Elliott Management Corporation

Last updated

Elliott Management Corporation
Holding company
Industry Financial services
Founded New York City
1977
Founder Paul Singer
AUM Increase2.svg US$35 billion (2018) [1]
Website Elliottmgmt.com

Elliott Management Corporation is an American investment management firm. It is also the largest activist fund in the world. [2]

Contents

It serves as the management affiliate of American hedge funds flagship Elliott Associates L.P. and Elliott International Limited. The Elliott Corporation was founded by Paul Singer, who also serves as CEO of the management company, based in New York City. From inception, Elliott has generated for its investors a 14.6% net compound annual return, compared to 10.9% for the S&P 500 stock index, and now has more than US$34 billion in assets under management. [3] [4] As of the first quarter of 2015, Elliott's portfolio is worth over $8 billion. [5] [6] By 2009 "more than one-third of Elliott’s portfolio was concentrated in distressed securities, typically in the debt of bankrupt or near-bankrupt companies." [7] Elliott has widely been described as a vulture fund. [8] [9] [10] [11]

Paul Singer (businessman) American businessman

Paul Elliott Singer is an American billionaire hedge fund manager, activist, investor, vulture capitalist, and philanthropist. His hedge fund, Elliott Management Corporation (EMC)—specializes in distressed debt acquisitions. Singer is also the founder and CEO of NML Capital Limited, a Cayman Islands-based offshore unit of Elliott Management Corporation. In 2017 Forbes rated Singer's net worth as $2.9 billion.

New York City Largest city in the United States

The City of New York, usually called either New York City (NYC) or simply New York (NY), is the most populous city in the United States. With an estimated 2018 population of 8,398,748 distributed over a land area of about 302.6 square miles (784 km2), New York is also the most densely populated major city in the United States. Located at the southern tip of the state of New York, the city is the center of the New York metropolitan area, the largest metropolitan area in the world by urban landmass and one of the world's most populous megacities, with an estimated 19,979,477 people in its 2018 Metropolitan Statistical Area and 22,679,948 residents in its Combined Statistical Area. A global power city, New York City has been described as the cultural, financial, and media capital of the world, and exerts a significant impact upon commerce, entertainment, research, technology, education, politics, tourism, art, fashion, and sports. The city's fast pace has inspired the term New York minute. Home to the headquarters of the United Nations, New York is an important center for international diplomacy.

In finance, assets under management (AUM), sometimes called funds under management (FUM), measures the total market value of all the financial assets which a financial institution such as a mutual fund, venture capital firm, or broker manages on behalf of its clients and themselves.

Overview

Paul Singer created Elliott Associates in January 1977, [12] starting with $1.3 million from friends and family. Choosing the Elliott brand as it is his middle name. [13] 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. [14] [15] Elliott Associates manages $8.6 billion and is Elliott Management's primary domestic fund. [16]

Convertible arbitrage is a market-neutral investment strategy often employed by hedge funds. It involves the simultaneous purchase of convertible securities and the short sale of the same issuer's common stock.

The early 1990s recession describes the period of economic downturn affecting much of the Western world in the early 1990s.

Elliott is noted for its relatively high returns and low volatility. The New York Times has called Paul Singer "one of the most revered" hedge fund managers on Wall Street. [7] Elliott returns have generally outpaced the annual growth of the S&P 500. Describing Singer in 2012 as "one of the smartest and toughest money managers in the business," Fortune noted that over the previous 35 years, he had "produced an extraordinary 14% average annual return after fees, nearly double the price appreciation of the S&P 500." [13] From inception, Elliott has generated for its investors a 14.6% net compound annual return, compared to 10.9% for the S&P 500 stock index, [17] while having only one-third of the index's volatility. [18] The firm is currently closed to new investors. As of mid-2008, Elliott counted 175 employees in New York City, London, Tokyo and Hong Kong [15] and is one of the oldest hedge funds under continuous management. [19]

Volatility (finance) degree of variation of a trading price series over time

In finance, volatility is the degree of variation of a trading price series over time as measured by the standard deviation of logarithmic returns.

