David Tepper, who runs the Appaloosa Management hedge fund, may seek to block a debt-for-equity swap aimed at rescuing passenger and freight transporter Sea Containers from defaulting on its bonds. Tepper is worried about the dilutive effects of the exchange, according to the Telegraph. Details of the proposed swap have not yet been made public. And, sadly, we haven't been able to get anyone to leak them to us, either.
According to the Telegraph, Tepper's fund bought its shares in the company for $7 and $8 a share and believes the shares are now worth close to $17 a share. Appaloosa controls around 11.3% of the shares.
[More on the trouble at Sea Containers and David Tepper after the jump]
