Representation of a hedge fund that was both a major creditor and equity holder of Delphi. The fund sought to serve as a lead plan proponent with the Debtors to effectuate the restructuring of Delphi through a multi-billion dollar debt and equity offering. The fund's proposal was determined not to be the highest and best proposal by the Court. The successful bidder, another fund, ultimately sought to back out of its multi-billion dollar plan proposal after its plan was confirmed. Litigation ensued. Delphi ultimately confirmed another plan of reorganization with the assistance of the U.S. government and General Motors in conjunction with the General Motors Chapter 11 case. Creditors received significantly less than they would have received under the original plan proposal.