Wednesday, 1 October 2014
Last updated 1 hour ago
Apr 21 2014 | 1:35pm ET
Argentina’s effort to block hedge-fund creditors from getting information about its overseas assets received a rough hearing by the U.S. Supreme Court today.
The justices indicated that they were not inclined to give Argentina’s banks blanket immunity from subpoenas issued by Elliott Management, which is fighting to force the country to pay its defaulted debt. But some of the court’s members, including Chief Justice John Roberts, indicated a desire to at least limit the hedge fund’s subpoenas.
Justice Antonin Scalia said that he didn’t believe the lower-court rulings ordering the banks to provide information went “beyond the bounds” of federal law, an opinion apparently shared by most of his colleagues. Roberts, on the other hand, called the breadth of Elliott’s subpoenas “pretty extraordinary” and suggested that they might be limited to commercial assets, excluding military and diplomatic assets that can’t be seized anyway.
The argument is something of a prelude to an expected battle before the high court over the meat of the dispute: Whether Argentina will be ordered to pay Elliott and other holdouts from its 2005 and 2010 debt exchanges. The country has vowed never to do so.
A ruling in the subpoenas case is expected in June or July.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...