Worries mount about a Chrysler liquidation

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Chrysler LLC, the bankrupt automaker being taken over by Italy's Fiat SpA, was caught off guard by the decision of Supreme Court Justice Ruth Bader Ginsberg to delay the transaction needed to bring the third-largest automaker from bankruptcy.

The automaker and its perspective corporate parent today asked the court to proceed quickly with ruling on the transaction before a June 15 deadline so the deal does not unravel leading to a Chrysler liquidation and thousands of jobs lost.

Rep. John Dingell, a stalwart support of the auto industry for decades, today blasted Indiana pension fund that successfully argued its case before the court.

"By refusing to make the relatively small sacrifices that would avert a calamity, the pension funds will instead create a great catastrophe, which is the same kind of shortsighted thinking that got us into the Great Depression," Dingell said in a statement reported by Dow Jones.

But the Supreme Court won't be bound by the demands of Chrysler and Fiat. NBC News notes the "high court is unlikely to rule immediately on the case because the Justice Department is working on another legal brief."

Ginsberg, it should be noted, did not rule on the merits of the case. People should only worry if the court starts scheduling arguments.

Until then, don't press the panic button.
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