Thursday, May 21, 2009

Indiana Pensioners to Get Their Day in District Court

According to this Bloomberg article from yesterday afternoon, "U.S. District Judge Thomas Griesa in New York scheduled a hearing on the pension funds’ request for May 26 at 11:30 a.m. Court papers must be filed before then, he said."

The timing gets a little tight this time of year. The 26th is the first day back after Memorial Day, and is one day before the scheduled 363(b) auction that the Indiana Pensioners are trying to stay, and ultimately change.

I'm sure we'll hear more about this over the next few days.

I would expect that one of the motions filed will ask the District Court to stay the 363(b) sale process scheduled for May 27th pending the results of the District Court proceedings (a similar motion was denied by Judge Gonzalez yesterday).

Given that, until Tuesday, it appeared that there was going to be clear sailing on the 363(b) process after the Non-TARP lenders group decided (apparently with some extremely strong arguments from the Administration) to disband and to not fight, this has gotten more interesting than expected (as least by me).

Now we have a number of objections that Judge Gonzalez will have to review in the Bankruptcy Court and the District Court has been brought into the dispute as well.

Has anybody seen a case like this before? It seems to me that much of what is happening here is unprecedented.

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