London Capital of the United Kingdom

London is the capital of and largest city in England and the United Kingdom, with the largest municipal population in the European Union. Standing on the River Thames in the south-east of England, at the head of its 50-mile (80 km) estuary leading to the North Sea, London has been a major settlement for two millennia. Londinium was founded by the Romans. The City of London, London's ancient core − an area of just 1.12 square miles (2.9 km2) and colloquially known as the Square Mile − retains boundaries that follow closely its medieval limits. The City of Westminster is also an Inner London borough holding city status. Greater London is governed by the Mayor of London and the London Assembly.

Tokyo Capital of Japan

Tokyo, officially Tokyo Metropolis, one of the 47 prefectures of Japan, has served as the Japanese capital since 1869. As of 2018, the Greater Tokyo Area ranked as the most populous metropolitan area in the world. The urban area houses the seat of the Emperor of Japan, of the Japanese government and of the National Diet. Tokyo forms part of the Kantō region on the southeastern side of Japan's main island, Honshu, and includes the Izu Islands and Ogasawara Islands. Tokyo was formerly named Edo when Shōgun Tokugawa Ieyasu made the city his headquarters in 1603. It became the capital after Emperor Meiji moved his seat to the city from Kyoto in 1868; at that time Edo was renamed Tokyo. Tokyo Metropolis formed in 1943 from the merger of the former Tokyo Prefecture and the city of Tokyo. Tokyo is often referred to as a city but is officially known and governed as a "metropolitan prefecture", which differs from and combines elements of a city and a prefecture, a characteristic unique to Tokyo.

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 a number of markets and sectors." [20]

In 2015, Institutional Investor/Alpha magazine gave Elliott an A grade and the #9 ranking among hedge funds worldwide. [21]

Equity partners

Elliott has four equity partners. Paul Singer and Jon Pollock are co-chief investment officers; Gordon Singer, Paul Singer's son, runs Elliott’s London office. Steven Kasoff, formerly the firm's senior portfolio manager, was also given the title of equity partner in January 2015. [22]

Affiliates and units

Investments

Early activities

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 [29] as well as overseas companies including Telecom Italia SpA and Elektrim.

Wella AG

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. [15] According to the Börsen-Zeitung , Elliott said its goal was to "protect the rights of minority shareholders." [30]

Shopko

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. [31] This and a subsequent offer at $25 were rejected, according to the Milwaukee Business Journal, "after several dissident shareholders threatened to vote down 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 interests on the board. [32] [33] Elliott eventually participated in purchasing ShopKo at $29 per share. [34]

Adecco

The human resource consulting company Adecco announced in January 2006 it had secured a 35 percent stake in DIS AG, at a price of €54.5 per share, making an offer at that price for all shares. [35] 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. [36] 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 the CEO and CFO. Eventually Adecco offered €113 per share, which was accepted. [35]

Novell

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. [37]

Vinashin

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 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. [38] In April 2012 Elliott dropped the case. [39]

Compuware

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. [40]

Hess

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 the oil firm and thus boost its share price. [41] "Buried within Hess Corp. is one of the premier U.S. resource play-focused companies," Elliott wrote. [42]

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. [43] In April, it was reported that Hess would close its London office on Elliott's advice. [44] Hess has been a "top pick" for Elliott since 2013. [45] 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. [6]

Sanko Steamship

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 the Companies vessels. [46] On April 1st 2012 Sanko had either managed or owned a fleet of 185 ships, which included 46 tankers and 27 dry bulk carriers. [47] By early 2019 this had been reduced to just 5 bulk carriers. [48]

Interpublic Group

In summer 2014, Elliott disclosed a 6.7% stake in Interpublic Group of Companies, an ad agency holding company, and "a person briefed on the matter said Elliott planned to call on the company to sell itself to one of its competitors". [49]

Sigfox

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. [50]

Solar projects in UK

In February 2015, the Telegraph reported that Elliot Management's UK arm, Elliott Advisors (UK) Limited, had put money into half 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." [51]

Comcast

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. [52] [53]

CDK Global LLC

Elliott acquired a 4% stake in CDK Global in May 2015. [54] As of September 2016, it was holding a 5.4% stake in the company and is the third-largest shareholder. [55]

On May 4, 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." [56]

On June 8, 2016, Elliott sent 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 May 4th letter. [57]

