Paul Singer

Hedge Fund World Snickers As Elliott Sues Argentina Over Space Plans

It’s difficult to determine if activist hedge fund titan Paul Singer of Elliott Management has a smile on his face as he toys with the nation of Argentina, but his recent lawsuit against the nation’s aerospace plans have those in the hedge fund world snickering.


Activist hedge fund Elliott seeks to seize Argentina's satellites
NML Capital Ltd, a unit of Elliott Management Corp., is suing Argentina in California to seize two satellites the country is planning to launch into space. Elliott is operated by activist hedge fund manager Paul Singer. According to court documents, Argentina purchased two contracts for satellite launches in 2015 and 2016 from Space Exploration Technologies Corp.  NML is arguing the contracts are commercial property and thus not protected by sovereign immunity laws in a bid to claim a $1.7 billion settlement the hedge fund was previously awarded by a US court.
Dispute dates back to bond default, has implications for all debt issuers
The dispute between the government of Argentina and Elliott dates back to the country’s 2001 default on $80 billion in privately held debt. After defaulting, in 2005 the government offered bond holders, including Elliott, a deal worth approximately 27 cents on the dollar with upside tied to future growth. 

SORRY!

This content is exclusively for paying members. Access all of our content on including years of timeless investment news and in depth analysis for only a few dollars a month by signing up here while also supporting quality content and journalism, or learn more about our premium content here

If you are subscribed and having an account error please clear cache and then cookies if that does not work email support@valuewalk.com and we will get back to you as quick as humanly possible


Subscribe to our mailing list

* indicates required

Opt out of occasional 3rd party offers


0