David Tepper’s Appaloosa Management disclosed in a new filing with the U.S. Securities and Exchange Commission that the fund supports Harry J. Wilson’s plans regarding General Motors Company (NYSE:GM). Mr. Wilson, who was a senior member of a group that helped General Motors Company (NYSE:GM) in restructuring in 2009, is seeking election to the board of directors of General Motors Company (NYSE:GM), and wants the company to buyback $8 billion in shares.
New Jersey-based Appaloosa Management was founded in 1993 by David Tepper and Jack Walton. The hedge fund manages $16 billion. It makes investment in public equity and fixed income markets around the world. Mr. Tepper earned $3.5 billion in 2013, and he was listed in 2014 as one of the 25 Highest-Earning hedge fund managers in 2013.
Mr. Wilson sent a letter to General Motors Company (NYSE:GM), putting himself up for election to the company’s board at the 2015 annual meeting of stockholders. In addition, Mr. Wilson is calling the company to repurchase $8 billion in shares.
Mr. Wilson’s election plan and stock buyback proposal are being supported by Frank Brosens’ Taconic Capital, Parag Vora’s HG Vora Capital Management, and Kyle Bass’ Hayman Advisors. Collectively, these funds owns about 34.4 million shares, or about 2.1%, of the company’s common stock. As of the end of September 2014, Appaloosa Management held 14.86 million shares of General Motors Company (NYSE:GM).