isuzu to keep production going through 2014 of the Chevrolet Kodiak and the GMC Topkick. It failed to close a deal with Navistar International Corp., a move that would have relocated jobs to another facility.

Who knows what Ironhide is going to do?

As GM prepares to sell its Swedish and German brand, Opel and Saab, the bankrupt automaker’s Australian brand is safe. After its surgical bankruptcy, the ‘New GM’ will consist of just four core brands including Chevrolet, Cadillac, GMC and Buick.

However, managing director of GM Holden, Mark Reuss, says that the Australian brand will not be sold.

“I can’t say forever because some day when I’m not here, and more perhaps when someone may have that idea, but we have not been approached, nor have we been offered, nor are we pursuing any sale of Holden,” Reuss said.

“This is one of the iconic brands in Australia, and I think it always will be as long as we take care of it and feed it with the products and the different dealer services that we do today, which are very good.”

As GM files for one of the biggest bankruptcies in U.S. history, Reuss said that Holden will remain unchanged and will join the ‘New GM.’

Reuss said that company is now focused on improving the Commodore lineup and launching the Holden Cruze and Volt models.

Source: Drive