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.


In Depth

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Saxby: Not All EBITDA Is Created Equal

Nov 30 2017 | 8:02pm ET

Record levels of dry powder are driving competition among private equity firms to...

 

From the current issue of