Telecom Italia

In May 2018, Elliott Management won a battle for control of Telecom Italia, controlling two-thirds of Telecom Italia's board seats. [58]

Samsung

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 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. [59]

Cabela's

In October 2015, Elliott disclosed an 11.1 percent stake in Cabela’s, an outdoor recreation and clothing retailer, reporting that it is seeking to engage the company's board to discuss strategies and a potential sale of the company. [60] [61]

PulteGroup

In July 2016, Elliott persuaded 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. [62]

Alcoa

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. [63]

athenahealth

In 2017-2018, under pressure from Elliott, athenahealth undertook substantial cost-cutting measures, and co-founder Jonathan S. Bush resigned. [64]

Energy Future Holdings

As of August 2017, 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. [65]

Mentor Graphics Corp.

Elliott bought 9% of Mentor Graphics Corp. in 2017, then pushed for a takeover by Siemens. Elliott earned a 68% profit. [63]

NXP Semiconductors NV

In November 2017, Elliott and UBS Group AG collaborated in an effort to bring up the purchase price of NXP Semiconductors NV, which Qualcomm was seeking to buy. [66]

Oncor Electric Delivery

In August 2017, Elliott, which held $1.8 billion in debt related to Oncor Electric Delivery, a [[]] utility, sought to block Berkshire Hathaway's bid to acquire Oncor. [67]

Akzo Nobel

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 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%. [68]

Waterstones

In April 2018, Elliott bought a majority stake in Waterstones, leaving Alexander Mamut's Lynwood Investments with a minority holding. [69] The sale completed in May 2018. James Daunt will remain as chief executive. [70]

A.C. Milan

In July 2018, Elliott Management was confirmed as the official proprietor of Italian football club AC Milan with 99.93% of the stakes of the club, after erstwhile owner Li Yonghong defaulted on his €415M debt to Elliott. Elliott immediately started dismissing board members at Rossoneri Sport Investment Lux, which is the company that controls 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. [71]

Barnes & Noble

On June 7, 2019, Elliott Management announced it would acquire Barnes & Noble for around $683 million [72]

Time Equities

Since 2010, Elliott Management has expanded into investing in distressed real estate. It has been active in Japanese and German real estate and in 2015 viewed Spain and Italy as offering attractive investment opportunities. [22] Now, according to the New York Times, it has "teams of analysts and portfolio managers in London, Hong Kong and Tokyo and investments worth more $2 billion." In the U.S., it "has focused on filling in the gap where banks have had to rein in their lending by participating in direct financing with developers." [73]

In 2013, Elliott Management teamed up with Time Equities on a 63-story commercial and real estate project in New York, and took an ownership stake in Silverpeak Real Estate Finance, a commercial real estate lender. [73]

The New York Times reported in May 2014 that Elliott Management was financing the development of 5 Beekman Street, a 130 year-old building at the site of one of Manhattan’s first skyscrapers, into a 287 room hotel and 46-story condominium called the Beekman. The project would be carried out by GFI Capital Resources, a New York real estate company. [73]

Sovereign debt

A portion of Elliott's distressed securities trading has been in sovereign debt. [74]

After Argentina defaulted on its sovereign debt in 2002, Elliott, which owned Argentinian bonds with a nominal face value of $630 million now worth $2.3 billion, refused to accept Argentina's offer of less than 30 cents on the dollar. Elliott won judgments against Argentina in U.S. and U.K. courts but did not collect payment. In October 2012, an Elliott subsidiary, NML Capital, arranged for the seizure in Ghana of the ARA Libertad, an Argentinian naval vessel, which it intended to confiscate in accordance with court judgments awarding it over $1.6 billion in Argentinian assets. [75] A November 2012 New York trial, which ended in a ruling for NML and against Argentina; legal experts called it the "sovereign debt trial of the century." In a letter published in the Financial Times, legal experts Andreas F. Lowenfeld and Peter S. Smedresman defended NML's position. [76]

