Tags: bruja!, Elliott Management, Joseph Stiglitz, Paul Singer
We don’t know if Paul Singer believes in karma or what-goes-around-comes-around or South American witchcraft. What we do know is that immediately after forcing Argentina into default, his hedge fund’s worst month in five years dawned.
Oh yea, by the way? Paul Singer’s worst month in five years was a 0.8% drawdown. So he’s probably not too worried. Read more »
Tags: Argentina, Elliott Management, Hayman Capital Management, hedge fund managers, hostages, Kyle Bass, not compliments, Paul Singer
Would he go so far as to describe his fellow hedge fund manager’s business tactics as hostage situation-esque? Yes, yes he would. Read more »
Tags: Argentina, Las Vegas, Lazaro Baez, Paul Singer
So it seems—surprise, surprise!—that Argentina hasn’t really been all that serious about trying to strike a deal with Paul Singer, and that the world’s banks aren’t especially interested in absorbing much risk to curry favor with President Cristina Kirchner. So Singer’s going back to a strategy that, while unsuccessful in actually getting him any of his money, has been very, very successful at infuriating people in Buenos Aires. Call it the “ship-seizing” strategy. Or, in this case, the “money-embezzled-by-Cristina-Kirchner’s-old-buddy-seizing” strategy. Read more »
Tags: Argentina, great ideas, Hedge Funds, Paul Singer, plenty of time
Argentina is lacking in many things: Sufficient reserves to pay its bills, for one. International goodwill, for another. The patience of a certain very important federal judge. Goals in the World Cup.
But Argentina is also a very rich country: Rich in beef, in the fruit of the vine, in natural resources, and, perhaps above all, in unique recalcitrance vis-à-vis hedge funds it owes money. Well, in a last-ditch and almost certainly too-late bid to avert a default that it says is not a default, Argentina has parted with some of that precious recalcitrance, at last deigning to have its people chat with Paul Singer’s people about getting out of this mess with other peoples’ money and rights. Read more »
Tags: Elliott Management, EMC Corp., happier to meet with some shareholders than other, Paul Singer
If Argentina doesn’t want to sit down with the Elliott Management founder and vulture-investor-in-chief, that’s OK. EMC Corp. can’t wait to hear from him about how its “federation strategy” is a total disaster than that it should sell its most successful business. Read more »
Tags: 13 years and three days really, Argentina, Axel Kicillof, but..., good-ish faith, ISDA, Paul Singer
The uniquely recalcitrant debtor is happy—eager, even—to chat with Paul Singer and friends about resolving their little situation, Economy Minister Axel Kicillof says. Not eager enough for Kicillof to stick around for a couple of days to chat, but all the same.
Oh yea, and one more thing: Ignore all of the above if a judge won’t give Argentina the stay it needs to pay some of its bills and not default on Monday. Read more »
Tags: Autorité des Marchés Financiers, coulda been worse, Elliott Associates, France, light insider trading, Paul Singer
After more than a year of chewing on the evidence and letting the charges marinate in their minds, the people who make such decisions at France’s Autorité des Marchés Financiers have decided, oui, Elliott Associates did something wrong when buying and then selling shares of a French highway. But not that wrong, judging by the penalty imposed. Read more »