The whole thing is irrelevant to the markets anyway. The SC did not take the case or make any ruling on the merits of the case (which was the key point he made). The last minute appeal failed and no one expected anything to stop the sale anyway. So the people yapping about the markets tanking because of this so-called revelation are in lala land.
I don’t claim to know what the markets will do, but I’m willing to bet that a lot of folks were betting that the SCOTUS was going to weigh in on this and stop it at some point. Now, things strongly suggest that they will do nothing. There is now NO check at all on Obama’s power over the private sector. I’d think that would wake up a couple of people. Maybe not.
Either way, you’re way too caught up what’s on or off the merits. I don’t think you are quite grasping the importance of what happened here. These bondholders were right under the law and they were denied an opportunity to be heard. Sounds like they didn’t give a crap about merits to me.