The Attachmate Group, Inc. was a privately held software holding company based in Houston, Texas in the United States. The major companies held by the group were Attachmate , NetIQ , Novell , and SUSE .
71-466: Attachmate was owned by Wizard Parent LLC—an investment group consisting of Elliott Management Corporation , Francisco Partners , Golden Gate Capital , and Thoma Cressey Bravo . In 1981, Doug Walker, Mike Richer and Marty Quinn founded Walker, Richer & Quinn (WRQ) to integrate microcomputers with existing IT environments. The company set its sights on the Hewlett-Packard market, launching
142-415: A "top pick" for Elliott since 2013. As of the fourth quarter of 2014, Elliott owned 17.8 million shares of Hess, worth $ 1.3 billion, making it Elliott's largest holding. In late 2013 Elliot took control of the bankrupt Japanese shipowner Sanko and proceeded to close the majority of the overseas offices of that Company. Elliot eventually asset stripped the company's overseas properties and any equity left in
213-835: A $ 600 million loan backed by the Vietnamese government, then offered to pay bondholders 35 cents on the dollar. Elliott sued for the full amount. In April 2012 Elliott dropped the case. It was reported in December 2012 that Elliott, which already had an 8% stake in Compuware , had offered to buy the company for $ 11 a share in cash. In late 2012, Elliott criticized the oil company Hess for its use of capital and for being "distracted" from oil exploration and production by other activities. In January 2013, Elliott called on Hess to sell certain assets and asked Hess investors to vote for five new directors as part of an effort to reconfigure
284-543: A 4% stake in CDK Global in May 2015. As of September 2016, it held a 5.4% stake in the company and is the third-largest shareholder. On 4 May 2016, Elliott sent a letter to CDK Board of Directors outlining steps they felt were required in order to meet projected ROI and margins. Quoting "a plan for CDK to optimize its business operations and drive a meaningful improvement in shareholder value." On 8 June 2016, Elliott sent
355-441: A 99.93% stake in the club, after previous owner Li Yonghong defaulted on a €415M debt to Elliott. Elliott immediately started dismissing board members at Rossoneri Sport Investment Lux, the company through which Li Yonghong held AC Milan. On 10 July 2018, Paul Singer declared in an official statement to implant €50M of equity capital to stabilize the finances within the club. In June 2022, RedBird Capital Partners agreed to acquire
426-658: A bankruptcy analogue for sovereign states" similar to the bankruptcy process for private debtors, however these calls have lacked momentum. According to the African Development Bank Group , at least twenty heavily indebted poor countries in Africa have been threatened with or subjected to legal actions by commercial creditors and hedge funds since 1999. In 1999, the US firm Donegal International purchased $ 40 million of Zambian debt owed to Romania for
497-620: A debt he had paid $ 3 million for, he responded, "Yeah I do actually…I'm not beating up the Congo. I'm collecting on a legitimate claim". FG Hemisphere is attempting to enforce an ICC arbitration award for $ 116 million owed by the Democratic Republic of the Congo . The award was originally issued by an arbitral panel of the International Chamber of Commerce (ICC) in favor of Energoinvest DD of Bosnia in
568-536: A dozen unnamed solar-power projects in that country, and that it had "hedged its bets by taking out short positions in five other renewable energy funds listed on the London stock market." In September 2015, Elliott purchased a 1,940,642-share stake in Comcast , a Philadelphia-based mass media company, for an average price of $ 58.68 a share. This transaction had a 1.65% impact on Elliott's portfolio. Elliott acquired
639-473: A high return if the company or country does not go bankrupt or experience defaults. The major buyers of distressed securities are typically large institutional investors, who have access to sophisticated risk management resources such as hedge funds , private equity firms and units of investment banks . Firms that specialize in investing in distressed debt are often referred to as vulture funds . Investors in distressed securities often try to influence