Elliott exposed corruption in the Republic of the Congo in its efforts to enforce judgments totaling more than $100 million in defaulted bank debt. [77] [78] In 2008, Elliott bought $32.6 million in loan debt incurred by Congo. In 2002 and 2003, a British court awarded Elliott more than $100 million for these debts. During the case, US President George W Bush used a constitutional clause preventing seizure of Congolese assets in the United States by the hedge fund. [79] Brice Mackosso, a campaigner for greater transparency and against corruption in the Congo Republic's government, stated that if it were not for funds like Elliott, "we would not know any facts about the way our country’s wealth is being taken away." [74] After Elliott's investigations produced evidence of corruption, the government settled for an estimated $90 million on debt for which Elliott paid less than $20 million. [13]

In 1995, Elliott bought $20 million face value of defaulted Peruvian bank debt. After extensive litigation and numerous attempts by Elliott to settle, the court awarded the hedge fund $58 million, including past due interest. [80]

Related Research Articles

A hedge fund is an investment fund that pools capital from accredited investors or institutional investors and invests in a variety of assets, often with complicated portfolio-construction and risk management techniques. It is administered by a professional investment management firm, and often structured as a limited partnership, limited liability company, or similar vehicle. Hedge funds are generally distinct from mutual funds and regarded as alternative investments, as their use of leverage is not capped by regulators, and distinct from private equity funds, as the majority of hedge funds invest in relatively liquid assets. However, funds which operate similarly to hedge funds but are regulated similarly to mutual funds are available and known as liquid alternative investments.

The Blackstone Group American asset management company

The Blackstone Group Inc. is an American multinational private equity, alternative asset management and financial services firm based in New York City. As the largest alternative investment firm in the world, Blackstone specializes in private equity, credit and hedge fund investment strategies.

PPG Industries global supplier of glass and chemical products

PPG Industries, Inc. is an American Fortune 500 company and global supplier of paints, coatings, and specialty materials. With headquarters in Pittsburgh, Pennsylvania, PPG operates in more than 70 countries around the globe. By revenue it is the second largest coatings company in the world after AkzoNobel. It is headquartered in PPG Place, an office and retail complex in downtown Pittsburgh, and is known for its glass facade designed by Philip Johnson.

D. E. Shaw & Co., L.P. is a multinational investment management firm founded in 1988 by David E. Shaw and based in New York City. The company is known for developing complicated mathematical models and sophisticated computer programs to exploit anomalies in the market. In 2018, Institutional Investor (magazine) reported that among hedge funds, D. E. Shaw & Co. had delivered the fifth-highest returns in the world since its inception.

Soros Fund Management Private investment firm

Soros Fund Management, LLC is a private American investment management firm. It is currently structured as a family office but formerly as a hedge fund. The firm was founded in 1969 by George Soros and in 2010 was reported to be one of the most profitable firms in the hedge fund industry, averaging a 20% annual rate of return over four decades. They are headquartered at 250 West 55th Street in New York.

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 the possibility that bankruptcy may render such securities worthless.

Tiger Management Corp., also known as "The Tiger Fund," is an American hedge fund and family office founded by Julian Robertson. The fund began investing in 1980 and was closed to outside investors in March 2000. It continues to operate today in direct public equity investments and seeding new investment funds.

Daniel Seth Loeb is an American investor, hedge fund manager, and philanthropist. He is the founder and chief executive of Third Point, a New York-based hedge fund focused on event-driven, value-oriented investing with $10.8 billion in assets under management, as of March 2016.

Apollo Global Management, LLC is an American private equity firm, founded in 1990 by former Drexel Burnham Lambert banker Leon Black. The firm specializes in leveraged buyout transactions and purchases of distressed securities involving corporate restructuring, special situations, and industry consolidations. Apollo is headquartered in New York City, and also has offices in Purchase, New York, Los Angeles, Houston, London, Frankfurt, Luxembourg, Madrid, Singapore, Hong Kong, Delhi, and Mumbai. The company's stock is publicly traded on the NYSE under the symbol 'APO'.

Publicly traded private equity refers to an investment firm or investment vehicle, which makes investments conforming to one of the various private equity strategies, and is listed on a public stock exchange.

GSO Capital Partners

GSO Capital Partners is a privately owned hedge fund and the credit investment arm of The Blackstone Group. GSO is one of the largest credit-oriented alternative asset managers in the world and a major participant in the leveraged finance marketplace. The firm invests across a variety of credit oriented strategies and products including collateralized loan obligation vehicles investing in secured loans, hedge funds focused on special situations investments, mezzanine debt funds and private equity funds focused on rescue financing.

