Sunday, June 1, 2008

Lawsuit, Lawsuit, Whose Got the Lawsuit?

"Delphi Corp. intends to transfer some of its pension liabilities to General Motors Corp. [GM], its former parent, to meet pension funding obligations as it works to exit bankruptcy protection", WSJ, 12 May 2008.

Delphi looked like a "fraudulent transfer" to me at its inception, an attempt by GM to offload some of its pension liabilities on Uncle Sam. I wonder if anyone will sue Deloitte & Touche, GM's CPAs in connection with Delphi's founding and apparent assumption of these liabililies. See my 7 October and 30 November 2007 posts mentioning Delphi.

No comments: