Paul Singer was in a foul mood last week, telling his clients that if they think the worst is over, they’re stupid, and even amidst all of the red ink “there does not appear to be a gilded cornucopia of shining bargains.” That was on Wednesday. A letter he received on Friday is not likely to have improved his outlook.
Activist hedge fund Elliott Advisors has been fined €20m for failing to cooperate with the French banking regulator, during a takeover battle between two transportation companies…. The AMF said it had found errors in Elliott Advisors’ reporting of the takeover attempt and said that the hedge fund’s actions were “intended to conceal from the market, for as long as possible, the strategy of blocking the squeeze-out offer in order to negotiate a reassessment of XPO’s offer price.”