Monday, January 28, 2013

Hedgie Singer’s sewing change


Go figure.  Paul Singer appears to have changed his tune on Argentina.  After a decade of aggressively pursuing $1.44 billion he claims the country owes him and a group of bondholders, including successfully pressing Ghana to seize a locally docked Argentine naval vessel to help pay down the debt, the billionaire New York hedge fund mogul is sounding like Bobby McFerrin in “Don’t Worry, Be Happy.”

Singer’s Elliott Management now feels Argentina will do the right thing, according to recent court filings.

It’s quite a change from last fall’s legal arguments, in which Singer urged a federal judge to hurry up and force Buenos Aires to put some of the monies owed into escrow, citing the country’s president’s plot to avoid the debt payment.  Such a move would have put Argentina into default…...


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