710-610: A letter to CDK Board of Directors advising that "CDK adopt the steps in the Value-Maximizing Plan without delay" due to share-holder support of the plan in the 4 May letter. In May 2018, Elliott Management won a battle for control of Telecom Italia, controlling two-thirds of Telecom Italia 's board seats. In the summer of 2015, Elliott, then a major investor in Samsung's construction division, opposed efforts by acting Samsung head Jay Lee who sought to have one part of
781-475: A number of markets and sectors." In 2015, Institutional Investor/Alpha magazine gave Elliott an A grade and the #9 ranking among hedge funds worldwide. Elliott has seven equity partners. Paul Singer and Jonathan Pollock are co-chief investment officers; Gordon Singer, Paul Singer's son, manages Elliott's London office. Former senior portfolio manager Steven Kasoff, whose retirement was announced in April 2020,
SECTION 10
#1732772229256852-460: A price of €54.5 per share, making an offer at that price for all shares. The company also announced that the DIS CEO and CFO had signed lucrative management agreements that eventually would make them CEO and CFO, respectively, of Adecco. Adecco attempted to de-list DIS but was blocked in court by a number of hedge funds, including Elliott. The funds also raised concerns about conflict of interest by
923-460: A product similar to AttachmateWRQ's existing NetWizard product. Two years later Scalable Software acquired the WinINSTALL business unit (substantially all assets of the former OnDemand) from Attachmate. Later, the company also acquired The Wollongong Group (makers of Pathway TCP and Emissary). In 2011 Attachmate acquired Novell , Inc and let go hundreds of Novell employees. At this point
994-577: A professor emeritus at the NYU Stern School of Business , and an expert on bankruptcy theory, estimated that there were "more than 200 financial institutions investing between $ 350–400 billion in the distressed debt market in the United States". The market developed for distressed securities as the number of large public companies in financial distress increased in the 1980s and early 1990s. In 1992, professor Edward Altman, who developed
1065-511: A third “of Elliott's portfolio was concentrated in distressed securities , typically in the debt of bankrupt or near-bankrupt companies." In October 2020 Singer announced that his firm was relocating its headquarters to West Palm Beach , Florida . Singer created Elliott Associates in January 1977, starting with $ 1.3 million from friends and family and choosing the Elliott brand as it
1136-593: A unit of Michael Sheehan's Elliott Management, against Argentina . The country owes its creditors more than $ 1.3 billion. According to Mark Weidemaier, a law professor at the University of North Carolina , the ruling was one of "the most significant litigation victories that a holdout creditor has ever achieved" in the realm of sovereign debt. A July 2014 article in The Wall Street Journal by Georgetown Law professor Adam J. Levitin argued that
1207-489: A very high risk, and then attempting to enforce the full claim. The strategy is most effective when the sovereign state lacks bankruptcy protection. These investors however are constrained by "the sovereign-immunity rules that national legislatures have enacted and national courts have elaborated" to protect the vulnerable nation states from litigation. While private debtors have the resource of bankruptcy protection, sovereign states do not. There have been "sporadic calls for
1278-435: Is also used by major banks, to help hedge funds meet regulatory requirements and optimize investment decisions. When companies enter a period of financial distress , the original holders often sell the debt or equity securities of the issuer to a new set of buyers. Private investment partnerships such as hedge funds have been the largest buyers of distressed securities. By 2006, hedge funds have purchased more than 25% of
1349-501: Is an American investment management firm. It is also one of the largest activist funds in the world. It is the management affiliate of American hedge funds Elliott Associates L.P. and Elliott International Limited. The Elliott Corporation was founded by Paul Singer , who is CEO of the management company, based in New York City. As of the first quarter of 2015, Elliott's portfolio is worth over $ 8 billion. By 2009, over
1420-532: Is his middle name. In its earliest years, the firm focused on convertible arbitrage . Since the 1987 stock market crash and early 1990s recession , however, the firm has transitioned into a multi-strategy hedge fund. Elliott Associates manages $ 8.6 billion and is Elliott Management's primary domestic fund. The firm is currently closed to new investors. As of mid-2024, Elliott counted 570 employees in New York City , London , Tokyo and Hong Kong and
