Sunday, 4 October 2015
Last updated 1 day 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…