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David Tepper Lets Thoroughbred Fund Investors Take A Walk

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The lock-up period's not over yet but that's just the kind of guy he is. There'll be a small fee associated with the exit, of course, and the knowledge that you'll never find a manager with a pairlikeBig Tepp.

“We were being nice,” Mr. Tepper, the founder of the hedge fund Appaloosa Management, said in a telephone interview. “We let some people out of the lockup, and we replaced it with new money.” Mr. Tepper’s move stands in stark contrast to some funds that still aren’t giving investors their money back despite improving returns. Mr. Tepper called a lot of the funds’ actions “questionable.”

“The stuff that went on with gating with liquid stocks is a chill to me,” Mr. Tepper said. “If you own liquid stocks, you should let people have their money.”

Investors In Thoroughbred Fund Granted Early Exit [Dealbook]