Did you ever know someone who was well-to-do, but always acted like they were broke? A lot of rich people are like that.
Picture a well-dressed gentleman turning a pocket inside out to show a panhandler he has no change, while his back pocket has a fat wallet, his other front pocket has a big wad of bills, a check book and credit cards are in his coat pocket and pile of stock certificates are in his vest pocket.
Now think about Delphi. Filed for bankruptcy protection, saying they can’t afford to pay decent American wages, while holding cruise ship galas and passing out executive bonuses.
Let’s look at something that tells a different story. When you file for bankruptcy, your creditors can file a claim with the court to be considered when the court decides how to settle things.
I (and almost everyone else who either is an employee or owns Delphi stock) received a letter from the court informing me I could file a claim and join the suit. The interesting thing about it was, it had a list of creditors already in the suit. I think the list tells a lot about what is really happening here. Except for about four or five odd names, the rest had a lot in common. Here they are, you can see for yourself…
- Delphi NY Holding Corp., Troy MI *
- Delphi Corporation, Troy MI *
- Environmental Catalysts LLC, Troy MI *
- Delphi Medical Systems Colorado Corp., Longmont CO
- Delphi Medical Systems Texas Corp., Troy MI *
- Delphi Medical Systems Corp., Troy MI *
- Specialty Electronics International LTD., St. Thomas VI
- Specialty Electronics Inc., Landrum SC
- Delphi Liquidation Holding Company, Troy MI *
- Delphi Electronics (Holding) LLC, Kokomo IN
- Delphi Technologies Inc., Troy MI *
- Delphi Automotive Systems Tennessee Inc., Troy MI *
- Delphi Mechatronic Systems Inc., Troy MI *
- Delphi Automotive Systems Risk Management Corp., Troy MI *
- Delphi China LLC, Troy MI *
- Delphi Automotive Systems Korea Inc., Troy MI *
- Delphi International Services Inc., Troy MI *
- Delphi Automotive Systems Thailand Inc., Troy MI *
- Delphi Automotive Systems International Inc., Troy MI *
- Delphi International Holdings Corp., Troy MI *
- Delphi Automotive Systems Overseas Corporation, Troy MI *
- Delphi Automotive Systems (Holding) Inc., Troy MI *
- Delco Electronics Overseas Corp., Troy MI *
- Delphi Deisel Systems Corp., Troy MI *
- Delphi LLC, Troy MI *
- Delphi Integrated solutions Inc., Troy MI
- Delphi Connection Systems, Irvine CA +
- Packard Hughes Interconnect Company, Irvine CA +
- DREAL Inc., Troy MI *
- Delphi Automotive Systems Services LLC, Troy MI *
- Delphi Services Holding Corporation, Troy MI *
- Delphi Automotive Systems Global (Holding) Inc., Troy MI *
- Delphi Foreign Sales Corp., St. Thomas VI
- Delphi Automotive Systems Human Resources LLC, Troy MI *
- Delphi Automotive Systems LLC, Troy MI *
- Delphi Furukawa Wiring Systems LLC, Troy MI *
- Delphi Receivables LLC, Troy MI *
* 5725 Delphi Drive + 17150 Von Karman Ave.
So, basically, Delphi is Delphi’s biggest creditor.
Who do they think they are kidding? Not the judge. Not the Lawyers. Not anyone who takes enough time to look closely. They’re fooling the average Joe on the street who reads the headline and maybe scans the first few sentences in the newspaper articles.
They’re telling the public how the UAW s ruining them and high wages are killing them, when they reality is that they are playing a shell game with their own money, shuffling manufacturing overseas and blaming the US worker for it all.
For years, GM and later Delphi, invested profits made here in the US in manufacturing plants overseas. Now, while those overseas plants make profits (remember, only the US portion of Delphi is in bankruptcy.) they want to force US workers to work for third-world wages or close their plants entirely.
It’s no secret GM holds the purse strings to Delphi. They spun them off, then told them to sell them product at lower and lower prices. There is no way to be profitable when the customer is setting the price. All the profit has been sucked out of Delphi.
But as usual, SOP is to blame the workers.