Elliott Ends Case Against Vietnamese Shipbuilder

Apr 2 2012 | 1:23pm ET

Just four months after suing Vietnam's state-owned shipbuilder, Elliott Associates is abandoning the case.

Elliott has dropped its suit against Vinashin, filed in December in the U.K., over the company's default on a US$600 million syndicated loan. It is unclear why Elliott, which in the past has not shied away from long court battles against sovereign governments—it is still battling Argentina over that country's default 10 years ago—decided to drop the case, but it coincides with the 20-year prison sentence against former Vinashin CEO Pham Thanh Binh, who was convicted of ignoring government regulations for state-owned companies in putting Vinashin more than US$4.4 billion in debt.

Elliott sued after Vinashin offered just 35 cents on the dollar for the debt in default. The hedge fund demanded face value and unpaid interest, totaling some US$13.2 million.

The hedge fund had claimed that the Vietnamese government had guaranteed Vinashin's debt, an argument rejected by Vietnam.


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.