Elliot Associates | Hedge Fund NotesThe following is our Hedge Fund Tracker profile for Elliot Associates.
Resource #1: (6.8.09) He is hardly your average movie investor. He cultivates his privacy, and he heads a $13 billion hedge fund that, unlike those run by Carl Icahn and others, rarely mounts a proxy fight. But while most Hollywood bankers have turned off the money spigot, billionaire Paul Singer's Elliott Associates appears to be stepping up its investments. Last year the firm lent money to film investor Ryan Kavanaugh, who is providing financing for as much as 75% of Universal Studio's films through 2011. In recent days movie moguls have been buzzing that the hedge fund could be eyeing a play for the debt-hobbled MGM studio by buying up a small piece of the iconic film company's nearly $4 billion in debt.
It would be easy to pass off Singer as another well-heeled investor who has trooped into Hollywood since the days of Howard Hughes only to be sent packing after getting skinned by an industry where profits are sometimes as illusionary as the stuff they put on screen. source
Resource #2: Elliott Management Corporation manages the Elliott Associates, L.P. hedge fund and its offshore equivalent the Elliott International, LTD hedge fund. The firm uses an opportunistic approach and invests in different types of vehicles depending on market conditions including common and preferred stocks.
The firm tends to focus on distressed opportunities in industrial stocks, real estate, emerging markets debt, and private placement convertibles. The firm often takes an active role in its investments, seeking to unlock shareholder value. Elliott uses relatively little leverage.
On May 24, Elliott Associates disclosed a 6.3% stake in Packeteer (PKTR) in a SC 13D filing. Elliott believes the PKTR Board should be directing its attention to a prompt sale of the Issuer. Here is an excerpt from the filing:
Shareholders of New York-based Bioenvision (NASDAQ: BIVN) have yet to vote on Genzyme’s (NASDAQ: GENZ) much-maligned $5.60-per-share offer for the firm, but one of them is making its intentions clear now. In a scathing letter to the Bioenvision board dated yesterday, Hedge fund Elliott Associates wrote that it is “extremely dissatisfied with the proposed Genzyme transaction” and will not vote for it.
In the letter, Elliott said that it and its sister fund, Elliott International, own approximately 6.7 percent of Bioenvision’s common stock. In fact, a recent SEC filing shows that Elliott has been squirreling away Bioenvision shares throughout the summer—with significant purchases after Genzyme announced its takeover bid.
The practices of 'vulture funds' which buy up cheap soveriegn debt on the secondary markets, and then sue for full-repayment plus interest, came to international attention this week. The spotlight is on a New York based hedge fund called Elliott Associates L.P. who sued the Peruvian government to make a $47 million profit on debt bought for just $11 million. In the process, the hedge fund nearly caused the Peruvian government to default on their Brady bond payments. Jubilee 2000, who are campaigning for a fair and transparent process of debt cancellation so that debtors and creditors get equal treatment, said that the recent developments in Peru were clear evidence that new controls are needed. source
Resource #3: Hedge Fund Elliot Associates reduced its offer for Epicor Software, a leading provider of business software solutions, to US$7.50 per share on November 4. This came hot on the heels of Epicor's board of directors' unanimously rejection of Elliot's first offer of US$9.50 per share on October 28. Tom Kelly, president and CEO of Epicor, said that 'the offer made by Elliott Associates is highly conditional and opportunistic and would deprive stockholders from benefiting from the value associated with Epicor's current and planned retail and ERP (enterprise resource planning) business software.'source
Resource #4: In many ways it is Adnan Khashoggi as well as Paul Singer who are financing the campaign of Rudy Giuliani through money they made in the GenesisIntermedia pump and dump penny stock scam that collapsed around 9/11/01as well as money stolen from U.S. taxpayers and impoverished countries in Africa as well as Peru who were ripped off by the W Bush-Paul Singer 'Vulture Funds' fraud in which W Bush put U.S. funds in accounts directed at 3rd world debt only to have Mr. Singer come along and empty those accounts for his and the Republican Party's personal cash cow that was used to attempt changing California electoral voting system in favor of Rudy Giuliani and the Republican Party ! source
Resource #5: SAN FRANCISCO (MarketWatch) -- Elliot Associates LP, a hedge fund with an activist bent, said in a Securities and Exchange Commission filing on Friday that it has a 9.9% stake in Puerto Rican bank R&G Financial Corp.
New York-based Elliott said it owns warrants that can be exchanged for 3,249,323 shares of R&G
Elliott has a history of trying to influence the management and strategies of the companies in which it invests. The fund recently joined Carl Icahn to criticize Lexar Media's LEXR: agreement to be acquired by Micron Technology MU. source