Supreme Court Rules Against Secured Debt Holders: Chrysler Deal Goes Through

I guess they didn't want to wade into the bankruptcy process to settle the question once and for all.

The court issued a brief, unsigned opinion explaining its action. To obtain a delay, or stay, someone must show that at least four of the nine justices find that the issue raised is serious enough to warrant hearing a full appeal and that a majority of the court will conclude the lower court decision was wrong.

I think the idea of unsecured union members getting more of a share of the new company then secured debt holders is going to come back to haunt the Court in years to come. They might have another chance with GM but I doubt they will do anything.