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Two Manhattan Hedge Funds Face Off in Cold War Over Software

TechSpy

Photo: iStockphoto

Cue "Goldfinger"! Manhattan-based hedge fund Elliott Management Corp and rival hedge fund Cedar Hill are embroiled in a drama with Bondian overtones. Elliott, which is helmed by longtime Giuliani moneyman Paul Singer, claims it “unearthed” a “secret conspiracy” within Cedar Hill, in which a rogue Elliott employee acted as "double agent," their court filing says, and schemed with Cedar Hill to steal the microfilm! Or, you know, the proprietary trading software Elliott developed to help analyze loans, bonds, and related instruments for trading in collateralized debt obligations. “Cedar Hill’s illicit conduct is nothing short of an overt act of corporate espionage,” Elliott alleged. Secret conspiracies! Double agents! Espionage! Collateralized … debt …obligations? It's just like a spy movie! Only more boring.

Elliott Management Sues Rival [Forbes]

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