Appaloosa Prez To Face Delphi Shareholders

Nov 14 2007 | 7:20am ET

David Tepper, the billionaire president of Appaloosa Management, is set to be grilled by fellow shareholders of auto parts maker Delphi Corp., which the hedge fund plans to pump $2.55 billion into as part of a reorganization plan.

The deposition is part of the shareholder’s battle to stop bankrupt Delphi’s restructuring. Under the plan, the company’s shareholders will only get $69 million—a precipitous decline from the $470 million proposed in the initial plan.

Delphi has also sought to amend the plan to cut borrowing and cash payments to former parent General Motors.

Appaloosa, along with the equity committee, has opposed the plans, but has not withdrawn its August agreement with Delphi.

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Editor's Note

    Oct 21 2015 | 10:41am ET

    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…