Things get worse for Delphi
A number of large institutional investors have filed suit against Delphi Corp., saying that the company's management
put together phony deals with its vendors to improve its reported financial results.
The lawsuit contends that Delphi transfered assets to its vendors in exchange for hundreds of millions of dollars, at
the same time agreeing to buy back the same assets. Delphi then is said to have falsely represented these loans as
sales revenue in its financial results.
The suit was filed by two large U.S. state pension funds, an Austrian mutual fund, and a Dutch public pension fund,
among others.
Delphi is currently losing money at the rate of $1.5 billion a year, and is facing possible bankruptcy.
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