Tuesday, 5 May 2015
Last updated 5 hours ago
Jul 28 2008 | 2:00am ET
Lawyers for hedge fund Appaloosa Management asked a federal bankruptcy judge to dismiss auto-parts maker Delphi Corp.’s lawsuit over the collapse of its $2.55 billion investment deal.
The agreement between Delphi and an investor group led by Appaloosa was part of the former’s bid to exit Chapter 11 bankruptcy protection. Appaloosa quit the deal in April, alleging that Delphi had contravened several of its tenets. The hedge fund was reportedly unhappy with Delphi’s approach of former parent General Motors for financing to meet the deal’s requirements.
Appaloosa told U.S. Bankruptcy Judge Robert Drain that the agreement allowed it to withdraw for any reason, regardless of whether Delphi had fulfilled its end of the deal.
Drain said he would rule today, but did not appear sympathetic to Appaloosa's argument, calling the GM claims "beyond me."
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…