Hedge Fund Titans Aurelius and Elliott Clash in Distressed Deal
- After telecom company’s bankruptcy, CDS settlement looms
- Creditors on course to square off after bankruptcy filing
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Years after leaving the New York-based hedge fund Elliott Management Corp., Mark Brodsky often found the firm he later started, Aurelius Capital Management, aligned with his old employer. The two fought side by side in many high-profile trades including a grueling, decade-long battle with Argentina over defaulted bonds.
But now Brodsky finds himself at odds with Elliott -- and his former boss there, Paul Singer -- in a new controversial default saga. This one centers on Windstream Holdings Inc., a U.S. telecom company that suddenly sank into default last month after Judge Jesse Furman ruled in favor of Aurelius’s lawsuit against the company for breaking bond covenants.