New York-based hedge fund Elliot Associates filed suit today against Cedar Hill Capital Partners, claiming Cedar schemed to “literally steal [proprietary] software in order to use it for its own trading activities,” an act Elliot deems “nothing short…of corporate espionage.” The software in question is used to analyze fixed-income securities for trading CDOs, and according to the firm, took upwards of two years and millions of dollars to develop. Shed some light time: Elliot manages around $10 billion so it wouldn’t be so far fetched to think Cedar Hill might want some of that. Then again, the firm is run by Paul Singer, who a quasi-reliable source tells DealBreaker is “John Nash-paranoid.” (Who isn’t?)
(It’s times like these that I can’t help but thinking since it’s sort of a fact that at least half of you snakes are going to pull these stunts anyway, why not level the playing field from the start and just say, “Anything goes,” like Ultimate Fighting and whatnot? Then we could spend less time having these petty little arguments and more time trying to guess how many phone books Adam Sender has to sit on to clear the dashboard-- standard Price Is Right rules apply.)
Elliott Sues Cedar Hill For Spying, Stealing [FINalternatives]