Originally Posted by Villages Kahuna

If SCOTUS decides to hear the case, it will almost certainly have massive economic impact on the U.S. and even the world economies. But if they decide not to hear the case, presumably because not hearing it would be in the public interest, the rule of law as regards creditors in financial transactions will be changed significantly for a long time. Bankruptcy will never be the same if a third party can trump all the loan and security agreements held by legitimate creditors. By not adjudicating the case before them, SCOTUS will have "made law from the bench"...big time!

Interesting question. What do you folks think they should do?

My answer: Don't hear the case because of the economic damage the time required to adjudicate the case would cause. But make it abundantly clear to the Congress that laws need to be enacted to prevent or preclude actions such as taken by the Fed to trample the legitimate rights of creditors in "the public interest" that occurred in the Chrysler and GM bankruptcies.