The Activist investor, Elliot Managment Corporation is interesting primarily because of its founder and CEO Paul Singer.
Here's a few tid bits about Paul Singer:
Paul Elliott Singer (born August 22, 1944) is an American hedge fund manager, investor, philanthropist, and political activist. He is the founder and CEO of hedge fund Elliott Management Corporation, a political activist and activist investor, and (via his Paul E. Singer Foundation) a prominent New York based philanthropist. In 2014, Forbes rated Singer's net worth as $1.9 billion. In 2015, Singer was 327th on the Forbes 400 list of richest Americans, 1006th among the world's billionaires, 350th of American billionaires, and the 16th highest earning hedge fund manager. Singer's business practices have been described by detractors as having the characteristics of a vulture fund, a characterization which Singer rejects Singer is active in Republican Party politics and is a supporter of gay rights.
Elliott is considered a pioneer in the business plan of buying distressed debts and then seeking payment at full face value.
Peru.
In 1996, Elliott bought defaulted Peruvian debt for $11.4 million. In 1998, a U.S. court ruled that one could not buy debt with the sole purpose of suing the debtor. Elliott won a $58 million judgement when the ruling was overturned in 2000. When former president of Peru Alberto Fujimori was attempting to flee the country due to facing legal proceedings over human rights abuses and corruption, Singer ordered the confiscation of his jet and offered to let him leave the country in exchange for the $58 million payment from the treasury, an offer which Fujimori accepted.
The money was transferred to an Elliott account in the Cayman Islands tax haven, after being approved by a Peruvian Congress undergoing an institutional crisis due to the fall of Fujimori, who declined to take the matter to the United States Supreme Court as a result.[26] A subsequent 2002 investigation by the Government of Peru into the incident and subsequent congressional report, uncovered instances of corruption since Elliott was not legally authorized to purchase the Peruvian debt from Swiss Bank Corporation without the prior approval of the Peruvian government, and thus the purchase had occurred in breach of contract. At the same time, the fund's representative, Jaime Pinto, had been formerly employed by the Peruvian Economic Ministry and had contact with senior officials.
Argentina
After Argentina defaulted on its debt in 2002, NML Capital Limited, a Cayman Islands-based offshore unit of Elliott Management Corporation, refused to accept the Argentine offer to pay less than 30 cents per dollar of debt. These are bonds with a face value of $630 million, for which NML reportedly bought for $48 million,[24] but that Elliott assessed were then worth $2.3 billion with accrued interest.
In early October 2012, NML arranged for the seizure of an Argentine naval training vessel in Ghana, the ARA Libertad, in an effort to force Argentina to pay the debt.[31] Argentina, however, refused to pay the debt, and shortly thereafter regained control of the ship and removed it from Ghanaian waters after its seizure was deemed illegal by the International Tribunal for the Law of the Sea.[32][33][34] After the release of the vessel, the director of Tema Harbour in Ghana stated that $7.6 million losses sustained by the port as a result of the incident should be covered by NML, whilst legal action against the hedge fund was being considered.
In February 2013, the U.S. appeals court heard Argentina's appeal in the NML case.[36] In March 2013, Argentina offered a new plan that was judged unlikely to be acceptable to the New York court.[37] On August 23, 2013, the U.S. Court of Appeals for the Second Circuit affirmed the lower court's verdict and dismissed said plan.[38] In June 2014, the U.S. Supreme Court rejected Argentina's appeal of the ruling.
In March 2014, attempting to satisfy court awards, NML Capital sued SpaceX seeking the rights to two satellite-launch contracts bought by Argentina valued at $113 million.In March 2015, the suit was dismissed in a U.S. district court in California.
Congo
A case involving another Cayman Islands based subsidiary of Elliott, Kensington International, saw the president of the Republic of Congo Denis Sassou-Nguesso accuse Singer of undermining a United Nations backed effort to lift developing nations out of debt. "Our disputes have always been with sovereigns who can pay but refuse to do so," Singer wrote in an e-mail to The Nation
Political activity
Singer is an active participant in Republican Party politics. According to the New York Times, he supports "like-minded candidates who often share his distaste for what they view as governmental over-meddling in the financial industry."Singer has attended seminars hosted by Charles Koch, David Koch, and Freedom Partners and has contributed more than $1 million to the political efforts of the Koch brothers. In 2014, Singer led a group of major Republican donors to form the American Opportunity Alliance, a group that brings together wealthy Republican donors who share Singer’s support for gay rights, immigration reform and Israel. In 2015, he supported Marco Rubio for the 2016 U.S. presidential election.
Singer was a major contributor to George W. Bush's presidential campaigns. On March 14, 2008 Singer hosted a Republican National Committee luncheon in his home for 70 guests that raised $1.4 million for Bush. President George W. Bush appointed Singer to serve on the Honorary Delegation to accompany him to Jerusalem for the celebration of the 60th anniversary of the State of Israel in May 2008.
So Singer is a major league slime ball and a big Bush cheerleader.
Snakes and other vermin do tend to run with other snakes and vermin.
Thank you RC one for helping me advance my edumacation.
I have family that worked for Cabeleas, that company is in the process of going straight to hell ever since they become a publicly traded country.
They are now outsource-ing and laying people off, and making all sorts of short term decisions that in the long run are going to screw over the company.
They should have never become a publicly traded company.
Delightful. Another big-government globalist who is financing the Beltway GOP.
Whatever else they may be, Cabela’s has been a reliable source for ammunition, even he elusive .22 LR.
The Tiffany's of Sporting Goods.
Have bought much LMB fishing gear from Cabela’s. Good stuff. Cabela’s did the old expand too much and fast that began to cannibalize their older stores. Plus, they like Basspro, have gooten too far away from their core business and are now into clothing of all kinds to kitchen wares and other pursuits. The store in Plano, TX is fantastic with its restaurant and eateries but that costs and is far removed from what Cabela’s was that made it great.
He is backing Rubio: http://www.breitbart.com/big-government/2015/04/13/megadonor-paul-singer-fundraising-for-marco-rubio/
The people I'd worked with for years were crying when they took the old company logo down and their new logo didn't come with loyalty or reasons for it. It came with HR and its brand of corporate politics, instead.
I suppose that Paul Singer and his ilk, Romney probably included, have a necessary place in the food chain, same as the vulture and the maggot, but I find them revolting wherever I find them.
What is being done to Cabelas is the same as what is being done to America and to the American dream. It's just a matter of scale.
Cabelas opened the door to what then came in and so did we, the people. Surprise, surprise!