Hedge Fund Claims Delphi’s Books Not That Bad

Law360, New York (March 22, 2006, 12:00 AM EST) -- A hedge fund trying to secure official representation for investors in the Delphi Corp. bankruptcy proceedings has accused the company of using old records to make its financial status look worse than it really is.

Appaloosa Management L.P., one of the biggest shareholders in the auto parts company with roughly 9% of its stock, asked Delphi to press forward with a canceled shareholder meeting, and sought the appointment of an official committee to represent shareholders.

The hedge fund argues that there will be excess funds left...
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