Mourdock: Chrysler is a "Gift" to Fiat

By Brien McElhatten

June 18, 2010 Updated Jun 5, 2009 at 6:27 PM EDT

INDIANAPOLIS (Indiana's NewsCenter) - A federal appeals court has denied State Treasurer Richard Murdock's appeal of the Chrysler-Fiat deal, but the outspoken official says he expects to appeal once again.

Mourdock claims the deal, which sells assets of Chrysler to the Italian firm Fiat, amounts to unfair treatment of secured creditors, including the the state of Indiana.

The Indiana State Teacher's retirement fund, the State Police pension rust, and the Major Moves construction fund purchased $17 million worth of Chrysler bonds.

Now thise bonds stand to lose 70% of their value if the deal goes though.

If the plan is not approved by June 15th, Fiat could walk away from the deal, leaving Chrysler, and its workers high and dry.

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