Indiana

Constitution toilet paper Indiana Supreme Court dispenses with Magna Carta, ConstitutionOn June 10, 1215 AD, after prolonged rebellion and frustrating negotiation, a group of England’s most influential barons entered London to force the disastrous King John Softsword into accepting a revolutionary charter of individual freedoms. Five days later in the Runnymede meadow of Surrey County, John affixed his royal seal onto what became known as the Magna Carta. It still exists on the books today in England and Wales. This document was one of the more important antecedents to the US Constitution; its proclamations ended the absolutism of England’s monarchy and spelled out very clear rights and freedoms, including, among others, the right of a man to enjoy his private property without trespass from government officials. Over 550 years later, the framers of the Constitution codified this right in the 4th Amendment to be secure in one’s private property. Last week, the Indiana Supreme Court effectively rejected both documents in two separate cases.

As America reaches its two year anniversary from the immediate economic collapse that followed the Lehman bankruptcy, punctuated mostly by vast and broad layoffs across every industry, arguably the most relevant topic that few are so far discussing is the expiration of full 99 weeks of maximum claims (EUC + Extended Benefits) for cohort after cohort of laid off Americans. And since these people are certainly not finding jobs in the broader labor market (which continues to contract and thus make the unemployment percentage far better optically than the 10%+ where U-3 should be), their next natural response will be to get very angry at the teat that has suckled them for so long, and is now forcing them to go cold turkey. Which is why we read with little surprise that now in Indiana, and soon everywhere else, unemployment offices are starting to add armed security guards. Of course, the official explanation if a benign one: "Armed security guards will be on hand at 36 unemployment offices around Indiana in what state officials said is a step to improve safety and make branch security more consistent." Why the need to improve safety all of a sudden? The 99 weeks cliff of course. Which means that on your next trek to the unemployment office to collect that last stimulus paycheck from Uncle Sam, you will most likely see the masked fellow below.

June 22, 2009 Dear Friends & Supporters: Now that all of the media attention and inquires have lessened, I wanted to thank all of you for the supportive phone calls, kind notes, and encouraging e-mails regarding Indiana’s involvement in the Chrysler, LLC bankruptcy proceedings. I have tried to respond to each of you individually, but given the enormous number of letters, calls, and emails have made that impossible. Forgive me for this impersonal note, which may read like a form letter, but please know that I have been personally touched by the incredible response of kindness by all of you.

June 22, 2009 Dear Friends & Supporters: Now that all of the media attention and inquires have lessened, I wanted to thank all of you for the supportive phone calls, kind notes, and encouraging e-mails regarding Indiana’s involvement in the Chrysler, LLC bankruptcy proceedings. I have tried to respond to each of you individually, but given the enormous number of letters, calls, and emails have made that impossible. Forgive me for this impersonal note, which may read like a form letter, but please know that I have been personally touched by the incredible response of kindness by all of you.

June 22, 2009

Dear Friends & Supporters:

June 22, 2009

Dear Friends & Supporters:

June 22, 2009

Dear Friends & Supporters:

June 22, 2009

Dear Friends & Supporters:

As Zero Hedge expected in today's Frontrunning, it was only a matter of time before White & Case picked up on Fiat spokesperson Gualberto Ranieri's words, after he said "Fiat won't walk away from Chrysler." As has been repeatedly noted, the key argument presented by Chrysler and the USA, is that Fiat would bail if it had a chance.

WSJ reporting that the White & Case windmill chase is to be finally decided, likely in less than 48 hours, and by none other than Bill Clinton nominee and recent cancer survivor Justice Ruth Bader Ginsburg.

Developing story: Indiana Pension Funds lose second circuit appeal challenge (from Bberg).

Supreme Court appeal pending: SCOTUS has until Monday to decide if it wants to deal with this ungodly mess.

In the latest appellate order, the Indiana Pension Funds early this morning were granted a motion to appeal directly to the U.S. Court of Appeals, bypassing District Court, as had been the desire of Chrysler and Fiat. While undoubtedly a last ditch effort before the June 15 deadline, after which Fiat can walk away if there is no closed deal, the action will hopefully derail Gonzalez' steamrolling of over 300 objections, which early yesterday were overruled as he proceeded to approve the 363 sale motion.

Gonzalez is passing the steamrolling baton to Gerber who will now have daily coffee with Geithner and Rahm re: GM. Below is Gonzalez' order approving the Chrysler asset sale.

A must see video for all who still don't understand just how major the implications of the Chrysler bankruptcy are for creditors and case law.

In a last ditch effort to stall the Chrysler sale, the Indiana Pension Fund has moved its objection to the 363 sale away from Gonzalez who flatly denied the plaintiff's objection, and have moved it, with the assistant of White & Case's Tom Lauria to NY Southern District Court. A hearing with Judge Thomas Griesa commenced at 11:45am today, ahead of tomorrow's bankruptcy court hearing to approve the sale. From the memorandum filed in district court (attached below in its entirety):