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Gramercy Fund Management Chief Always Wanted To See What His Head Would Look Like On A Vulture’s Body

The hedge fund is taking a page from Elliott Management's playa-book.
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Something like this, for his office wall.

Seeing just how well Elliott Management’s war with Argentina has gone—in spite of the occasional short-lived naval victory, 13 years into the fight the hedge fund hasn’t seen a dime it’s won in U.S. courts—Gramercy Fund Management has entered into a South American entente cordiale with Paul Singer. The hedge fund is making ominous threats towards Peru about a default even older than Argentina’s, dating to the country’s left-wing junta of the 1970s. And since that country has shown no interest in listening to its own courts, Gramercy is all set to appeal to a higher authority.

“While recently seeking a consensual resolution, we were told point blank by a senior Peruvian official: ‘Make us care’,” said James Taylor, partner and chief legal officer of Gramercy. “Given Peru’s indisputable ability to pay a $5bn debt, this clearly is a voluntary and selective default….”

“If the [president Ollanta] Humala administration continues to refuse to engage, we will be forced to pursue our legal remedies, which include the possibility of commencing an international claim against Peru under the US-Peru Free Trade Agreement,” Mr Taylor said.

Hedge fund pressures Peru to pay back 40-year-old debt [FT]



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