What are the chances the Supreme Court holds in favor of these pension funds?

[Color Me Badd Fan]

http://www.ft.com/cms/s/0/e9b41aec-5...44feabdc0.html

I haven't followed this story incredibly closely, but doesn't it seem like a distinct possibility that Justice Kennedy could rule with the four conservatives on the Court and disallow this Chapter 11 plan from going forward? Kennedy always struck me as a guy who's mushy on social issues, but still fairly conservative on cases such as the issue presented by the Chrysler bankruptcy and all the shenanigans pulled by the Obama administration in favor of the UAW in order to push through a dubious Chapter 11 plan. Admittedly, I don't know enough about Chapter 11 bankruptcy to be very qualified to ask and answer this question, but with what little I do know, it seems questionable that secured creditors are getting less than unsecured creditors associated with the UAW.

[venkman]

According to the link, it looks like they've ruled against the pension funds. Unless I'm not reading it right.

I'm no lawyer, but my understanding of bankruptcy law is that under absolute priority, secured creditors are paid first. The UAW is getting a sweetheart deal, more than likely as a "thank you and keep the money flowing" from Obama.

I think this sets a very bad precedent. This is basic rule of law stuff in my opinion that ultimately may cause future investors to think twice about investing in U.S. companies, seeing as how the bankruptcy process has been politicized in this case.

But I could be totally off base.