BULLISH DELPHI NEWS

Delphi Corp. (DPHIQ, $2.60, $0.20, +8.79%) filed with the SEC to issue nearly $2 billion worth of common stock to shareholders as a key step toward funding its emergence from bankruptcy. According to a filing with the Securities and Exchange Commission, the auto parts maker is offering current stockholders the right to buy 56,700,000 shares at $35 each, a $10 discount to the $45 deemed value. Although the offering has been filed with the SEC yesterday, it has not yet become effective. The question is...What is the discounted $10.00 value worth to current investors?