Hedge Fund Attacks Delphi Over Alleged Misdeeds

Law360, New York (March 16, 2006, 12:00 AM EST) -- One of Delphi Corp.’s largest shareholders, the hedge fund Appaloosa Management, wants to hold a previously canceled annual meeting to force the auto parts maker to face investors on charges that the company overstated its liabilities when seeking bankruptcy.

In an open letter to Delphi’s board of directors released in a filing with the U.S. Securities and Exchange Commission, Appaloosa head David Tepper charged Delphi's management with unnecessarily and prematurely filing for bankruptcy, as well as ignoring fiduciary obligations to shareholders, stating that he was “quite...
To view the full article, register now.