Harbinger Capital Partners is a private hedge fund based in New York City, New York, founded by Philip Falcone, who is the fund's Senior Managing Director.

Magnetar Capital is a hedge fund based in Evanston, Illinois. The firm was founded in 2005 and invests in fixed income, energy, quantitative and event-driven strategies. The firm was actively involved in the collateralized debt obligation (CDO) market during the 2006–2007 period. In some articles critical of Magnetar Capital, the firm's arbitrage strategy for CDOs is described as the "Magnetar trade".

Paulson & Co. American investment management firm

Paulson & Co. Inc. is an American investment management firm, established by its president and portfolio manager, John Paulson in 1994. Specializing in "global merger, event arbitrage and credit strategies", the firm had a relatively low profile on Wall Street until its hugely successful bet against the subprime mortgage market in 2007.

Appaloosa Management is an American hedge fund founded in 1993 by David Tepper and Jack Walton specializing in distressed debt. Appaloosa Management invests in public equity and fixed income markets around the world.

Pershing Square Capital Management

Pershing Square Capital Management is an American hedge fund management company founded and run by Bill Ackman, located at 787 11th Avenue in New York.

Ardian (company)

Ardian is a France-based, independent private equity investment company, founded and managed by Dominique Senequier. It is one of the largest European-headquartered private equity funds.

Glenview Capital Management

Glenview Capital Management is a hedge fund founded in 2000 with approximately $16.5 billion of capital under management as of December 2017. Glenview manages capital for investors through a series of private investment funds. The firm was founded by Larry Robbins, the firm's CEO and portfolio manager, and is based in New York.

Ospraie Management, LLC is a New York City-based asset management firm founded in 1999 that invests in commodity markets and basic industries worldwide based on fundamental, bottom-up research.

