Saturday, 10 October 2015
Last updated 4 hours ago
Jul 28 2008 | 2:20pm ET
A federal judge today allowed auto-parts maker Delphi Corp.'s lawsuit against an investor group led by Appaloosa Management to proceed, in a rebuff to the hedge fund.
Appaloosa on Friday asked U.S. Bankruptcy Judge Robert Drain to dismiss Delphi's lawsuit, which seeks to force the Appaloosa group to provide the $2.55 billion in financing it had agreed to last August. Appaloosa pulled out of the deal in April, arguing that Delphi had violated its terms by approaching former parent General Motors for additional financing.
At Friday's hearing, Drain said that argument was "beyond me," and today refused to dismiss the suit.
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…