13F-HR 1 a13f10q4.txt UNITED STATES SECURITIES AND EXCHANGE COMISSION WASHINGTON, DC 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 12/31/2010 Check here if Amendment [ ]; Amendment Number: 1 This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Appaloosa Management L.P. Address: 51 JFK Parkway, Suite 250B Short Hills, NJ 07078 13F File Number: The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Michael L. Palmer Title: Chief Financial Officer Phone: 973-701-7000 Signature, Place and Date of Signing: Michael L. Palmer Short Hills, New Jersey 02/14/2011 Report Type (check only one): [X ] 13F Holdings Report [ ] 13F Notice [ ] 13F Combination Report List of Other Managers Reporting for this Manager: I AM SIGNING THIS REPORT AS REQIURED BY THE SECURITIES EXCHANGE ACT OF 1934. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 77 Form 13F Information Table Value Total: 4,915,604,000 Name of Issuer Title of Class CUSIP Fair Market Shares or Investment Discretion Managers Voting Authority (Shares) Number Value Principal (a) Sole (b) Shared - (c) Shared - (a) Sole (b) Shared (c) None Amount As Defined Other ------------------------------------- ---------------- -------------- --------- ---------- ---- Altera Corp COM 021441100 2,419 68,000 x 68,000 AMR Corp COM 001765106 36,249 4,653,263 x 4,653,263 Analog Devices Inc COM 032654105 2,411 64,000 x 64,000 Applied Materials Inc COM 038222105 127,893 9,102,726 x 9,102,726 Banco Santander SA ADR 05964H105 6,644 623,810 x 623,810 Bank of America Corp COM 060505104 334,401 25,067,544 x 25,067,544 BB&T Corp COM 054937107 10,975 417,441 x 417,441 Broadcom Corp CL A 111320107 1,916 44,000 x 44,000 Brunswick Corp COM 117043109 27,883 1,487,864 x 1,487,864 Capital One Financial Corp *W EXP 11/14/201 14040H139 2,043 126,759 x 126,759 Capital One Financial Corp COM 14040H105 43,667 1,026,009 x 1,026,009 CF Industries Holdings Inc COM 125269100 87,537 647,703 x 647,703 Cisco Systems Inc COM 17275R102 122,387 6,049,791 x 6,049,791 Citigroup Inc COM 172967101 555,781 117,501,357 x 117,501,357 Con-Way Inc. COM 205944101 21,762 595,082 x 595,082 Dean Foods Co COM 242370104 95,175 10,766,433 x 10,766,433 Delta Air Lines Inc COM NEW 247361702 19,615 1,556,784 x 1,556,784 E-Trade Financial Corp NOTE 269246AZ7 71,814 46,257,000 x 46,257,000 Fifth Third Bancorp COM 316773100 138,946 9,465,006 x 9,465,006 Flagstar Bancorp Inc COM NEW 337930507 4,972 3,050,000 x 3,050,000 General Motors Corp COM 37045V100 50,904 1,381,012 x 1,381,012 General Motors Corp JR PFD CNV SRB 37045V209 16,233 300,000 x 300,000 Goodyear Tire & Rubber Co. COM 382550101 119,425 10,078,064 x 10,078,064 Gramercy Capital Corp COM 384871109 914 395,791 x 395,791 Hewlett-Packard Co COM 428236103 245,996 5,843,144 x 5,843,144 Intel Corp COM 458140100 3,794 180,400 x 180,400 International Paper Company COM 460146103 147,086 5,399,622 x 5,399,622 Johnson & Johnson COM 478160104 81,777 1,322,177 x 1,322,177 JPMorgan Chase & Co COM 46625H100 22,937 540,704 x 540,704 KLA-Tencor Corp COM 482480100 69,400 1,796,067 x 1,796,067 Lam Research