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.

* Larry Cheng of Fidelity Ventures: Absolute value vs. Relative value.

* Non-liver-related Steve Jobs news: “An agreement that would let Apple CEO Steve Jobs build the home of his dreams and save the historic mansion that occupies his favored site is ready to be signed, an attorney for Jobs and the Palo Alto-based angel investor who wants the place told the Woodside Town Council on Tuesday.”

* The iPhone apps store matures (i.e., it now has porn).

* Middle Eastern private equity to reignite later this year, according to those in the know.

* The Financial Crisis: A Timeline:
IRCTimelinePublic