1491-429: Is one of the oldest hedge funds under continuous management. In a November 2014 investment letter, Elliott described optimism about U.S. growth as unwarranted. "Nobody can predict how long governments can get away with fake growth, fake money, fake jobs, fake financial stability, fake inflation numbers and fake income growth," Elliott wrote. "When confidence is lost, that loss can be severe, sudden and simultaneous across
SECTION 20
#17327722292561562-403: Is seeking to engage the company's board to discuss strategies and a potential sale of the company. Elliot Management, in particular an expose on Paul Singer featured by Tucker Carlson , was criticized for their handling of Cabela's headquarters following the acquisition and sale to Bass Pro Shops , due to the massive layoffs in the town of Sidney, Nebraska . In July 2016, Elliott persuaded
1633-706: The Börsen-Zeitung , Elliott said its goal was to "protect the rights of minority shareholders." In April 2005, the Wisconsin-based retail chain Shopko announced that it had agreed to be acquired for approximately $ 1 billion by a private equity firm at a price of $ 24 per share. This and a subsequent offer at $ 25 were rejected, according to the Milwaukee Business Journal , "after several dissident shareholders threatened to vote down
1704-572: The AT&;T board of directors, asserting what Elliott called "a compelling value-creation opportunity" at AT&T. Elliott stated it had accumulated $ 3.2 billion of AT&T stock (1.2% equity interest). In September 2019. a joint venture among funds managed by Trinity Real Estate Investments LLC and funds managed by Elliott Management Corporation announced the acquisition of the JW Marriott Desert Ridge Resort & Spa,
1775-651: The Altman Z-score formula for predicting bankruptcy in 1968, estimated "the market value of the debt securities" of distressed firms as "is approximately $ 20.5 billion, a $ 42.6 billion in face value". By 1993 the investment community had become increasingly interested in the potential market for distressed firms' debt. At that time distressed securities "yielded a minimum ten percent over comparable maturity of U.S. Treasury bonds ... Adding private debt with public registration rights allows private bank debt and trade claims of defaulted and distressed companies to bring
1846-670: The PulteGroup , a home builder in which it owns 4.7%, to add three new board members, cut investments in new land, and buy back shares. After buying a stake in Alcoa (now Arconic) that earned it three board seats, Elliott forced a restructuring, after which Elliott was able to sell its stake at a 104% profit. In 2017–2018, under pressure from Elliott, athenahealth undertook substantial cost-cutting measures, and co-founder Jonathan S. Bush resigned. In September 2019, Elliott Management published an activist investor letter addressed to
1917-506: The U.S. Supreme Court rejected Argentina's appeal. The Center for Economic and Policy Research reported on an Organization of American States special meeting on July 3, 2014, among foreign ministry officials, in Washington, D.C. , to discuss the situation. The resolution was passed with the support of all OAS member states other than the United States and Canada. In July 2014, a U.S. federal judge ruled in favor of NML Capital Ltd.,
1988-529: The sovereign debt being enforced. In November 2012, the New York State Court ruled in favor of Elliot and the other holdouts on the merits of the pari passu argument, and ordered Argentina to pay $ 1.3 billion on December 15—the very same date that Argentina was supposed to pay the creditors who had agreed to the restructure. An appeals court heard oral arguments on February 27, and in June 2014,
2059-685: The "discounted purchase price" of $ 3.2 million. In 2007, a British high court granted the company "permission to enforce a claim for tens of millions of dollars against the Government of Zambia ". In 2009, a British court awarded $ 20 million to hedge funds suing Liberia . Before the hedge funds could collect their money, the Debt Relief (Developing Countries) Act 2010 was passed in the UK parliament in 2010 after Liberian president and 2011 Nobel Peace Prize winner Ellen Johnson Sirleaf appeared on
