Monday, 6 July 2015
Last updated 2 hours ago
Nov 15 2011 | 10:50am ET
Appaloosa Management clearly doesn't think that MF Global Holdings' shareholders will be wiped out by the futures brokerage's bankruptcy.
The hedge fund took a huge stake in the firm two days after it filed for bankruptcy, a regulatory filing shows. Appaloosa raised its stake in MF Global to 8.64% on Nov. 2; MF Global filed for bankruptcy on Oct. 31, leading to a halt in trading of its shares.
MF Global had been led by former Goldman Sachs CEO Jon Corzine, with whom Appaloosa chief David Tepper has had a difficult relationship. Corzine, who would go on to become a U.S. senator and governor of New Jersey, passed Tepper over for a partnership at Goldman; Tepper later bought Corzine's former home in the Hamptons and demolished it, commenting that there was "a little justice in the world."
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…