heather59 Thursday, 05/12/16 10:17:24 PM
Re: dmcc2087 post# 2736
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2737
of 2835 Go
This is who bought the shares.., Appaloosa Management’s Eric Cole is planning to start a hedge fund with the backing of his billionaire boss David Tepper.
It appears his business name is Warlander Asset Management, LP
These are Not restricted shares Investment adviser in accordance with Rule 13d-1 Common Shares, without par value (the " Common Shares ").
17 million shares.
To me he sees value in this company in a big way to purchase that many shares. This looks to be a straight forward purchase. Question I have is could he be planning a takeover of UPL? I believe he has 11.7% of the O/S shares Wow! Not to mention Tepper is backing him
heather59 Thursday, 05/12/16 10:24:03 PM
Re: dmcc2087 post# 2736
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2739
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Cole, 43, will open Warlander Asset Management next year to invest in global credit, according to a person with knowledge of the matter who asked not to be identified because the information is private. Alex Ginzburg, who has been working as a partner at MatlinPatterson Global Advisers, will also help to start the New York-based firm as head of research.
Tepper, who founded $20 billion Appaloosa in 1993, has provided some of his top money managers with capital to start their own firms as a way to continue profiting from stars even after they depart. This is the first time he’s taken a stake in the business by providing so-called seed capital, the person said.
Cole and Tepper didn’t return calls for comment. Ginzburg declined to comment as did a spokesman for Appaloosa.
Cole joined Short Hills, New Jersey-based Appaloosa in 2010 as a partner after running Morgan Stanley’s distressed sales, trading and research operation. Before that, he had a similar role at Bear Stearns Cos., where he worked alongside Ginzburg.
Warlander is gearing up to raise money as institutional investors look to back a new generation of managers that have worked for the some of the most established firms in the hedge-fund industry. Cole is preparing to take advantage of distressed opportunities that may arise in the wake of an era of record-low yields, which has prompted governments and companies to sell record amounts of debt.
Last year Tepper invested in Alder Hill Management, led by former employee Eric Yip and former CQS distressed debt head Mark Unferth. He also backed Incline Global Management, which trades stocks and credits, at its inception in 2012. The prior year the Appaloosa founder was an initial investor in Nokota Management, led by former Appaloosa senior analyst Matthew Knauer and ex-Viking Global Investors analyst Mina Faltas.
