Icahn claims that as a result of Delphi's bankruptcy reorganization, the bank debt was converted into the right to receive 11 cents on the dollar plus additional but unspecified distributions based on future events.

FORBES: Lawsuits

Under the reorganization plan, secured bank debt incurred before the bankruptcy as well as unsecured bond debt and certain general unsecured claims will be cancelled with those creditors receiving equity in the reorganized company.

WSJ: Bankruptcy judge close to granting Beechcraft plan

GM, which plans to begin promoting its relisting on the stock exchange to investors this week, wiped out billions of dollars in debt, laid off thousands of employees and jettisoned money-losing brands during its U.S.-funded reorganization last year.

WSJ: GM Could Be Free of Taxes for Years