Elliott Making Big Profits From Espirito Santo TroublesVW Staff
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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