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Paul Singer Tried To Kill The Radio Star

All your Top 40 are belong to us...and by "us" we mean Paul Singer.

Instead of standing amidst the smoldering ashes of the Argentinian economy and weeping that there were no more worlds to conquer, everyone's favorite hedge fund warrior Paul Singer apparently looked upon the world and thought to himself "I hate modern radio."

So according to the NY Post, Singer - as is his wont - went and did something about it...

Hedge fund mogul Paul Singer bought an insurance policy on iHeartMedia’s debt — while working hard to push the radio operator into default, legal papers filed by iHeart in a Texas state court allege.
iHeartMedia, the country’s largest radio station operator, filed papers in a Texas courthouse against Singer’s Elliott Management, claiming the distressed debt investor bought credit default swaps as it was planning, with other debt holders, to file a March 7 notice of default.

Singer was likely miffed to learn that iHeart was then given 60 days to pay back $6 billion in loans and that the company's stock is bouncing back a bit after going into freefall last week.

But no worries, because - like most thing Singer touches - there are hard feelings on the other side...

“I would not want to be Elliott right now,” an iHeart creditor told The Post. “It certainly looks bad.”
iHeart has asked the court to look into the allegations concerning Elliott’s conduct.

Nice to see that Paul Singer has found a new fight for spring.

Paul Singer was ready to profit off iHeart demise: lawsuit [NY Post]


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