An appeals court in New York approved the sale Friday, but gave objectors until Monday afternoon to try to get the Supreme Court to intervene. Chrysler LLC wants to sell the bulk of its assets to a group led by Italy's Fiat Group SpA as part of its plan to emerge from bankruptcy protection.

The Indiana State Police Pension Fund, the Indiana Teacher's Retirement Fund and the state's Major Moves Construction Fund claim the deal unfairly favors the interests of Chrysler's unsecured stakeholders ahead of those of secured debtholders such as the funds.

The emergency request went first to Justice Ruth Bader Ginsburg, who handles such matters from New York. She can act on her own or refer it to the entire court.

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It would be nice if the Supreme Court ruled to better protect investors, instead of allowing the Treasury to continue to divert funds to cronies, but I guess not likely to happen. The ruling, though involving Chrysler, is important for the investors in GM before the Treasury gets by with what amounts to highway robbery.

In the GM bankruptcy there was no Godly reason to make existing GM stock worthless. They could have atleast allowed 200 shares of common converted to 1 share of new or something.