Difference between revisions of "Vulture fund"
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Zambia - Romania loaned $40M to Zambia to buy tractors in 1979, in 1999 unable to keep up the payments they negotiated to settle the debt for $3M but before this could happen Debt Advisory International stepped in and purchased the debt for $4M they then commenced to sue for the original amount plus interest. | Zambia - Romania loaned $40M to Zambia to buy tractors in 1979, in 1999 unable to keep up the payments they negotiated to settle the debt for $3M but before this could happen Debt Advisory International stepped in and purchased the debt for $4M they then commenced to sue for the original amount plus interest. | ||
| − | Peru - Paul Singer purchased their debt for $11M and then threatened to sue unless he received the full $58M, he got his money. | + | Peru - Paul Elliot Singer purchased their debt for $11M and then threatened to sue unless he received the full $58M, he got his money. |
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| + | '''The Funds''' | ||
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| + | Debt Advisory International | ||
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| + | Elliot Management Corporation | ||
Revision as of 07:44, 18 November 2017
Vulture Fund
A Vulture fund is usually a private equity group or fund that buys defaulted debt it may belong to individuals, companies or nations. They tend to be ruthless in pursuing the debt they have purchased, often negating any gains the debtor has made in managing the debt or pursuing debt relief.
Victims
Zambia - Romania loaned $40M to Zambia to buy tractors in 1979, in 1999 unable to keep up the payments they negotiated to settle the debt for $3M but before this could happen Debt Advisory International stepped in and purchased the debt for $4M they then commenced to sue for the original amount plus interest.
Peru - Paul Elliot Singer purchased their debt for $11M and then threatened to sue unless he received the full $58M, he got his money.
The Funds
Debt Advisory International
Elliot Management Corporation