2130-566: The Attachmate Group for US$ 1.2 billion in shares, and Attachmate Group announced entering into a definitive agreement to merge with Micro Focus, with transaction to be closed in 2014-11-03. Wizard Parent LLC was estimated to hold a 40% stake in Micro Focus following the acquisition. In 2014-11-05, Micro Focus International announced the completion of its merger with the Attachmate Group. In 2015-04-05, Micro Focus announced
2201-613: The BBC Newsnight program for the hedge funds to "have a conscience and give this country a break". That act caps what the hedge funds can collect, they had to settle with Liberia for just over $ 1 million, and effectively prevents them suing for exorbitant amounts of money in United Kingdom courts. Nick Dearden of the Jubilee Debt Campaign said of the change, "It will mean the poorest countries in
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2272-461: The CEO and CFO. Eventually Adecco offered €113 per share, which was accepted. In March 2010, Elliott bid $ 5.75 per share for software company Novell . Although Novell rejected the offer, Elliott "welcomed" the decision to sell the company. In December 2011, it was reported that Elliott was suing the Vietnamese shipbuilding firm Vinashin in a British court. The company had defaulted a year earlier on
2343-596: The Companies vessels. On 1 April 2012 Sanko had either managed or owned a fleet of 185 ships, which included 46 tankers and 27 dry bulk carriers. By early 2019 this had been reduced to just 5 bulk carriers. In March 2024 it was announced that Sanko would sell their last vessel and exit shipowning after 90 years of existence. In summer 2014, Elliott disclosed a 6.7% stake in Interpublic Group of Companies , an ad agency holding company, and "a person briefed on
2414-542: The amount of leveraged lending has increased, capital standards for banks have become more stringent, the accounting treatment of non-performing loans has been standardized, and insolvency laws have been modernized. Typically, the investors in distressed securities must make an assessment not only of the issuer's ability to improve its operations, but also whether or not the restructuring process (which frequently requires court supervision) will benefit one class of securities more than another. In 2003, Seveq observed that
2485-566: The amount of $ 39 million and then sold to FG Hemisphere. The award had been issued by the ICC in respect of unpaid construction contracts pursuant to which Energoinvest supervised construction of high-tension power lines, which are still in service, for transmission of power from the Inga–Shaba dam in the Congo—then known as Zaire . The chief of Bosnia 's financial police said, "Of course it
2556-515: The board of Twitter Inc. The Wall Street Journal then reported that Singer wants to replace Jack Dorsey , due to Dorsey's workload as CEO of both Twitter and Square , and his potential move to Africa. In April 2021, Elliott's directors planned to step down from the board after Twitter's stock performance rose 95% in 2020. Elliott's February 2020 purchase of Twitter stock was at a per share price of about $ 36. Elliott exited Twitter in June 2022 shortly after Elon Musk made his tender offer, when
2627-468: The club from Elliott for €1.2 billion. On 7 June 2019, Elliott Management announced it would acquire Barnes & Noble for around $ 683 million. On 7 August 2019, Elliott Management completed the acquisition of the company. James Daunt will be CEO of both Waterstones and Barnes & Noble and will relocate from London to New York. On 7 August 2019, Barnes & Noble became a privately held, wholly owned subsidiary of Elliott. In February 2020, it
2698-485: The companies would be merged. On June 1, 2005, the deal closed, and it was revealed that the two companies, merged into one, would be named AttachmateWRQ . In June 2005, shortly after the merger was made official, AttachmateWRQ announced that its corporate headquarters would be located in WRQ's Seattle, Washington location. NetIQ , founded in 1995 by Ching-Fa Hwang, Her-daw Che, Hon Wong, Ken Prayoon Cheng and Thomas R. Kemp,
2769-411: The completion of integrating Attachmate Group of companies that had been merged in 2014-11-20. During the integration period, the affected companies had been merged into a single organization. In the announced reorganization, NetIQ and Novell products would be part of Micro Focus portfolio. SUSE was sold to EQT AB in 2019. Elliott Management Corporation Elliott Investment Management L.P.
