CapitalOne
Do You Believe...
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Delphi was on the verge of closing permanently. If someone else bought them out, it would also have been cents on the dollar. They weren't worth dollar for dollar. This is true not only for Delphi but any company that is failing....Basically Mitt and another billionaire bought Delphi (a GM parts supplier company that used to be part of GM) for .67 on the dollar...
They didn't extort anyone. Delphi was on the chopping block and if no one bought them, they would have closed anyway....They basically legally extorted GM for billions in government bailout money or they would bankrupt the company and leave GM without a parts supplier...
New owners can do whatever they want to. To stay in operation, it is obvious they hired non-union American workers....They then fired all union workers after making the deal with GM.