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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