Rodney O'Neal, Delphi CEO — The pensions actually went away when we were no longer in control

O'Neal
3/1/2015 Detroit Free Press
In a pre-retirement interview with the Detroit Free Press retiring Delphi CEO Rodney O'Neal stated:
" ~ in the first plan of reorganization that we were at the table to sign, they were intact. And in the second plan of reorganization, they were intact. The pensions actually went away when global financing blew up and we were no longer in control ~ "

Delphi salaried retirees win battle in war for pension restoration

July 21, 2014 | Mike Gauntner, Online Content Manager

The Pension Benefit Guaranty Corporation has lost a battle in a war to prevent the release of thousands of documents which 20,000 Delphi and GM salaried retirees hope will lead to the restoration of their pensions.

In a strongly worded order, U.S. District Judge Arthur J. Tarnow has denied motions filed by the PBGC designed to prevent the retirees from obtaining census information and other documents.  ~~
In his decision, Judge Tarnow notes, “PBGC has been under court order since March 9, 2012 to respond to Plaintiff’s discovery requests and has only asserted boilerplate objections. Filing boilerplate objections to discovery requests is tantamount to filing no objections at all. The Court strongly condemns the practice of asserting boilerplate objections to every discovery request.”
The judge also ruled that a Magistrate Judge was correct to conclude that the PBGC has waived the right to claim privilege based on well-settled law.  ~~

Salaried retirees — shafted by the Auto Task Force

2/19/2015, Detroit News, Daniel Howes
O'Neal
Rodney O'Neal, Delphi Automotive CEO, interviewed by the Detroit News, stated "~one of the covenants was to maintain the pensions," O'Neal says, clearly mindful the subject remains raw with many salaried retirees who believe — rightly — they were shafted by the auto task force.  "We went on the record with that. I did three plans of reorganization. In two of them, the pensions were intact. The last one: We ran into a global economic tsunami. It took another year-and-a-half to get out" of bankruptcy.  "What happened, happened. It was legal. But it could have happened another way, and it was legal. I failed, and I failed miserably." It "was never in our plan to throw the pensions over."
The Detroit News continues "Delphi's financial performance since shows there was another way. Investors and the Obama task force didn't give O'Neal and his team the chance to prove the company could afford it — because it could."  Detroit News article
Delphi salaried retirees continue their fight to restore their reduced pensions claiming that the Pension Benefit Guaranty Corporation (PBGC) illegally assumed their pensions under the direction of the US Treasury and the Presidential Task Force on the Auto Industry – O'Neal's comments support the fact that there was no need for the PBGC to assume and reduce the salaried retirees' pensions.

PBGC Inspector General Responds to Request for Investigation

WDTN 2 NEWS Dayton Ohio reports they received a statement from Acting Inspector General, Deborah Stover-Springer.  Extract from response on behalf of the Inspector General's office is as follows.
“We received a request from the Ohio congressional delegation to look into apparent delays in PBGC completing processes necessary to determine final benefits for participants in the Delphi Salaried Plan.  ~~  We share the concerns about delays in pension plan processing, such as these for the Delphi Salaried Plan, and will look into the issues raised by the Ohio delegation.”