SF Chronicle – Billionaire investors Kenneth Dart and Paul Singer rejected Argentina’s defaulted debt restructuring in 2005. Since then the securities have beaten returns on emerging-market bonds, global stocks and oil.
While Dart’s EM Ltd. and NML Capital, a unit of Singer’s Elliott Management Corp., seek a U.S. Supreme Court hearing to help their lawsuits aimed at recouping at least $2 billion they say they are owed, creditors who accepted the 2005 offer of 30 cents on the dollar have received returns of about 90 percent, according to estimates by Morgan Stanley. The Supreme Court asked the Obama administration last week for advice on whether it should hear an appeal from the hedge funds.
