Sat Aug 18, 2012, 01:03 AM
YoungDemCA (897 posts)
Mitt Romney's investments and the connection to "distressed debt"
So I was browsing Mitt Romney's connections on the Muckety website when I came across a company called "Elliott Associates, LP."
I Googled the company, not expecting to find much. To my surprise, it has a Wikipedia page and is a New York hedge fund.
A small portion of Elliott's portfolio is dedicated to distressed sovereign debt, most recently that of Argentina and the Republic of the Congo. Elliott is well known for its purchase of Peruvian sovereign debt. Elliot purchased debt with a face value of $20 million for $11 million. After extensive and costly litigation and numerous attempts at reaching a settlement, the court awarded $58 million to Elliott, including past due interest. More recently, Elliott has exposed serious corruption in Congo-Brazzaville in its efforts to enforce judgments totaling more than $100 million in defaulted bank debt. Elliott has been called a vulture fund due to its actions against the Peruvian government (amongst others)
And this article:
Now, what Elliott Associates specializes in is "Distressed debt" deals.
Now, there may not be any significance to any of this. But somehow, something about this smells fishy....profiteering off of economic misery, perhaps?
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Mitt Romney's investments and the connection to "distressed debt" (Original post)
|Angry Dragon||Aug 2012||#1|