peHUB First Read

* Delphi defends its dealings with Platinum Equity, as its lenders continue to howl. * A new lawsuit accuses Cerberus and Centerbridge Partners of hatching a “Machiavellian” plot to force Extended Stay into bankruptcy, which allegedly benefitted the two senior lenders at the expense of mezz debt holders. * Is economic optimism caused by economic optimism? * Morning Call: U.S. futures point higher, London lowers on commodities, European shares extend losses, the Nikkei climbs 2.2% on tech and Chinese shares rise to 1-year high. * Reminder: VCJ's conference for cleantech VCs is today in Palo Alto. * Matt Taibbi on Goldman Sachs: The Great American Bubble Machine. * Bruce Carter of ZymoGenetics: TB isn't going away, and pharma isn't ignoring it.