References

  1. "The World's Most Feared Investor". Bloomberg. Retrieved 25 August 2017.
  2. Emily Stewart (20 June 2017). "Elliott Management: What is it, and who is behind it?". ABC News Australia.
  3. Carreyrou, John (11 February 2013). "Hedge Funds Clash Over Argentina Debt". Wall Street Journal. Retrieved 14 February 2014.
  4. Elliott Management. "Elliott Management Releases ISS Presentation". Yahoo! Finance. Retrieved 12 June 2013.
  5. "Hedge Fund - Elliott Management". Insider Monkey. Retrieved 17 June 2015.
  6. 1 2 "Paul Singer Bio, Returns, Net Worth". Insider Monkey. Retrieved 16 April 2015.
  7. 1 2 Kouwe, Zachery (19 August 2009). "Summer Reading: Paul Singer's 2nd-Quarter Letter". The New York Times. Retrieved 24 February 2016.
  8. Fuller, Jaime (4 April 2014). "Meet the wealthy donor who's trying to get Republicans to support gay marriage". Washington Post. Retrieved 22 October 2015.
  9. Armitage, Jim. "Can you make an ethical case for vulture funds?". The Independent. Retrieved 29 November 2015.
  10. Palast, Greg; O'Kane, Maggie; Madlena, Chavala (15 November 2011). "Vulture funds await Jersey decision on poor countries' debts". The Guardian. Retrieved 3 August 2015.
  11. Sheehan, Michael (15 November 2011). "Vulture funds – the key players". The Guardian . London. Retrieved 10 June 2012.
  12. "Company Overview of Elliott Management Corporation". Businessweek. Retrieved 31 May 2013.
  13. 1 2 3 Celarier, Michelle. "Mitt Romney's hedge fund kingmaker". CNN. Retrieved 13 June 2013.
  14. "Elliott Management Sends Letter to Board of Directors of EMC Corporation". Business Wire. 8 October 2014. Retrieved 16 April 2015.
  15. 1 2 3 Foroohar, Kambiz (February 2008). "The Opportunist" (PDF). Bloomberg Markets. Retrieved 3 October 2010.
  16. Copeland, Rob (7 July 2014). "Elliott Associates Hedge Fund Gained 4.6% in First Half". Wall Street Journal. Retrieved 16 July 2014.
  17. Elliott Management Corporation , retrieved 3 October 2010
  18. Salmon, Felix (February 2004), "Elliott Associates' aggression captures low-risk returns", Euromoney, retrieved 3 October 2010
  19. Barr, Alistair (11 December 2009), Hedge fund giant Elliott ramps up in wake of credit 'party' , retrieved 3 October 2010
  20. Bit, Kelly (4 November 2014). "Singer's Elliott Says Optimism on U.S. Growth Unwarranted". Bloomberg. Retrieved 16 April 2015.
  21. Taub, Stephen. "The Hedge Fund Report Card" (PDF). Institutional Investor's Alpha. Retrieved 4 March 2016.
  22. 1 2 Chung, Juliet (30 January 2015). "Elliott Management Names Fourth Equity Partner". Wall Street Journal. Retrieved 16 April 2015.
  23. SEC. "Proxy Statement". UNITED STATES SECURITIES AND EXCHANGE COMMISSION. Retrieved 13 June 2013.
  24. Kandell, Jonathan (23 February 2016). "How Macri Could Woo Singer and Other Bond Holdouts". Institutional Investor. Retrieved 24 February 2016.
  25. The Guardian (15 November 2011). "Vulture funds – the key players". London: The Guardian. Retrieved 13 June 2013.
  26. MEDION AG (18 May 2012). "MITTEILUNGEN ÜBER STIMMRECHTSANTEILE AN DER MEDION AG" . Retrieved 13 June 2013.
  27. Elliott Advisors (5 July 2012). "ELLIOTT ADVISORS (UK) LIMITED" (PDF). Reuters. Retrieved 13 June 2013.
  28. Holland & Knight. "Bruce W. MacLennan Bio" . Retrieved 13 June 2013.
  29. Beth Jinks (10 January 2014). "Elliott Funds' Flurry a 'Harbinger' of Activist New Year". Bloomberg News.
  30. Waxley, Simon; Tuil, Frank (2 February 2005), "Rights for All – How the Fight for Wella is a View of the Future", Börsen-Zeitung
  31. "New bidders propose $26.50 per share for ShopKo" (Press release). The Business Journal of Milwaukee. 3 October 2005. Retrieved 3 October 2010.
  32. "Elliott Files Schedule 13D Disclosing Substantial ShopKo Ownership; Strongly Opposes Current Offer for the Company" (Press release). PR Newswire. 6 September 2005. Retrieved 3 October 2010.
  33. Hajewski, Doris (7 September 2005), "ShopKo sale may be in danger", Milwaukee Journal Sentinel, retrieved 3 October 2010
  34. "ShopKo agrees to $29 a share offer from Sun Capital", The Business Journal of Milwaukee, 18 October 2005, retrieved 3 October 2010
  35. 1 2 "Permission given to Adecco to Delist DIS", Borsen-Zeitung, 12 June 2008
  36. "German DIS Minority Shareholders Oppose Swiss Parent Adecco", German Business Digest, 21 April 2006
  37. Savitz, Eric (22 March 2010). "Novell: Elliott "Welcomes" Decision To Consider Possible Buyers" . Retrieved 3 October 2010.