2840-637: The creditors that restructured, Elliot argued that it also deserved to be paid back. On October 2, 2012, NML Capital Ltd. , a hedge fund based in the Cayman Islands , which held Argentine debt not included in Argentine debt restructuring , impounded the Libertad , an Argentine Navy training ship in Tema , Ghana . The Ghanaian court held that Argentina had waived sovereign immunity when it contracted
2911-470: The dollar. NML Capital rejected the proposal and sued Argentina for the full amount in New York State courts. NML Capital's main argument is that the " pari passu "— Latin for "on equal footing"—clause in the original contract requires Argentina to pay back all of its creditors, including those who did not agree to restructure, if it paid back one creditor. Since Argentina had already begun to repay
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2982-477: The drugmaker had rejected the hedge fund's earlier demand. Elliott argues that Alexion management's actions, including a recent move to acquire Portola Pharmaceuticals for about $ 1.4 billion, are leading in the "wrong direction." In December, Alexion's board unanimously rejected a recommendation by Elliott to immediately launch a proactive sale. In November 2020, Elliott Management invested in F5 after having "spoke to
3053-423: The emergence of the secondary debt market led to a "modern sovereign debt litigation" and the creation of an industry of "professional suers of foreign states". In a 2010 article, Blackman and Mukhi examined a series of litigations employed by distressed funds investors in their lawsuits against defaulted sovereign states. The business plan involved buying the sovereign debt instruments at a deep discount based on
3124-480: The firm purchase the construction unit for $ 8 billion. Despite Elliott's opposition, the merger went through and Elliott sold its shares. Two years later, Lee was convicted of bribery and imprisoned after it was shown he had bribed a friend of South Korea's president to secure the merger. In October 2015, Elliott disclosed an 11.1 percent stake in Cabela's , an outdoor recreation and clothing retailer, reporting that it
3195-460: The first commercially viable terminal emulator for the HP 3000 . (Two subsidiaries, Express Metrix and NetMotion Wireless , had been spun off by WRQ in 2000 and 2001, respectively, and continued to operate successfully for years to come.) After buying both WRQ, Inc. and Attachmate Corporation , who had been long-time competitors in the host emulation business, the private equity firms announced that
3266-472: The government to ban hedge funds involved in sovereign debt. He told The Guardian that the Democratic Republic of the Congo "desperately needs to be able to use its rich resources to alleviate poverty, not squander them on paying unjust debts". When FG's owner Peter Grossman was doorstepped by freelance reporter Greg Palast and asked whether he thought it was fair to take $ 100 million for
3337-550: The high-yield market's supply to supplement their more traditional defaulted debt purchases. By 2006, "new issues rated CCC to CCC− were at an all time high of $ 20.1 billion". Other buyers include brokerage firms , mutual funds , private equity firms and specialized debt funds such as collateralized loan obligations . The United States has the most developed market for distressed securities. The international market, especially in Europe , has become more active in recent years as
3408-540: The largest resort in Phoenix. As of August 2017, Chais Fitzwater, otherwise known as Elliott owned enough of Energy Future Holdings 's debt to block a Berkshire Hathaway takeover bid, which had made an offer the previous month to salvage the heavily indebted firm. Elliott bought 9% of Mentor Graphics Corp. in 2017, then pushed for a takeover by Siemens. Elliott earned a 68% profit. In November 2017, Elliott and UBS Group AG collaborated in an effort to bring up
3479-437: The likelihood of ultimate recovery. Distressed securities tend to trade at substantial discounts to their intrinsic or par value and are therefore considered to be below investment grade. This usually limits the number of potential investors to large institutional investors—such as hedge funds , private equity firms, investment banks , and specialist investment firms such as vulture funds . In 2012, Edward Altman ,
3550-764: The matter said Elliott planned to call on the company to sell itself to one of its competitors". In December 2018, Elliott purchased a 2.5% stake in Pernod Ricard . Elliott is one of several firms that, according to a February 2015 report, have invested in the Sigfox cellular network, which serves France, Spain, the UK, and the Netherlands. In February 2015, the Telegraph reported that Elliot Management's UK arm, Elliott Advisors (UK) Limited, had put money into half
