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Tepper’s Appaloosa Bought 8.6% of MF Global as Broker Failed

Appaloosa Management LP Founder David Tepper
David Tepper, founder of Appaloosa Management LP. Photographer: Daniel Acker/Bloomberg

David Tepper’s Appaloosa Management LP bought 8.64 percent of MF Global Holdings Ltd. stock, according to a Securities and Exchange Commission filing today.

The hedge fund manager exceeded 5 percent ownership on Nov. 2 in MF Global, two days after the firm filed for court protection, a 13-G filing shows. MF Global’s Chairman and Chief Executive Officer Jon Corzine resigned last week after delivering the company’s worst quarterly loss, a $6.3 billion wager on European sovereign debt rattled investor confidence and its credit ratings were cut to junk, leading to the eighth-largest U.S. bankruptcy.

Corzine, the former co-CEO of Goldman Sachs Group Inc., was co-head of fixed income in 1992 when Tepper, a bond trader, left the investment bank. Tepper, whose Appaloosa is based in Short Hills, New Jersey, declined to comment.

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