White House Vs Paul Singer Hedge Fund Elliott Management

//White House Vs Paul Singer Hedge Fund Elliott Management

White House Vs Paul Singer Hedge Fund Elliott Management

Republicans who House Financial Services Committee holding hearings on the White House’s role in a case between hedge fund Elliott Management and Argentina.

The hearing will deal with two bailouts. The House Financial Services Committeeheld a hearing today on whether  Obama’s administration has “intervened” against U.S. investors.  Singer’s battle with Argentina over the more than $2 billion he says the country owes his firm. The court will decide on June 20 whether to uphold a lower court’s ruling that Argentina must pay Elliott, which balked at a restructuring that forced bondholders to settle for less than they were owe.. He also opposes portions of the Dodd-Frank Act, the financial regulation that grew out of the 2008 crash.

Elliott bought Argentina and Congo-Brazzaville sovereign debt through its association with the Kensington International fund

Hedge Fund Elliot Management Sovereign Debt

A small portion of Elliott’s distressed securities trading has been in sovereign debt. Elliott bought Argentina and Congo-Brazzaville sovereign debt, through its association with the Kensington International fund. Elliott bought $20 million face value of defaulted Peruvian bank debt in 1995.  After extensive litigation proceedings Elliott won a court award of $58 million for these debts, including past due interest. More recently Elliott bought $32.6 million in loan debt incurred by Congo-Brazzaville, allegedly for less than $2.3 million. In 2002 and 2003 a British Court awarded Elliott more than $100 million for these debts, $39 million of which was recouped by interception of proceeds of the sale of oil by the Congo to Glencore International, a Swiss commodities and raw materials supplier.

Singer’s battle with Argentina over the more than $2 billion he says the country owes his firm. The court will decide on June 20 whether to uphold a lower court’s ruling that Argentina must pay Elliott. Former Bush Solicitor General Theodore Olson will testify on behalf of the American Task Force Argentina at the hearing.  He’s also a member of the American Task Force Argentina, which is trying to force Argentina to pay on its defaulted bonds in full.

Singer Elliot Management Political Donations

Paul Singer gave $1 million to the Romney super PAC “Restore the Future,” which so far has raised $37 million and spent some $34 million. He has also donated more than $220,000 to 31 Republicans in national races across the country. Over the past three years he has given nearly $2 million to Republicans bringhing his total 527 spendings to $9.6 Million.

 

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2012-06-08T01:12:43+00:00

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