3621-463: The oil firm and thus boost its share price. "Buried within Hess Corp. is one of the premier U.S. resource play -focused companies," Elliott wrote. In March, Hess announced that it was acting on some of Elliott's suggestions, but Elliott said that Hess's changes fell far short of what was needed. In April, it was reported that Hess would close its London office on Elliott's advice. Hess has been
SECTION 50
#17327722292563692-545: The original amount of the loans. Paul Singer 's Elliott Associates , a New York-based hedge fund, purchased $ 20.7 million worth of defaulted loans made to Peru for a discounted price of $ 11.4 million. Elliott Associates, holding the only portion of Peru's debt remaining outside the restructure, sued Peru and won a $ 58 million settlement. Unable to pay the $ 58 million, Peru, continued to repay creditors that held Brady Bonds. Elliott filed an injunction to prevent Peru from paying off its restructured debt without also paying Elliott. It
3763-569: The overseeing entity become known as The Attachmate Group . Novell subsequently operated as two separate business units under the Novell and SUSE brand names and joined Attachmate and NetIQ as holdings of The Attachmate Group. Certain intellectual property assets are planned to be sold to CPTN Holdings , a consortium of companies led by Microsoft . On 15 September 2014, the British firm Micro Focus International announced that it would acquire
3834-419: The possibility that bankruptcy may render such securities worthless (zero recovery). The deliberate investment in distressed securities as a strategy, while potentially lucrative, has a significant level of risk as the securities may become worthless. To do so requires significant levels of resources and expertise to analyze each instrument and assess its position in an issuer's capital structure along with
3905-610: The process by which the issuer restructures its debt, narrows its focus, or implements a plan to turn around its operations. Investors may also invest new capital into a distressed company in the form of debt or equity. According to a 2006 report by Edward Altman , a professor of finance at the NYU Stern School of Business , distressed debt investments earned well above average returns in 2006 and there were more than 170 institutional distressed debt investors. These institutions used "very strong and varied strategies including
3976-513: The purchase price of NXP Semiconductors NV, which Qualcomm was seeking to buy. In August 2017, Elliott, which held $ 1.8 billion in debt related to Oncor Electric Delivery , a Texas transmission and distribution electric utility , sought to block Berkshire Hathaway's bid to acquire Oncor. In August 2017, Akzo Nobel, a Dutch paint and chemicals company, said it had ended a dispute with Elliott. PPG Industries , an American rival, had sought to take over Akzo Nobel, Elliott had urged talks between
4047-427: The risk-free rate of return (e.g., Treasuries ) are commonly thought of as being distressed. Distressed securities often carry ratings of CCC or below from agencies such as Standard & Poor's , Moody's and Fitch . By 2006, the increased popularity in distressed debt hedge funds led to an increase in the number of benchmark performance indexes. Highly specialized risk analysts and experts in credit are key to
4118-592: The share price was dynamic in the mid to high $ 45–$ 50 range, giving Elliott a gain over two years of approximately 33% on the investment. In 2003, Elliott believed P&G was not offering a fair price to all preferred shareholders for the German hair products company Wella AG. Elliott joined other funds in opposing the deal, including Germany's second-largest fund manager, Deka Investments. After several years of legal and shareholder battles, P&G raised its offer for Wella AG for all preferred shareholders. According to
4189-462: The software company's management in recent weeks about ways to boost its lagging stock". Distressed securities In corporate finance , distressed securities are securities over companies or government entities that are experiencing financial or operational distress, default , or are under bankruptcy . As far as debt securities, this is called distressed debt . Purchasing or holding such distressed-debt creates significant risk due to
4260-456: The success of alternative investments such as distressed debt investment. They depend on accurate market data from institutions such as CDX High Yield Index and India -based Gravitas, which combines risk management software with sophisticated risk analysis using advanced analytics and modeling. They produce customized scenarios that assess the risk impact of market events. Gravitas uses IBM Risk Analytics technology (formerly Algorithmics), which
4331-408: The total book value of defaulted and distressed securities to $ 284 billion, a market value of $ 177 billion." The distressed securities investment strategy exploits the fact many investors are unable to hold securities that are below investment grade . Some investors have deliberately used distressed debt as an alternative investment , where they buy the debt at a deep discount and aim to realize
