Delphi: "Hey GM, You owe us $26 Billion"

:eek:

Hope GM has its lawyers ready for this one.

http://www.detnews.com/apps/pbcs.dll/article?AID=/20060906/UPDATE/609060435

I think they will be hard pressed to get anything out of GM. Stock have few gaurantees.

Meanwhile, Delphi seeks the right to abandon certain supply contracts it has with GM. A hearing on that motion is scheduled to begin Sept. 28.

Thats bad isnt it?:(

...The creditors committee said, and the equity committee agreed, that GM used the spin-off to pass on certain retirement, health care and labor costs to Delphi, crippling it and eventually pushing it into bankruptcy.

The screw ups of GM's old management team just won't die, will it? :no:

Delphi never had a chance from the start to succeed, and GM knew this. Gm only mistook that it would happen so quickly and got stuck themselves with the agreements.