THE CHRYSLER BANKRUPTCY SALE HEARING: DAY 3

[Get the latest "Truth With Speedzzter" here]

The hearing for the Section 363 sale of Chrysler's most valuable assets to FIAT has gone into a third day.

The Chrysler hearing is a major test of whether this is a nation of laws, administered impartially, or a nation of men.

If the Obama Administration is permitted to roll over the vested property rights of the Indiana Pensioners and ignore decades of bankruptcy law merely because of political expediency, our Nation will be traveling down a dangerous path.

The Indiana Pensioners are entitled to obtain in chapter 11 at least as much as they would in a chapter 7 liquidation. Moreover, the Chrysler dealers who are being forceably terminated have argued that approximately ONE BILLION DOLLARS in claims against Chrysler will be left virtually worthless if the Section 363 sale is approved.

Using a Section 363 sale to evade the “best interest of the creditors” test and to give the UAW’s unsecured claims a de facto superpriority is contrary to law. The Obama Administration’s actions in the Chrysler bankruptcy, if allowed to stand mock bankruptcy law and shread the Constitution.

The rush to sell Chrysler's assets is poltically motivated. The Obama Administration promised a surgical 30-60 day bankruptcy and apparently it intends to deliver, notwithstanding the property rights of Chrysler's creditors. The Chrysler bankruptcy has admittedy been a trial run for the impending "Government Motors" nee General Motors bankruptcy.

While none of us want to see Chrysler die (and Truth With Speedzzter has placed much of the fault of Chrysler's decline on the hands of the federal government), if the price of keeping it alive is disregarding bankruptcy law, property rights, and the Constitution, its temporary survival is too costly to our Republic.