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A federal jury has cleared Former Delphi CEO J.T. Battenberg of the most serious allegations levied against him by the Securities and Exchange Commission. The SEC had charged both Battenberg and former Delphi accountant Paul Free with a variety of offenses, the most severe of which were fraud charges associated with misrepresenting a $237 million payment to General Motors. On Thursday, the jury cleared Battenberg of four of the most severe charges, but found him guilty of failing to maintain accurate books or records and misleading his accountants.

Meanwhile, the jury found that Free was guilty of violating rules associated with a smaller transaction that Delphi made with a bank.

The SEC had accused Battenberg of misreporting the payment to General Motors in order to make the company’s bottom line appear stronger to investors than it actually was. The move was believed to have been made to secure larger bonuses for the CEO and other executives.

[Source: Reuters]

Follow-up: Ex-Delphi CEO cleared of fraud, convicted of lesser charges originally appeared on Autoblog on Sat, 15 Jan 2011 14:15:00 EST. Please see our terms for use of feeds.

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Filed under: Coupe, Performance, Paris Motor Show, Lotus, Rumormill, Luxury

Lexus LFA engine

Now this is a rumor. According to the crafty crew at Inside Line, Lotus is set to release details on its planned resurrection of the long-dead Esprit at this year’s Paris Motor Show. Even better? There’s some indication that the top-of-the-line model may pack the same heavenly V10 found in the current Lexus LFA. Oh yes, we’re excited. Inside Line spoke with someone at Lexus who’s cozy with the deal who hinted that the 552-horsepower 10-pot would find its way into the car in order to help it better compete with the likes of Ferrari. That’s right, kids; Lotus is movin’ on up.

There’s also word that lower-rung trims will receive the same 5.0-liter V8 found in the Lexus IS-F. With 416 horsepower, that lump is no slouch. Both engine choices would seem to dovetail with the close partnership we’ve seen between Lotus and Lexus parent company Toyota in the past, and with new Lotus CEO Dany Bahar (formerly of Ferrari) clamoring for ever more powerful, upscale models, all of the puzzle pieces seem to be falling into place.

Still, that’s almost way too much awesome for most manufacturers to handle. Fortunately, the Paris show is just a handful of weeks away, so we should know which parts of this rumor are solid in short order.

[Source: Inside Line]

Rumormill: Lotus Esprit to use LFA V10, V8 in lesser spec originally appeared on Autoblog on Fri, 27 Aug 2010 16:31:00 EST. Please see our terms for use of feeds.

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