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Delphi Asks Court to Deny Bid For Shareholder Panel

Law360 (March 2, 2006, 12:00 AM EST) -- Delphi Corp. reiterated Thursday that its stock is worthless and asked a New York bankruptcy court to bar investors from designating a committee to represent shareholders.

Delphi, which filed for Chapter 11 protection on Oct. 8, 2005, noted in court documents that hedge fund Appaloosa Management L.P. did not succeed in demonstrating the company’s solvency.

In its regulatory filing Tuesday, Delphi lost $121 million on sales of $1.47 billion in January.

Delphi, an auto-parts manufacturer based in Troy, Mich., said its financial documents, which show a...
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