Chapter 11 of Steve Miller's new book is a heroic tale of how he pulled ailing Delphi out of bankruptcy and had begun to ride off into the sunset.
Small problem: Delphi is still stuck in Chapter 11 — the Bankruptcy Court kind — and Miller is still ensconced as Delphi's chairman.
Miller conceded last week that the timing of the book's release is a bit awkward. Delphi's primary financial backer, Appaloosa Management, backed out of its $2.55 billion investment commitment this month, which means Delphi will remain stuck in Chapter 11 for a while.
And he isn't crazy about the title chosen by the publisher — The Turnaround Kid: What I Learned Rescuing America's Most Troubled Companies — saying it has a "tinge of arrogance."
In addition to chronicling his time at Delphi, Miller also talks about his years tending to other notable train wrecks of American business, including Federal-Mogul and Bethlehem Steel.
Miller said he finished the book with a ghostwriter almost a year ago, and publication was first scheduled for November 2007. As Delphi's bankruptcy case dragged on, the release date was postponed twice. But then the publisher, fearing the material would get stale, pulled the trigger this month.
As a result, Miller no doubt would like to get a crack at rewriting some of the things in the book. For example:
"I would leave Delphi feeling optimistic about the industry's future. ..."