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Telecommunications Telstra 'separationists' gain an unlikely ally UPDATED
Telecommunications Telstra 'separationists' gain an unlikely ally UPDATED | Telstra 'separationists' gain an unlikely ally UPDATED |
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| by Stuart Corner | |
| Monday, 11 August 2008 | |
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Page 2 of 2 Elliott hopes that Cross and Tume "would provide a fresh perspective to the current challenges Telecom face" saying that: "Both...have considerable strengths in the finance and investment industry, strong commercial and strategic acumen and unique skills that will provide extra depth and new ideas for Telecom. Their expertise in financial strategy will be of particular value to the board."Elliot International is a division of Elliott Associates, founded in 1977. It claims to be one of the oldest private investment firms in the USA under continuous management; to have "a history of working with management teams, regulatory bodies and shareholder groups to deal with complex issues and achieve mutually beneficial results" and to have been "involved in both regulatory processes and corporate restructurings related to telecommunications companies around the world." The firm was founded by, and is still run by, Paul Singer. It and he have a reputation as "activist investors". According to a 2005 profile in IFR "Elliott Associates is an unusual hedge fund. Its preference for process-driven situations and willingness to dig into its own pockets to fight for investor rights make it stand out from the crowd." Singer's strategies, however have not made him popular. According to a Bloomberg Markets profile in February 2008, "Singer's principal investing strategy is to buy distressed debt at a discount and then demand full payment, going to court to collect if necessary. He also purchases stock in companies slated for acquisition and demands a higher price. His techniques have pitted him against organisations from Cincinnati-based Procter & Gamble Co to the governments of Argentina and the Republic of Congo. Singer has repeatedly been labelled a 'vulture investor' by the emerging market countries whose bonds he has bought and by development organisations such as Oxfam International that back forgiveness of poor countries' debt."
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