  38. Luochang Yu, Bob (13 December 2011). "Elliott Associates Is Suing Vietnam-based Vinashin" . Retrieved 13 June 2013.
  39. "Elliott Ends Case Against Vietnamese Shipbuilder - FINalternatives". www.finalternatives.com.
  40. Savitz, Eric (17 December 2012). "Compuware Gets $11/Shr Bid From Elliott Management". Forbes. Retrieved 13 June 2013.
  41. DEALBOOK (29 January 2013). "Elliott Management Calls for Board Shake-Up at Hess". The New York Times. Retrieved 13 June 2013.
  42. WSJ (29 January 2013). "Activist Investor Elliott Management Seeking to Remake Hess". Wall Street Journal. Retrieved 13 June 2013.
  43. BusinessWire (4 March 2013). "Elliott Management Responds to Hess Corporation Shareholder Letter and Presentation" . Retrieved 13 June 2013.
  44. Telegraph (3 April 2013). "London Office Closure". The Daily Telegraph. Business Section. p. 3. Retrieved 12 June 2013.
  45. Erbar, Pablo (28 February 2015). "Billionaire Paul Singer is Bullish and Bearish About These Energy Stocks". Insider Monkey. Retrieved 16 April 2015.
  46. Baltic Exchange London Private Members Report April 2016
  47. Sanko Steamship Fleet List 2012
  48. Sanko Steamship Fleet List jan 2019
  49. de la Merced, Michael J., "Paul Singer Takes Stake in Advertising Titan Interpublic and Pushes for Sale", New York Times, 24 July 2014. Retrieved 2-014-07-24.
  50. Lunden, Ingrid (11 February 2015). "Sigfox Raises $115M To Take Its Internet of Things Network Global". Tech Crunch. Retrieved 16 April 2015.
  51. Dakers, Marion (7 February 2015). "Hedge fund makes £100m bet on British solar power". Telegraph. Retrieved 16 April 2015.
  52. "Paul Singer Acquires Stake in Comcast". NASDAQ. 25 September 2015. Retrieved 27 September 2015.
  53. "On Sale: Accumulation by this Activist Could Wake Up Sleepy Comcast (CMCSA)". Street Insider. 18 September 2015. Retrieved 27 September 2015.
  54. "With Elliott Management, CDK Now Has Its Third Activist".
  55. "CDK Global Inc. (CDK) Lowered to Hold at Zacks Investment Research".
  56. "May 4 etter to CDK Board of Directors" (PDF).
  57. "June 8 letter to CDK Board of Directors" (PDF).
  58. "Paul Singer's Elliott Management wins bitter battle for control of Telecom Italia".
  59. Jen Wieczner (15 December 2017). "Inside Elliott Management: How Paul Singer's Hedge Fund Always Wins". Fortune Magazine.
  60. Moyer, Liz. "Elliott Management Takes 11% Stake in Cabela's". New York Times. Retrieved 29 October 2015.
  61. "Elliott Discloses 11.1% Stake in Cabela's". Wall Street Journal. 28 October 2015. Retrieved 29 October 2015.
  62. Kevin Allison (22 July 2016). "Elliott Management Shows PulteGroup Founder How to Get Things Done". New York Times.
  63. 1 2 "Paul Singers $2 Billion Bet". ValueWalk. 1 December 2017.
  64. "Paul Singer, Doomsday Investor".
  65. Lauren Silver Laughlin (17 August 2017). "In Battle Over Texas Utility, Elliott Is Grasping at Straws". The New York Times.
  66. Dana Mattioli & David Benoit (2 November 2017). "Elliott Management Enlists UBS in NXP Campaign". The Wall Street Journal.
  67. "Steve Jordon".
  68. Chad Bray (16 August 2017). "Akzo Nobel Ends Feud With Elliott Management". The New York Times.
  69. Hoggan, Karen (26 April 2018). "Waterstones bookshop chain sold to Elliott Advisors". BBC News. Retrieved 28 April 2018.
  70. Eley, Jonathan (26 April 2018). "Activist fund Elliott buys British bookstore Waterstones". Financial Times. Retrieved 28 April 2018.
  71. "Official: Elliott now own Milan - Football Italia". www.football-italia.net.
  72. Dwyer, Colin (7 June 2019). "Barnes & Noble Set To Be Sold To Elliott Management For About $683 Million". NPR . Retrieved 7 June 2019.
  73. 1 2 3 Stevenson, Alexandra (23 May 2014). "Elliott Management Backs Skyscraper Revival". New York Times. Retrieved 16 April 2015.
  74. 1 2 Polgreen, Lydia (10 December 2007). "Unlikely Ally Against Congo Republic Graft". New York Times. Retrieved 16 October 2013.
  75. Whitehouse, Kaja. "Argentina says 'Arrh, no!' to Paul Singer's $20 million demand for seized ship". New York Post. Retrieved 13 June 2013.
  76. Lowenfeld, Andreas; Smedresman, Peter. "Understand the proper role of courts". Financial Times. Retrieved 24 February 2016.
  77. The Debt Frenzy, Foreign Policy, July/August 2007
  78. The Debt Frenzy, MyWire, 1 July 2007
  79. Palast, Greg (7 August 2014). "How Barack Obama could end the Argentina debt crisis". The Guardian. Retrieved 29 March 2016.
  80. Bosco, David (11 June 2007), "The Debt Frenzy", Foreign Policy, retrieved 3 October 2010