Wednesday, December 5, 2012

No payback for Singer this year




Paul Singer’s last-ditch attempt to get cash from Argentina this year has failed, the NY post reports.  A motion by Singer’s hedge fund, Elliott Management, requesting that the South American country put up a security deposit of $250 million by Dec. 10 was denied by a federal appeals court yesterday.

“Since we will not have a big payment for ages (if ever), this looks like a huge blow to [Elliott’s] strategy,” said sovereign-debt expert Anna Gelpern.

The appellate slap-down of the billionaire hedgie is the second in a week. Last week, the same panel overturned a decision by a District Court judge that would have required Argentina to put $1.3 billion in escrow to pay Elliott by Dec. 15, pending further appeals in a legal battle that has dragged on for a decade……

Read more at http://www.nypost.com/p/news/business/no_payback_for_singer_this_year_2F9LPMnF19aqMnBQd2XP5K

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