Ex-U.S. Cabinet Members Lobbying For Elliott

Aug 27 2014 | 7:11am ET

Elliott Management is adding some new firepower in its fight against Argentina.

The hedge fund has hired former U.S. Secretary of State Madeleine Albright’s consulting firm to lobby for it in the country, an operation led by Albright’s co-chair, former U.S. Commerce Secretary Carlos Gutierrez.

According to the New York Post, Gutierrez has been in Argentina attempting to mobilize opposition to the government of President Cristina Kirchner, who has refused to obey U.S. court orders to pay Elliott and other hedge-fund holdouts from Argentina’s 2001 default. The dispute sent Argentina back into default last month, when it missed a US$539 million coupon payment on its restructured debt.

After a glimmer of hope—and the first-ever talks between the two sides—last month, both the hedge funds and Argentina have been digging in, turning an already nasty battle even nastier. Elliott has resumed its effort to seize Argentine assets abroad and launched a media campaign to discredit Argentina. The country has run a media campaign against the hedge fund and U.S. District Judge Thomas Griesa, who barred it from servicing its restructured debt, and is considering a plan to skirt his rulings by exchanging New York-law bonds for new ones issued under Argentine law.


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