Paul Singer (businessman)

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Paul Singer at the World Economic Forum in Davos, Switzerland, 23 January 2013

Paul Elliott Singer (born August 22, 1944 in New York ) is the founder, President, Co-CEO and Co-Chief Investment Officer of the Elliott Management Corporation hedge fund and The Paul E. Singer Family Foundation. His net worth is estimated at $ 3.2 billion and is listed at number 251 on The Forbes 400 list of the richest Americans for 2018.

Education and early years

Paul Elliot Singer was born in New York in 1944 as the son of a pharmacist and his wife, but grew up with his two siblings in Teaneck , Bergen County , New Jersey . He earned a bachelor's degree in psychology from the University of Rochester in 1966 and a Juris Doctor from Harvard Law School in 1969 . For the next four years, Singer worked for law firms and in the real estate division of investment bank Donaldson, Lufkin & Jenrette .

Elliott Management Corporation

In 1977, Singer founded Elliott Associates LP hedge fund with $ 1.3 million received from friends and family. The Guardian describes the business model as follows: "Cheap debts are bought and, if possible, sold for a profit or the debtor is sued to pay the entire amount owed." The fund manages around 34 billion dollars (as of January 2019) and has achieved since it was founded a return of around 14% per year. The British subsidiary Elliott Advisors took over the British bookstore chain Waterstones in 2018 and Barnes & Noble , the largest American bookstore chain, in 2019 .

Paul E. Singer Family Foundation

This foundation supports numerous charitable projects and organizations such as the Harvard Graduate School of Education Singer Prize for Excellence in Secondary Teaching , the VH1 Save The Music Foundation , the Food Bank For New York City , the National Gay and Lesbian Task Force Action Fund and the New York City Police Foundation . In addition, Singer invested $ 420,000 and donated an additional $ 500,000 to legalize gay marriage in New York. His homosexual son had to marry his partner in Massachusetts because gay marriage is legal there. Singer is also a supporter of Warren Buffett ’s Giving Pledge Initiative.

In November 2018, the Paul E. Singer Family Foundation gave the United Jewish Appeal - Federation of New York a $ 1 million pledge to improve security at Jewish institutes, schools and synagogues in New York. The donation came in the wake of a shooting in a Pittsburgh synagogue in October 2018. Singer described the tragedy as "a painful reminder that we must reconsider the security needs of our community."

Board memberships

Singer chairs the board of trustees of the conservative think tank Manhattan Institute for Policy Research . He is also a member of the Advisory Board for the James Madison Program in American Ideals and Institutions at Princeton University , the Advisory Board of the Fellows of Harvard Medical School , the Advisory Board of Commentary Magazine and a member of the Committee on Capital Markets.

Political commitment

Singer is committed to the Republican Party and was one of the main supporters of George W. Bush's presidential candidacy . In the presidential election campaign in 2007 he supported Rudolph Giuliani . In 2011, Singer played a huge role in legalizing same-sex marriage in New York State. Together with other Republican donors, he supported the project. In 2011, he donated $ 1 million to Restore Our Future Inc., a super PAC that supports Mitt Romney . In the 2016 presidential election campaign, he supported Marco Rubio .

Investments in government debt

Part of Elliott's distressed securities trading includes government debt.

Argentina

After the bankruptcy of Argentina in 2001, Singer and other investors bought numerous government bonds from that country at the lowest possible terms. While the Argentine President Cristina Fernández de Kirchner tried to restructure the debt, many of the creditors had to put up with reduced repayments. However, Paul Singer appealed against Argentina and attempted to seize Argentine assets worldwide.

A New York district judge sentenced Argentina in October 2012 to pay $ 1.3 billion to the hedge funds. As a further leverage, Argentina was banned from servicing other debts as long as the hedge funds had not been paid, as no creditor was allowed to receive preferential service. An appeal by Argentina was rejected by the US Supreme Court in June 2014.

After a mediation process between Argentina and the US hedge funds, including in particular NML Capital, an offshore unit of the “Elliot Management Corporation”, failed to come to an agreement on July 31, 2014 midnight (6:00 am CEST), said the Argentine economics minister declared his country bankrupt, at least vis-à-vis these hedge funds.

In 2016 the debt was settled. After the election of the new President of Argentina, Mauricio Macri , who made a sweeping election promise to look after the Argentine economy, negotiations resumed. As a result, the holdout creditors received $ 9.3 billion, of which $ 2.4 billion went to Elliott.

Republic of the Congo

In the late 1990s, Cayman Islands- based Kensington International - a subsidiary of Singers Elliott Associates - bought the Republic of Congo (Brazzaville) debt of the 1980s for $ 1.7 million with an (original) face value of 32, Had $ 6 million. This was followed by the (already usual / or already planned) round of lawsuits to collect 100 percent of the debt. Kensington brought various lawsuits, got the right and claim to (interest + compound interest) accumulated 118.6 million. When the Republic of the Congo refused to pay, Kensington tried to gain access to assets of the Republic of the Congo itself and its business partners. For example, the fund submitted an application to a British court to collect funds from an English subsidiary of the Swiss raw materials group Glencore, which had acquired oil from the Congo through various companies. Kensington's lawyers had previously proven that the companies Glencore did business with belonged to the Congolese state. And so in November 2005 the High Court in London finally ordered that Glencore should pay US $ 39 million for two oil deliveries not to the Congolese trading companies but to Kensington International. The US news magazine Nation reported that Singer had managed to temporarily block $ 90 million in development aid. This sum was earmarked for the fight against a cholera epidemic.

