Fund manager says Delphi misrepresented its financial position

March 16, 2006
Associated Press

Hedge fund manager David Tepper on Thursday accused managers of Delphi Corp. of misrepresenting the company's financial position and said he plans to nominate up to four candidates for the company's 12-member board of directors.

Tepper, who runs Appaloosa Management LP and lately has attracted attention with his investments in the stocks of troubled auto-parts suppliers, also demanded that Delphi, based in Troy, Mich., schedule its annual meeting "at the earliest possible time," and threatened to take legal action against company officials if the company doesn't do so itself.

Delphi spokeswoman Claudia Piccinin told The Associated Press Thursday that the company was aware of Tepper's accusation and was reviewing the matter...