Argentina Raids Hedge Fund Manager's Factory

May 24 2013 | 10:38am ET

Argentine authorities have raided a factory owned by a U.S. billionaire and hedge fund manager battling the country over its 2001 default.

More than 50 agents of Argentina's federal tax agency searched the Buenos Aires factory of Dart Sudamericana, which makes foam drinking cups. Dart co-owner Kenneth Dart's hedge fund, EM Limited, is among the holdouts from the default 12 years ago, seeking US$700 million, the tax agency noted in a statement.

Dart, Elliott Management and other holdouts, along with Argentina, are awaiting a federal appeals court decision on whether the country has to pay the holdouts in full.

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