Individual evidence

  1. ↑ Yahoo! Finance - Elliott Management Corporation Company Profile. In: biz.yahoo.com. Retrieved March 2, 2013 .
  2. ↑ Forbes 400 # 321 Paul Singer. October 2016, accessed on January 18, 2017 .
  3. ↑ Forward February 2, 2016: Paul Singer, the GOP's 'Anti-Adelson', Makes His Move
  4. ^ Jewish, Republican, pro-gay rights. (No longer available online.) In: blogs.jta.org. May 14, 2011, archived from the original on December 13, 2011 ; accessed on March 2, 2013 .
  5. ↑ Munzinger (Internationales Biographisches Archiv): Paul Singer (only partially free)
  6. ↑ Financial Times June 20, 2014: Paul Singer, the hedge fund holdout
  7. ↑ boerse.ARD.de August 22, 2014: Between Washington, Wall Street and Christopher Street. Paul Singer, called the vulture
  8. ^ Vulture funds - the key players. In: The Guardian . November 15, 2011, accessed March 2, 2013 .
  9. ^ Elliott Management . ( elliottmgmt.com [accessed June 8, 2019]).
  10. ^ A b Paul Singer, the activist hedgie with chutzpah. Retrieved November 23, 2018 .
  11. ↑ Bloomberg's Fifty Most Influential. Retrieved November 23, 2018 .
  12. ^ Paul Singer, the hedge fund holdout. Retrieved November 23, 2018 .
  13. ↑ Barnes & Noble and Waterstones under one roof , report on Börsenblatt.net of June 7, 2019, accessed on June 8, 2019.
  14. ^ Harvard Awards the First Singer Prize. In: gse.harvard.edu. May 31, 2007, accessed March 2, 2013 .
  15. ↑ Dr. Sheila Johnson and Gordon Singer appointed to the VH1 Save The Music Foundation Board of directors. In: vh1savethemusic.com. May 19, 2007, accessed March 2, 2013 .
  16. ^ Donors to GOP Are Backing Gay Marriage Push. In: The New York Times . May 13, 2011, accessed March 2, 2013 .
  17. ^ Aaron Feis: Singer Foundation will give $ 1M to secure NYC Jewish sites. In: New York Post. November 6, 2018, accessed May 22, 2019 .
  18. ↑ Landon Thomas Jr .: Hedge Fund Chiefs, With Cash, Join Political Fray. In: The New York Times . January 25, 2007, accessed March 2, 2013 .
  19. ↑ David S. Rosen: Romney Attracts More of Bush's Top Donors Than Rivals (Update2). In: Bloomberg LP July 20, 2007, accessed March 2, 2013 .
  20. ↑ Michael Barbaro: Behind NY Gay Marriage, an Unlikely Mix of Forces. In: The New York Times . June 25, 2011, accessed March 2, 2013 .
  21. ↑ Restore Our Future Inc. supporter list (No longer available online.) In: query.nictusa.com. Archived from the original on February 1, 2012 ; accessed on March 2, 2013 .
  22. ^ Paul Singer Backs Marco Rubio . Bloomberg, October 31, 2015.
  23. ↑ Andras Szigetvari: Investor Paul Singer fought Argentina. In: derstandard.at . April 22, 2014, accessed April 23, 2014 .
  24. ↑ Argentina defends itself against "US vultures". (No longer available online.) In: derstandard.at . March 1, 2013, archived from the original on March 4, 2013 ; Retrieved March 2, 2013 .
  25. ↑ Debt dispute: Argentina has to pay to hedge funds. In: Spiegel Online . June 16, 2014, accessed June 10, 2018 .
  26. ^ Elliott brings a 'prosecutorial' approach to activist investing. Retrieved May 22, 2019 (UK English).
  27. ↑ The Man Who Ruins States , July 30, 2014 taz.
  28. ↑ faz.net May 21, 2007: Earning from Africa's debts: Among vultures
  29. ↑ Südwind Magazin 07/2008: Complaints and cashes
  30. ^ Die Wochenzeitung (Switzerland) October 2, 2008: Disturbing the vultures while circling
  31. ^ Eric Toussaint / Damien Millet: Debt, the IMF and the World Bank. Sixty Questions, Sixty Answers. Monthly Review Press. New York 2010, p. 233.
  32. ↑ manager-magazin December 12, 2018: The victims of Paul Singer
personal data
SURNAME Singer, Paul
ALTERNATIVE NAMES Singer, Paul Elliott (full name)
BRIEF DESCRIPTION American entrepreneur
DATE OF BIRTH August 22, 1944
PLACE OF BIRTH new York