WTHR |Deals to be found as Chrysler goes through bankruptcy

Deals to be found as Chrysler goes through bankruptcy

Kevin Rader/Eyewitness News

Indianapolis - The Supreme Court's decision to delay Chrysler's sale to Fiat is a victory for Indiana state pensions. But Chrysler is concerned the delay could scuttle the deal, because Fiat can walk away if it is not consummated by June 15.

State Treasurer Richard Mourdock says Indiana deserves a hearing.

"I doubt very much they would have issued a stay without granting us that hearing, so I suspect this will be heard by the full court and I am looking forward to that," he said.

Indiana has argued retirees in the State Police Pension Fund, the Indiana Teachers Retirement Fund and the Major Moves Construction Fund should not be victimized by the federal government. 

"I cannot imagine a majority opinion coming out of the Supreme Court that says, 'Oh, that thing about secured creditors, we really didn't mean that'," Mourdock said.

But for a lot of automakers, this time of uncertainty also means a time of opportunity. In Indiana, several Chrysler dealerships are running out of time to get rid of their cars and trucks. Their franchise agreements expire Tuesday.

John and Heather Campbell heard opportunity knocking at Gene Beltz Shadeland Dodge.

"I know they are going to sell the used cars, but we thought there would be more new cars, but I know today is the last day," Heather Campbell said. "They have to get rid of them so we thought we would come in and take advantage of that and get a good deal."

Gene Beltz Shadeland Dodge is one of 21 dealerships Chrysler is eliminating in the state. Two Palmer Dodge dealerships are also targeted for elimination, but a sign at the 96th Street location says they are here to stay, most likely selling used cars.

"There but for the grace of God, go we," said dealer Tom O'Brien.

Across the street, business is going well at Tom O'Brien Chrysler. In fact, the family is working to keep up inventory and even considering expansion if the right deal came along. They already own three dealerships.

"Looking at the big picture, we have to be concerned about the justice of the entire situation. I wouldn't want to short change anybody. I want to make sure the right thing happens but from a selfish business perspective, we are anxious to get going," O'Brien said.

He says he'd like to see the whole situation worked out by tomorrow so the new Chrysler can get going.

Michigan Congressman Gary Peters says Indiana will lose $4.8 million if Chrysler is allowed to emerge from bankruptcy, but the state stands to lose $20.7 million if Chrysler is liquidated and incur tens of millions in additional lost revenue and expense of putting 4,000 Indiana residents out of work.