Bargain hunter. (Wall Street West).

Michael Tennenbaum, who has run Special Value Management LLC in West Los Angeles for the past six years, is known to take big positions in tech and aerospace shops, such as his buyout of the old aerospace house Whittaker Corp. three years back.

Tennenbaum, once of brokerage Bear, Stearns Cos., isn't talking about it, but in late June, Special Value led a group of funds in acquiring a 28 percent stake in Poway-based Anacomp Inc., a data storage information company.

Anacomp, a publicly held company, declared Chapter 11 last October, and emerged on Dec. 31 in a prepackaged bankruptcy. Bondholders ended up controlling the company, and Anacomp shares ended up being traded on the over-the-counter bulletin board.

Tennenbaum wasn't a bondholder, but word from Anacomp is that he acquired the shares -- now worth more than $30 million -- from bondholders who wanted out.

Many bondholders have little desire to be involved with a company that's been through bankruptcy, and will often sell at first chance.

Contributing columnist Benjamin Mark Cole writes about the local investment community for the Los Angeles Business Journal. He can be reached at [e-mail].