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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. ___________)*
RELIANT RESOURCES, INC.
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(Name of Issuer)
Common Stock, par value $0.001 per share
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(Title of Class of Securities)
75952B105
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(CUSIP Number)
March 27, 2003
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(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)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).
CUSIP No. 75952B105
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Appaloosa Investment Limited Partnership I
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) ..................................................................[_]
(b) ..................................................................[_]
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3. SEC Use Only ...........................................................
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4. Citizenship or Place of Organization
DELAWARE................................................................
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Number of 5. Sole Voting Power
Shares -0-...................................................
Beneficially
Owned by --------------------------------------------------------
Each
Reporting 6. Shared Voting Power
Person 6,798,735............................................
With
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7. Sole Dispositive Power
-0-..................................................
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8. Shared Dispositive Power
6,798,735............................................
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
6,798,735...............................................................
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)........................................................[_]
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11. Percent of Class Represented by Amount in Row (9)
2.3%....................................................................
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12. Type of Reporting Person (See Instructions)
PN
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CUSIP No. 75952B105
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Palomino Fund Ltd.......................................................
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) .................................................................[_]
(b) .................................................................[_]
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3. SEC Use Only............................................................
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4. Citizenship or Place of Organization
BRITISH VIRGIN ISLANDS..................................................
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Number of 5. Sole Voting Power
Shares -0-...................................................
Beneficially
Owned by --------------------------------------------------------
Each
Reporting 6. Shared Voting Power
Person 5,956,865............................................
With
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7. Sole Dispositive Power
-0-..................................................
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8. Shared Dispositive Power
5,956,865............................................
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
5,956,865...............................................................
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)........................................................[_]
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11. Percent of Class Represented by Amount in Row (9)
2.1%....................................................................
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12. Type of Reporting Person (See Instructions)
CO
CUSIP No. 75952B105
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Appaloosa Management L.P................................................
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) ..................................................................[_]
(b) ..................................................................[_]
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3. SEC Use Only ...........................................................
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4. Citizenship or Place of Organization
DELAWARE................................................................
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Number of 5. Sole Voting Power
Shares -0-...................................................
Beneficially
Owned by --------------------------------------------------------
Each
Reporting 6. Shared Voting Power
Person 12,755,600...........................................
With
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7. Sole Dispositive Power
-0-..................................................
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8. Shared Dispositive Power
12,755,600...........................................
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
12,755,600..............................................................
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)........................................................[_]
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11. Percent of Class Represented by Amount in Row (9)
4.4%....................................................................
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12. Type of Reporting Person (See Instructions)
PN
CUSIP No. 75952B105
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Appaloosa Partners Inc..................................................
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) .................................................................[_]
(b) .................................................................[_]
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3. SEC Use Only............................................................
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4. Citizenship or Place of Organization
DELAWARE................................................................
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Number of 5. Sole Voting Power
Shares -0-...................................................
Beneficially
Owned by --------------------------------------------------------
Each
Reporting 6. Shared Voting Power
Person 12,755,600...........................................
With
--------------------------------------------------------
7. Sole Dispositive Power
-0-..................................................
--------------------------------------------------------
8. Shared Dispositive Power
12,755,600...........................................
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
12,755,600..............................................................
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)........................................................[_]
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11. Percent of Class Represented by Amount in Row (9)
4.4%....................................................................
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12. Type of Reporting Person (See Instructions)
CO
CUSIP No. 75952B105
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
David A. Tepper.........................................................
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) ..................................................................[_]
(b) ..................................................................[_]
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3. SEC Use Only.............................................................
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4. Citizenship or Place of Organization
USA......................................................................
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Number of 5. Sole Voting Power
Shares 4,000,000.............................................
Beneficially
Owned by --------------------------------------------------------
Each
Reporting 6. Shared Voting Power
Person 12,755,600...........................................
With
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7. Sole Dispositive Power
4,000,000............................................
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8. Shared Dispositive Power
12,755,600...........................................
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
16,755,600...............................................................
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions).........................................................[_]
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11. Percent of Class Represented by Amount in Row (9)
5.8%.....................................................................
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12. Type of Reporting Person (See Instructions)
IN
ITEM 1.
(a) NAME OF ISSUER
RELIANT RESOURCES, INC.
(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
1111 Louisiana Street, Houston, TX 77002
ITEM 2.
(a) NAME OF PERSON FILING
This statement is being filed by Appaloosa Investment Limited
Partnership I ("AILP"), Palomino Fund Ltd. ("Palomino"),
Appaloosa Management L.P. ("AMLP"), Appaloosa Partners Inc.
("API"), and David A. Tepper ("Mr. Tepper" and, together with
AILP, Palomino, AMLP and API, the "Reporting Persons"). The
Reporting Persons have entered into a Joint Filing Agreement,
dated April 4, 2003, a copy of which is attached hereto as
Exhibit I.
(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE, OR IF NONE, RESIDENCE
The address of the principal business office of Palomino is c/o
Trident Trust Company (Cayman) Ltd., 1 Capital Place, P.O. Box
847, Grand Cayman, Cayman Islands. The address of the principal
business office for each of AILP, AMLP, API and Mr. Tepper is
c/o Appaloosa Partners Inc., 26 Main Street, First Floor,
Chatham, NJ 07928.
