Indiana funds bring case to Supreme Court

Treasurer spokesperson Chris Conner has confirmed papers were filed with the Supreme Court for a "stay" - a legal suspension - in the automaker bankruptcy sale.

The move follows an appeal filed with the US Court of Appeals for the Second Circuit in New York City, which postponed the June 5 sale date previously decided by a US bankruptcy court. (Global Pensions; June 3, 2009)

The 2nd Circuit Court of Appeals extended the stay previously placed on the sale of Chrysler's assets, which gave the Indiana State Police Pension Fund, the Indiana Teachers Retirement Fund and the Major Moves Construction Fund until 4:00pm today to petition a continuing stay by the US Supreme Court.

In a statement, treasurer Richard Mourdock said: "During the oral argument, the three-judge panel openly questioned Indiana's attorneys regarding whether or not the points of law being raised should be addressed by the US Supreme Court.

"Clearly, the question indicates the magnitude of the issues we raised. Such a statement is highly unusual, and I believe it can be clearly interpreted as the Court's attempt to pass on, or 'punt', the issues raised by our attorneys."