<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(b), (c)
AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(b)
(AMENDMENT NO. 1)
Mesabi Trust
(Name of Issuer)
Units of Beneficial Interest
(Title of Class of Securities)
590672101
(CUSIP Number)
Appaloosa Management L.P.
26 Main Street
Chatham, New Jersey 07928
Attn: Kenneth Maiman, Esq.
Telephone (973) 701-7000
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
April 30, 1998
(Date of Event which Requires Filing of this
Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
/ / Rule 13d-1(b)
/X/ Rule 13d-1(c)
/ / Rule 13d-1(d)
<PAGE> 2
SCHEDULE 13G
CUSIP NO. 590672101 PAGE 2 OF 5 PAGES
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Appaloosa Management L.P.
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 655,500
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 0
OWNED BY 7 SOLE DISPOSITIVE POWER
EACH 655,500
REPORTING 8 SHARED DISPOSITIVE POWER
PERSON 0
WITH
- -------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
655,500
- -------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
/ /
- -------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.99%
- -------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
PN**
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
**See Item 4.
<PAGE> 3
SCHEDULE 13G
CUSIP NO. 590672101 PAGE 3 OF 5 PAGES
13 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
David A. Tepper
- -------------------------------------------------------------------------------
14 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- -------------------------------------------------------------------------------
15 SEC USE ONLY
- -------------------------------------------------------------------------------
16 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- -------------------------------------------------------------------------------
17 SOLE VOTING POWER
NUMBER OF 655,500
SHARES 18 SHARED VOTING POWER
BENEFICIALLY 0
OWNED BY 19 SOLE DISPOSITIVE POWER
EACH 655,500
REPORTING 20 SHARED DISPOSITIVE POWER
PERSON 0
WITH
- -------------------------------------------------------------------------------
21 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
655,500
- -------------------------------------------------------------------------------
22 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
/ /
- -------------------------------------------------------------------------------
23 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.99%
- -------------------------------------------------------------------------------
24 TYPE OF REPORTING PERSON
IN**
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
**See Item 4.
<PAGE> 4
Page 4 of 5
Item 1(a). Name of Issuer:
Mesabi Trust
Item 1(b). Address of Issuer's Principal Executive Offices:
c/o Bankers Trust Company, Corporate Trust & Agency Group, P.O.
Box 318 Church Street Station, New York, New York
10008-0318
Item 2(a). Name of Person Filing:
Appaloosa Management L.P. and David A. Tepper
Item 2(b). Address of Principal Business Office or, if None, Residence:
Appaloosa Management L.P., 26 Main Street Chatham, New Jersey 07928
David A. Tepper, c/o Appaloosa Management L.P., 26 Main Street
Chatham, New Jersey 07928
Item 2(c). Citizenship:
Appaloosa Management L.P. - Delaware
David A. Tepper - United States of America
Item 2(d). Title of Class of Securities:
Units of Beneficial Interest
Item 2(e). CUSIP Number:
590672101
Item 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13d-1(b) OR 13d-2(b)
or (c), CHECK WHETHER THE PERSON FILING IS A:
Not Applicable, this statement is filed pursuant to 13d-1(c).
Item 4. OWNERSHIP:
(a) 655,500*
(b) 4.99%
(c) (i) sole voting power: 655,500
(ii) shared voting power: 0
(iii) sole dispositive power: 655,500
(iv) shared dispositive power: 0
*Appaloosa Management L.P. ("AMLP") is the general partner of Appaloosa
Investment Limited Partnership I and the investment advisor to Palomino Fund
Ltd, which are the holders of record of the reported securities (327,750 and
327,750 units, respectively). David A. Tepper ("DAT") is the sole stockholder
and president of Appaloosa Partners Inc. ("API"). API is the general partner of
AMLP and DAT owns a majority of the limited partnership interests of AMLP.
Item 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:
If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities check the following [x].
<PAGE> 5
Page 5 of 5
Item 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:
Not Applicable
Item 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY:
Not Applicable.
Item 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP:
Not Applicable.
Item 9. NOTICE OF DISSOLUTION OF GROUP:
Not Applicable.
Item 10. CERTIFICATION:
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not
acquired and are not held in connection with or as a participant in
any transaction having that purposes or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
May 4 ,1998
APPALOOSA MANAGEMENT L.P.
By: Appaloosa Partners Inc.
Its: General Partner
By: /s/ David A. Tepper
---------------------------------
David A. Tepper
President
DAVID A. TEPPER
/s/ David A. Tepper
-------------------------------------