(c) CITIZENSHIP
See item 4 of pages 2-6 of this Schedule 13G.
(d) TITLE OF CLASS OF SECURITIES
Common Stock, par value $0.001 per share
(e) CUSIP NUMBER
75952B105
ITEM 3. This statement is filed pursuant to Rule 13d-1(c).
ITEM 4. OWNERSHIP.
(a) AMOUNT BENEFICIALLY OWNED:
AILP and Palomino beneficially own, in the aggregate, 12,755,600
shares of the issuer's common stock. AILP is the direct
beneficial owner of 6,798,735 of such shares and Palomino is the
direct beneficial owner of 5,956,865 of such shares. Each of
AMLP, API and Mr. Tepper is an indirect beneficial owner of the
aggregate of 12,755,600 shares of the issuer's common stock held
by AILP and Palomino. AMLP is the general partner of AILP and
makes all of the investment decisions for Palomino as its
investment adviser. Accordingly, through these capacities, AMLP
may be deemed to beneficially own the 12,755,600 shares of common
stock of the issuer held by AILP and Palomino. API is the sole
general partner of AMLP and, as such, may be deemed to
beneficially own the 12,755,600 shares of common stock of the
issuer held by AILP and Palomino through its interest in AMLP.
Mr. Tepper is the sole stockholder and President of API and, as
such, may be deemed to beneficially own the 12,755,600 shares of
common stock of the issuer held by AILP and Palomino through his
interests in API and AMLP. In addition, Mr. Tepper directly owns
4,000,000 shares of the issuer's common stock for his own
account.
(b) PERCENT OF CLASS: See item 11 of pages 2-6 of this Schedule 13G.
(As disclosed in Reliant Resources, Inc.'s Form 10-Q for the
quarterly period ended September 30, 2002, as of November 8,
2002, there were 290,441,403 shares of common stock outstanding.)
(c) NUMBER OF SHARES AS TO WHICH THE PERSON HAS:
(i) Sole power to vote or to direct the vote: See item 5 of
pages 2-6 of this Schedule 13G.
(ii) Shared power to vote or to direct the vote: See item 6 of
pages 2-6 of this Schedule 13G.
(iii) Sole power to dispose or to direct the disposition of: See
item 7 of pages 2-6 of this Schedule 13G.
(iv) Shared power to dispose or to direct the disposition of:
See item 8 of pages 2-6 of this Schedule 13G.
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 [__].
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 OR
CONTROL PERSON.
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
See Exhibit II attached hereto.
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 purpose 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.
Dated: April 4, 2003
APPALOOSA INVESTMENT LIMITED PARTNERSHIP I
By: APPALOOSA MANAGEMENT L.P.,
Its General Partner
By: APPALOOSA PARTNERS INC.,
Its General Partner
By: /s/ David A. Tepper
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Name: David A. Tepper
Title: President
PALOMINO FUND LTD.
By: APPALOOSA MANAGEMENT L.P.,
Its Investment Adviser
By: APPALOOSA PARTNERS INC.,
Its General Partner
By: /s/ David A. Tepper
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Name: David A. Tepper
Title: President
APPALOOSA MANAGEMENT L.P.
By: APPALOOSA PARTNERS INC.,
Its General Partner
/s/ David A. Tepper
-----------------------------------
Name: David A. Tepper
Title: President
APPALOOSA PARTNERS INC.
By: /s/ David A. Tepper
-----------------------------------
Name: David A. Tepper
Title: President
/s/ David A. Tepper
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David A. Tepper
EXHIBIT I
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act
of 1934, as amended, the persons below agree to the joint filing on behalf
of each of them of a Statement on Schedule 13G, and any all amendments
thereto, with regard to the beneficial ownership of Common Stock, par value
$0.001 per share, of Reliant Resources, Inc., a Delaware corporation.
Dated: April 4, 2003
APPALOOSA INVESTMENT LIMITED PARTNERSHIP I
By: APPALOOSA MANAGEMENT L.P.,
Its General Partner
By: APPALOOSA PARTNERS INC.,
Its General Partner
By: /s/ David A. Tepper
------------------------
Name: David A. Tepper
Title: President
PALOMINO FUND LTD.
By: APPALOOSA MANAGEMENT L.P.,
Its Investment Adviser
By: APPALOOSA PARTNERS INC.,
Its General Partner
By: /s/ David A. Tepper
------------------------
Name: David A. Tepper
Title: President
APPALOOSA MANAGEMENT L.P.
By: APPALOOSA PARTNERS INC.,
Its General Partner
/s/ David A. Tepper
-----------------------------------
Name: David A. Tepper
Title: President
APPALOOSA PARTNERS INC.
By: /s/ David A. Tepper
-----------------------------------
Name: David A. Tepper
Title: President
/s/ David A. Tepper
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David A. Tepper
EXHIBIT II
ITEM 8
IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
The members of the group that has filed this Schedule 13G pursuant to
ss.240.13d-1(c) are as follows:
Appaloosa Investment Limited Partnership I
Palomino Fund Ltd.
Appaloosa Management L.P.
Appaloosa Partners Inc.
David A. Tepper