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Automotive News & Views Delphi Restructuring A Key To The Industry?
470 messages, Last post on Jan 10, 2008 at 3:43 AM
You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires
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http://delphi.com/news/pressReleases/pr_2008_01_03_001/ -Rocky |
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http://delphi.com/news/pressReleases/pr_2007_12_20_001/ -Rocky |
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http://delphi.com/news/pressReleases/pr_2008_01_02_002/ -Rocky |
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Michigan officials say auto supplier owes millions in unpaid business and use levies, dating to 1999. David Shepardson / Detroit News Washington Bureau WASHINGTON -- The state of Michigan is conducting two new tax audits at Delphi Corp. as it presses a bankruptcy court to force the supplier to pay $10.5 million in unpaid business taxes. Troy-based Delphi in a court filing this week disclosed that the state is auditing whether the supplier properly paid use taxes from 1999 through 2005 for its Delphi Automotive Systems unit. A separate audit of the company's Delphi Technologies unit will begin shortly and will be completed before a court hearing on Feb. 10 on the matter in U.S. Bankruptcy Court in New York. The audits center on whether Delphi properly paid use taxes, which are similar to sales taxes, on computer software and other information technology and utility services. Delphi said it is working with the state's auditors. In a Jan. 2 court filing the company acknowledged it may owe a limited amount of unpaid use taxes. In Michigan, a use tax is paid for storing or using personal property on items that weren't subjected to Michigan's sales tax. The state's use tax is assessed at the same rate as Michigan's 6 percent sales tax. Under Michigan law, certain purchases are exempt from use taxes, which Delphi claims exists in this case. The audits are in addition to the State Treasury Department's claim in U.S. Bankruptcy Court that the company failed to pay $10.5 million in single business taxes between 2002 and 2004 by improperly using foreign tax credits for research to offset its state tax liability. Delphi in a court filing said it properly paid its single business taxes. A spokesman for the Michigan Department of Treasury, Terry Stanton, declined to comment on the audits or the SBT case. Two executives to get $24.6M Separately, Delphi has agreed to pay its top two executives at least $24.6 million in cash and stock when the company emerges from bankruptcy early this year, part of an executive compensation program that's been widely criticized by the company's unions. Delphi CEO Rodney O'Neal will receive a $5.3 million cash payment and an initial stock and option grant of $10 million, with half the amount in stock when the company exits bankruptcy, which is expected by the end of March. O'Neal will be paid a base salary of $1.5 million annually, and beginning in 2009 will get annual stock and option packages worth at least $6.7 million. He is eligible for annual bonuses of at least $1.9 million. Outgoing executive chairman Robert S. "Steve" Miller will receive an $8.3 million cash payment upon the company's emergence from bankruptcy. The company has also decided to boost the amount of cash payments made to the top 560 executives to $87 million over the $78 million announced last month. The United Auto Workers and Delphi's other unions have filed objections to the salaried bonus program in U.S. Bankruptcy Court in New York. http://www.detnews.com/apps/pbcs.dll/article?AID=/20080105/AUTO01/801050359/1148- /rss25 -Rocky |
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Replying to: rockylee (Jan 05, 2008 3:41 pm) What do you guys think about the article above ????  -Rocky |
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Replying to: rockylee (Jan 05, 2008 3:41 pm) The solution is to treat Delphi as they would a new Japanese company wanting to run its plants in Michigan. Tax breaks. Tax breaks. Tax breaks. Look at Indiana and the new Honda plant and all the games they played to try to make it palatable to their Indianapolis urban folks but avoid including rural experienced, willing workers in the Anderson area. Executive pay has been protected by the politicians. It should be treated just like the employees. Kick the pay agreements out the door. Base pay and that's it. The company's in trouble. Use the same excuse they use for regular employees. Just because the executives have friends in high, elected places...
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Replying to: imidazol97 (Jan 06, 2008 8:01 am)   -Rocky P.S. Don't you guys have a Delphi, plant there in Ohio ??? Or did it close ???
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Replying to: rockylee (Jan 06, 2008 5:55 pm) An example of poor analysis by people who try to make thestory fit the desired outcome is here in this article about Dayton, Ohio, as an example of Midwest failure to be up on the world. A major employer in the area has been Wright Patterson Air Force base and assorted accoutrements to it. And then there are contractors who supply and work the base such as Martin Marietta. To read this guy who rode into town on a white horse, they just blindly held onto the last manufacturing job at GM/Delco and then shut the doors. Note the article link is to page #2 Midwest Failure
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Replying to: imidazol97 (Jan 08, 2008 7:27 pm) OMG, pal that was one hell of a great article that hit on all points. I actually got emotionally connected with it and all I could think about reading it is John Edwards, speech this evening. All I can do is pray..... -Rocky |
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http://www.autoblog.com/2008/01/08/delphi-concept-controls-your-car-through-ipho- ne/ What ya guys think about that ???? -Rocky |
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Automotive News & Views Delphi Restructuring A Key To The Industry?