SECTION 60
#17327722292564402-439: The traditional passive buy-and-hold and arbitrage plays, direct lending to distressed companies, active-control elements, foreign investing, emerging equity purchases and equity plays during the reorganization of a firm in bankruptcy". The most common distressed securities are bonds and bank debt . While there is no precise definition, fixed-income instruments with a yield to maturity in excess of 1,000 basis points over
4473-459: The transaction, claiming the bid was too low." Elliott joined other hedge funds in opposing the sale because it felt the price was too low and because it had concerns about conflicts of interest on the board. Elliott eventually participated in purchasing ShopKo at $ 29 per share. The human resource consulting company Adecco announced in January 2006 it had secured a 35 percent stake in DIS AG, at
4544-577: The two and eventually took legal action as part of an effort to replace Akzo Nobel's chairman, Antony Burgmans. During the conflict, Elliott became Akzo Nobel's top shareholder, with a stake of about 9%. In April 2018, Elliott bought a majority stake in Waterstones , leaving Alexander Mamut 's Lynwood Investments with a minority holding. The sale completed in May 2018. James Daunt will remain as chief executive. In July 2018, Elliott Management took ownership of Italian football club A.C. Milan with
4615-668: The world can no longer be attacked by these reprehensible investment funds who grow fat from the misery of others". The law was made permanent in 2011 but there are still havens for this activity, such as the Channel Islands and the British Virgin Islands . FG Hemisphere of Brooklyn, sued Democratic Republic of the Congo for a debt from Yugoslavia in the 1970s, which it had picked up for $ 3.3 million. FG sued in Hong Kong , Australia , and Jersey , which
4686-462: Was a company that provided systems management and security management software. Their products included AppManager and Security Manager. On April 27, 2006, AttachmateWRQ announced an agreement to acquire NetIQ On July 5, 2006, both companies released a press release announcing the closing of the deal. The new company would do business under the name Attachmate Corporation . In 2006 AttachmateWRQ acquired OnDemand Software, developer of WinINSTALL,
4757-423: Was argued that Peru violated the " pari passu " clause, which states that no creditor can be given preferential treatment. In 2001, Argentina defaulted on roughly $ 81 billion. NML Capital, LTD., a hedge fund that is a subsidiary of Elliott Management Corporation , purchased Argentine debt on a secondary market for a lower price. Ninety-two percent of creditors restructured in 2005 and 2010 for roughly $ 0.30 on
4828-406: Was illegal", referring to Energoinvest's sale of assets to FG Hemisphere, noting that the man who brokered the sale, former Bosnian Prime Minister Nedzad Brankovic , "should go to jail". In 1983, Peru was in economic distress and had large amounts of external debt. In 1996, the nation restructured its debts. The original loans were exchanged for Brady Bonds , dollar-denominated bonds issued in
4899-630: Was named an equity partner in January 2015. Steve Cohen, Dave Miller, Jesse Cohn and Zion Shohet are also listed as equity partners at the firm, as of November 2020. Early in its history, Elliott focused on convertible arbitrage, refocusing primarily on distressed debt investing following the 1987 stock market crash and early 1990s recession . Elliott is known for restructuring such U.S. firms as TWA , MCI , WorldCom , and Enron as well as overseas companies including Telecom Italia SpA and Elektrim . In February 2020, Elliott Management, with about $ 2 billion in shares, nominated three directors to
4970-816: Was not covered by the UK law against hedge funds involved in sovereign debt. The Chinese government blocked the attempt to sue in Hong Kong but the Jersey court awarded $ 100 million to FG. A series of attempts were then made in Britain and the United States by organizations such as Jubilee USA Network , Oxfam and the Jubilee Debt Campaign to change the laws so that hedge funds would not be able to collect on their awards. The Jubilee Debt Coalition 's Tim Jones traveled to Jersey in November 2011 to ask
5041-711: Was reported that Elliott Management built a more than $ 2.5 billion stake in the Japanese conglomerate Softbank Group . In August 2022, Financial Times reported that Elliott had sold almost all its shares in SoftBank purportedly after losing conviction in Masayoshi Son 's ability to lead a turnround. Elliott acquired a position in Alexion Pharmaceuticals in 2017. In May 2020 Elliott Management again pushed for Alexion to sell itself, months after
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