Appaloosa Tries To Salvage Dana Deal

Law360, New York (October 5, 2007, 12:00 AM EDT) -- In a last-ditch effort to play a role in Dana Corp's planned emergence from Chapter 11, Appaloosa Management LP has sent the bankrupt auto parts maker a letter indicating that it would be willing to negotiate with a rival bidder to create an alternative proposal.

The ambitious hedge fund sent a letter to Dana on Friday, extolling the virtues of its own plan

while expressing frustration over the company's continued support of the proposal put forth by outside investment firm Centerbridge Capital Partners LLP.

"We will...
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