Elliott Management Corporation

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Paul Elliott Singer is an American hedge fund manager, activist investor, and "philanthropist". Elliott Management Corporation, Singer's vulture hedge fund,ref,ref specialises in distressed debt acquisitions.
See also Paul SingerPowerbase-graphic.svg, Paul Singer (businessman)Wikipedia-W.svg, SourceWatch, Right Web.

Philanthropist? Singer started supporting LGBT rights after his son Andrew came out as homosexual and married his partner.ref That's not philanthropy, that's serving your own interests.

Elliott Advisors (UK) Ltd

Elliott Advisors (CH), based in London, is one of the most prominent investors in London-listed companies. It is run by Singer’s son, Gordon Singer. Just like its parent company, the firm primarily "invests" in companies undergoing bankruptcy, reorganisation, or corporate restructuring.ref

Elliott Capital Advisors LP

Activist hedge fund manager. Purchases, sells, trades, and invests in securities. Headquartered in New York; reg. Delaware.OC Paul E. Singer is General Partner.
  • Elliott International LP
  • Elliott Associates LP
  • Liverpool Limited Partnership

Activities

See link (2011), link (2016), link, link, link, link

  • Aug.2019: Barnes & Noble Inc was acquired by Elliott Management Corporation (Elliott Advisors (UK) Ltd),ref with James Daunt, managing director of Waterstones Booksellers Ltd, becoming CEO.ref The company was delisted and taken private.
  • Jun.2018: Waterstones Booksellers Ltd: Elliott Management Corporation bought a majority stake, leaving ex-owner Russian billionaire Alexander Mamut's Lynwood Investments with a minority holding.ref,ref
  • Jan.2014:
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    Morrisons: Elliott amassed a small stake in the supermarket group, with a view to forcing its management to spin off its £9bn property portfolio into a new real estate investment trust (Reit) - the portfolio could then be broken up and sold for immense profit. ref Sandell Asset Management, owned by Swedish billionaire Thomas Sandell, backed Elliott's calls.ref
  • Feb.2012:
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    Comet Group Ltd, the electrical retailer, was bought by US private equity tax-haven firm OpCapita LLP for £2; the deal was backed by Elliott Advisors and Greybull Capital LLP. Comet collapsed into administraton in Nov.2012, leaving ~7,000 staff jobless. The private equity firms walked away with around £120m, donated by taxpayers.ref,ref
  • 2011: National Express: Elliott Advisors acquired a 20% stake in the struggling rail and bus group, with a view to breaking it up and flogging off the bits. The "offer" was strongly resisted by management, who eventually agreed to accept an Elliott board member. In 2013, Elliott sold out of National Express Group plc, banking a very handsome profit.ref
  • 2009: Delphi Automotive: Singer, along with two other hedge funds, blocked a govt-proposed sale which would have saved 15 of 29 Delphi plants and countless jobs.ref Instead, in the final bankruptcy deal, Delphi’s 20,000 retirees lost ~70% of their pensions, ~8,500 workers lost their jobs, and 25 factories were closed down. Elliott made around $1.5 billion.ref
  • 2002: Republic of Congo: Elliott used Kensington International Inc, a Cayman Islands-based subsidiary, to buy discounted debt issued by the Republic of Congo. It then sued the govt, eventually walking away with £78 million - a 10,000% profit.ref
  • 2002: Argentina: Elliott bought discounted Argentinian debt in 2001 - already settled by President Ronald Reagan, but Singer wanted much, much more. An Elliot subsidiary, Cayman Islands firm NML Capital Ltd, obtained judgment against Argentina in the US Courts. Eventually, a Nov.2012 US trial ended up ruling for NML and against Argentina. Elliott made do and mended with $2.4 billion.ref
  • 2000:
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    Asbestosis -vs- $$$s: as a result of an Owens Corning subsidiary concealing from its workers that they would get asbestosis, a court ordered substantial damages to be paid to the victims; the company subsequently filed for bankruptcy.ref Singer bought Owens Corning as it came out of bankruptcy and, using political muscle including George W BushWikipedia-W.svg, screwed down the compensation promised to the workers.ref,ref The deal made Singer a $1 billion profit, and earned him the name of Carrion King.ref
  • 1996: Peru: just as the country started dealing with its massive debts, Elliott bought a huge pile of its old discounted loans. Peru made a restructuring offer, which Elliott immediately rejected, suing Peru and making a 400% return - a $47 million profit.ref

Articles

  • Apr.22.2018: American vulture hedge fund Elliott steps up raids on UK boards. Elliott has been snapping up stakes in the companies behind some of the UK’s best-known brands, demanding changes including break-ups, takeovers and restructuring. In May.2017, govt policies caused market turmoil, which Singer used to raise £3.5bn in 24 hours. Last week, Elliott revealed it has a 1.5% stake in Hammerson plc, the shopping centre firm behind Bicester Village in Oxford. A week earlier, Elliott revealed a more than 6% stake in Whitbread, owner of Costa Coffee and Beefeater; Elliott will now push for the firm to split its Costa and Premier Inn divisions in the belief this would increase share prices. This year Elliott has also disclosed a 2.8% stake worth around £366m in Sky, potentially adding pressure on 21st Century Fox to increase its offer for the company. Elliott also played a major hand in the takeover battle for GKN. About one week before the shareholder vote last month it revealed a 3.8% stake, helping City predator Melrose win with 52% in favour. And it has become embroiled in the takeover battle for technology firm Fidessa Group, revealing on Feb.21 that it had a 4% stake. (list of firms he's interested in). Rachel Millard, This is Money.
  • Apr.15.2018: Hedge fund Elliott Advisors demands Whitbread spins off Costa Coffee. Activist hedge fund Elliott Advisors has secretly built a stake of more than 6% in Whitbread in order to force it to spin off its Costa Coffee chain. Elliott has a track record of taking aggressive steps to extract value. Elliott is said to believe that as much as £3bn of value could be created by splitting the coffee shop chain from Whitbread’s Premier Inn budget hotel arm. The 2 businesses are all that remain of what was once a leisure conglomerate spanning breweries, pubs, gyms, hotels and restaurants. Sachem Head, a lesser-known activist fund, has already made similar demands of Whitbread after acquiring a 3.4% stake. Last week, it emerged that Elliott had taken a share in software giant Micro Focus, with reports suggesting it could even try to take the company private. Elliott has also built a stake in Sky, which is negotiating a sale to 21st Century Fox. (Short bio on Whitbread here). Sabah Meddings, The Times.
  • Jan.26.2018: Elliott Management Discloses Stake in Sky. Elliott is known for its activist campaigns against giant companies. But it's unclear the fund's stake is active or passive. Move could further complicate 21st Century Fox’s $16.6 billion effort to consolidate ownership of the British pay-TV giant. Stu Woo, Wall Street Journal.