Tuesday, 29 July 2014
Last updated 14 min 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."
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…