Three Indiana pension funds got it wrong. The state pension and construction funds sued Chrysler to keep the automaker from completing its acquisition by Fiat.
Regular readers have figured out by now that I am one of the smartest men I know. I am, however, neither the smartest man in the world nor even the only smart man in the world. That means I can’t possibly be the only person to have realized that the automakers are the wrong target for litigation.
The Administration favors the Chrysler-Fiat deal and wants to remove this road block. Nonetheless, the Supreme Court granted a stay that temporarily blocks the Chrysler sale. The court will decide soon whether to schedule a full hearing. Fiat says they will “never” walk away from the deal.
There is still time for bondholders and shareholders to come together. We need a lawyer. Maybe a platoon of them.
Think about it. Every lawyer arguing for tort reform is a Democrat. What better group to file a shareholders suit?
But there’s no money left at Chrysler or GM, you say. The CEO and many execs have changed. Who is there to sue?
How about we sue the people who caused the problem?
I’ll give you a minute.
Yeppers, I mean the President and the U.S. Congress.
A government has only one tool to take private property from its owners: eminent domain. The Takings Clause of the Fifth Amendment states … nor shall private property be taken … without just compensation.
If all goes according to plan, the U.S. and Canadian governments, a United Auto Workers health care fund, and Fiat will end up owning Cerebus Capital Management’s 80.1% of Chrysler Holding LLC and Daimler AG’s 19.9%. The Fiat presence dilutes the taking, but a governmental taking it is.
The picture is clearer in the General Motors tower where the administration stole 100% of the company from the shareholders. What did they do with it? They parceled it out to cronies. Canada got 12%. The Union bosses got 17%. And Obama got most of the rest, didn’t he?
I will join any class action lawsuit against the United States government for taking our private property without compensation.