Appaloosa Loaded Up On MF Global After Bankruptcy

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."


In Depth

Dillon Eustace: The Advantages of ICAVs

Feb 11 2016 | 7:51pm ET

As the growth of alternative investment vehicles continues, global asset managers...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedging Against Reputational Risk in the 21st Century

Feb 12 2016 | 7:18pm ET

For investors, the first step in researching a new fund or manager is to google...