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.