Appaloosa, Dana Spat Over Union Deal Escalates

Law360, New York (July 19, 2007, 12:00 AM EDT) -- Appaloosa Management LP, the largest stakeholder in bankrupt auto parts maker Dana Corp., stepped up its fight on Thursday against a deal between Dana and two unions, calling for the ouster of an outside investment firm as the deal's sponsor.

Appaloosa, a New Jersey-based hedge fund, filed an objection to the agreement in bankruptcy court on July 9. The court has yet to rule on that motion, but in the meantime Appaloosa has upped the ante in a letter to Dana's board of directors, calling the...
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