Some Hedge Funds Really Hate Paul Singer's Fight With Argentina

Caught in the battle between hedge fund billionaire Paul Singer and Argentina, some hedge funds complain that they are being held hostage  Bondholders who agreed to a 70 percent hit as part of Argentina’s debt restructuring are concerned they might not get paid all they are owed if Singer’s Elliott Management gets its way.

Gramercy Funds Management, one of the bondholders that agreed to accept 30 cents on the dollar when Argentina defaulted in 2001, said as much to Manhattan federal court Judge Thomas Griesa yesterday. Elliott had asked the judge to lift a stay that would require Argentina to pay up to $1.3 billion to Elliott in December, when Argentina makes payments to other bondholders.  At yesterday’s hearing, Griesa indicated the stay would remain in effect as long as the appeals process is under way....

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