Deal Book has an excellent post on the legal issue being fought out before the Supreme Court in the Chrysler bankruptcy. At stake: our Constitution’s protection for creditors vs. the political desire to reward labor unions. The author hints that the Court may let the deal proceed while examining the issue at its leisure, since Fiat doesn’t really have any concern here – they’ll get the company either way, either with the union placated or the creditors. This hunch is supported by Fiat’s announcement today that they still want to go through with the deal, regardless of the Supreme Court’s review. I think the Constitution wins this one.