Elliott Making Big Profits From Espirito Santo Troubles – ValueWalk Premium
Portugal Telecom
05Dec

Elliott Making Big Profits From Espirito Santo Troubles

Paul Singer's Elliott Management continues to rake in profits from its short against Portugal Telecom, SGPS (ADR) (NYSE:PT). The largest telecom operator in Portugal has suffered a -60% decline in share price this year, making Elliott's 2% short position all the more sweet.
Espirito Santo troubles
Portugal Telecom's troubles started with the corruption scandals surrounding the  Espirito Santo group. Banco Espirito Santo group holds a 10% stake in Portugal Telecom. Things fell apart when Portugal's largest lender, Banco Espirito Santo SA (ELI:BES . . .

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