Friday, May 3, 2013

Hedge fund mogul Paul Singer wants to make one thing clear: The dude is no vulture.

From the Post: The billionaire’s decade-long legal battle to force Argentina to pay off the debt it owes his $21.8 billion Elliott Management hedge fund has hit one roadblock after another.  The country’s latest offer to give Elliott far less than what it wants — presented to a New York appeals court last month — seems to be the last straw.

In his latest quarterly letter to investors, obtained by The Post, Singer outlined what he called Argentina’s “name-calling, scapegoating, bullying, fear-mongering and taunts” to brand Elliott and other bondholders “vultures.”   What’s “little known,” he said, is that Elliott “started purchasing Argentine debt before the 2001 default” — a clear attempt to show that the fund is no vulture picking at the carcass and that it has paid more for the bonds than Argentina suggests….

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