Appaloosa Can't Break Into Stuy Town Foreclosure

Law360, New York (April 29, 2010, 3:48 PM EDT) -- A judge has shot down hedge fund Appaloosa Investment LP's bid to intervene in the foreclosure proceedings over New York's Stuyvesant Town and Peter Cooper Village housing complexes in order to enforce its rights as a $750 million certificate holder in the mortgage's securities.

Judge Alvin Hellerstein of the U.S. District Court for the Southern District of New York on Thursday issued a bench ruling denying Appaloosa's motion to intervene, attorneys for the hedge fund said.

Judge Hellerstein said there was no proof that Appaloosa could...
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