Corp COM 512807108 78,922 1,524,186 x 1,524,186 Linear Technology Corp COM 535678106 1,695 49,000 x 49,000 Macy's Inc COM 55616P104 132,168 5,224,023 x 5,224,023 Manitowoc Company Inc. COM 563571108 15,758 1,201,958 x 1,201,958 Medtronic Inc COM 585055106 61,191 1,649,797 x 1,649,797 Merck & Co Inc COM 58933Y105 132,735 3,683,000 x 3,683,000 Micron Technology Inc. COM 595112103 142,471 17,764,518 x 17,764,518 Microsoft Corp COM 594918104 168,662 6,040,911 x 6,040,911 Morgans Hotel Group COM 61748W108 824 90,847 x 90,847 MPG Office Trust Inc COM 553274101 11,485 4,176,280 x 4,176,280 Mueller Water Products Inc. COM 624758108 10,238 2,455,169 x 2,455,169 Navistar International Corp COM 63934E108 26,708 461,199 x 461,199 Newcastle Investment Corp. COM 65105M108 16,249 2,425,156 x 2,425,156 Owens Corning *W EXP 10/30/201 690742127 18 7,544 x 7,544 Pfizer Inc. COM 717081103 290,004 16,562,202 x 16,562,202 Royal Bk Scotland Group PLC SPON ADR F 780097804 700 32,223 x 32,223 Royal Bk Scotland Group PLC SPON ADR SER H 780097879 1,240 58,708 x 58,708 Royal Bk Scotland Group PLC SP ADR L RP PF 780097788 32,454 1,861,961 x 1,861,961 Royal Bk Scotland Group PLC SP ADR PREF M 780097796 22,894 1,560,596 x 1,560,596 Royal Bk Scotland Group PLC ADR PREF SER N 780097770 48,896 3,360,579 x 3,360,579 Royal Bk Scotland Group PLC ADR PFD SER P 780097762 35 2,400 x 2,400 Royal Bk Scotland Group PLC ADR PREF SHS Q 780097754 24,191 1,609,519 x 1,609,519 Royal Bk Scotland Group PLC ADR PREF SHS R 780097747 71 4,889 x 4,889 Royal Bk Scotland Group PLC SP ADR PREF S 780097739 29,708 2,001,914 x 2,001,914 Royal Bk Scotland Group PLC SP ADR PREF T 780097713 32,787 2,028,914 x 2,028,914 Safeway Inc. COM NEW 786514208 2,982 132,600 x 132,600 Semiconductor HOLDRs Trust DEP RCPT 816636203 55,626 1,710,000 x 1,710,000 Smurfit-Stone Container Corp COM 83272A104 9,377 366,291 x 366,291 Strategic Hotels & Resorts Inc COM 86272T106 300 56,738 x 56,738 Suntrust Banks Inc COM 867914103 123,738 4,193,090 x 4,193,090 SuperMedia Inc COM 868447103 4,064 466,564 x 466,564 Supervalu Inc COM 868536103 2,960 307,363 x 307,363 Temple-Inland Inc COM 879868107 26,963 1,269,426 x 1,269,426 Teradyne Inc COM 880770102 55,523 3,954,603 x 3,954,603 Texas Instruments Inc COM 882508104 4,225 130,000 x 130,000 The Hartford Financial Services Group COM 416515104 34,623 1,307,035 x 1,307,035 The Hartford Financial Services Group *W EXP 06/26/201 416515120 24,970 1,383,400 x 1,383,400 The Kroger Co COM 501044101 3,026 135,350 x 135,350 United Continental Holdings Inc. COM 910047109 91,744 3,851,550 x 3,851,550 UnitedHealth Group Inc COM 91324P102 64,344 1,781,879 x 1,781,879 US Airways Group Inc COM 90341W108 29,043 2,901,415 x 2,901,415 Virgin Media Inc *W EXP 99/99/999 92769L119 5 237,059 x 237,059 Wells Fargo & Co COM 949746101 231,188 7,460,100 x 7,460,100 Wells Fargo & Co PERP PFD CNV A 949746804 335,667 335,482 x 335,482 Willis Group Holdings Limited SHS G96666105 13,532 390,770 x 390,770 Xilinx Inc COM 983919101 1,652 57,000 x 57,000 Yahoo! Inc COM 984332106 44,990 2,705,372 x 2,705,372