MESABI TRUST — Major Shareholding Notification 1998

May 4, 1998

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) 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. 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. 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]. 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 -------------------------------------