UPDATE: Appaloosa Loses Bid For Delphi Case Dismissal

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.

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