Elliott's winners and losers: Greece up, gold down
By Lawrence Delevingne
Wed Jan 30, 2013
What Paul Singer's firm profited from in the fourth quarter; Argentina and Les Miserables developing.
Paul Singer's $21.1 billion Elliott Management Corporation
rode winning investments in Lehman Brothers claims, Greek
bonds, mortgage backed securities and more to a 3.3% fourth
quarter gain in its flagship Elliott Associates fund,
according to a letter sent to investors January 28.
The verdict on holdings of Argentinean debt
bonds--Elliott's most high profile position--is still
unclear. The country's government has refused to pay
despite court rulings in Elliott's favor. "The lesson is
painfully obvious: the inexhaustible disregard for the rule
of law by the political class has cost the Republic, its
provinces and local businesses tens of billions of dollars
in debt service, and it will continue to stand in the way
of an Argentine economic recovery," Elliott wrote in the
Argentina was the exception, as most holdings made money
during the quarter, including distressed securities, event
arbitrage, equities and performing debt. The fund gained
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