صندوق انتهازي

الصندوق الانتهازي هو صندوق تحوط، أو صندوق أسهم خاصة، أو صندوق ديون متعثرة، يستثمر في الديون التي تعتبر ضعيفة جدًا أو متخلفة عن السداد، والمعروفة باسم الأوراق المالية المتعثرة.^[1]

نبذة

يربح المستثمرون في الصندوق عن طريق شراء الديون بسعر منخفض في سوق ثانوي، ثم استخدام طرق عديدة لبيع الدين لاحقًا بمبلغ أكبر من سعر الشراء.^[2] يشمل المدينون سواء كانت شركات أو بلدان أو أفراد.^[3]

لقد نجحت الصناديق الانتهازية في رفع دعاوى التعلق والتعافي ضد الحكومات المدينة السيادية، وعادة ما تتم تسوية الأمر معها قبل إدراك ارتباطها بالمبيعات القسرية.^[4] تتم التسويات عادةً بخصم بالعملة الصعبة أو المحلية أو في شكل إصدار دين جديد.^[5] وفي إحدى الحالات المتعلقة ببيرو، كان تهدد بمدفوعات لدائنين آخرين.^[6]

المراجع

^ Blackman, Jonathan I.; Mukhi, Rahul (2010). "The Evolution of Modern Sovereign Debt Litigation: Vultures, Alter Egos, and Other Legal Fauna". Law and Contemporary Problems. 73: 47–61. Retrieved 19 July 2014.
^ Ebrahimi, Helia; Blackden, Richard (24 April 2011). "Paul Singer's Elliott Management takes the fight to National Express". The Daily Telegraph. Retrieved 21 July 2014.
^ Choi, Stephen; Mitu Gulati; Eric Posner (31 May 2012). "The Evolution of Contractual Terms in Sovereign Bonds". Journal of Legal Analysis. 4 (1): 131–179. doi:10.1093/jla/las004. Retrieved 4 March 2013.
^ Szulu, Tad (15 July 1957). "HARD CURRENCIES SHORT IN BRAZIL; Nation Is Nearly Out of Such Reserves--Coffee Crop May Replenish Funds Debt Payments Due Reserves Were Low". The New York Times. Retrieved 4 March 2013.
^ Pesendorfer, Dieter. (2012). "Good-Bye Neoliberalism? Contested Policy Responses to Uncertain Consequences of the 2007-2009 Financial Crisis". In Alexander, Kern; Dhumale, Rahul (eds.). Research Handbook on International Financial Regulation. Cheltenham: Edward Elgar. p. 426. ISBN 9780857930453. Retrieved 19 July 2014.
^ "Vulture Investing: Why a Hedge Fund Chased an Argentine Frigate". The most benign version of vulture investing involves buying liabilities of struggling companies, such as American Airlines or the Motors Liquidation Co. spun off from General Motors, sometimes for a few cents on the dollar, with the hope that the investments will regain some of their lost value as the companies restructure or sell assets to repay creditors.

مصادر خارجية

Complicating the Morality Play on Vulture Funds (Corrected Story), Christopher Faille, Senior Financial Correspondent, Hedgeworld News, Monday, 4 February 2008
Distressed Debt Returns to the Spotlight FTfm, 30 July 2007
Cerebral Fund
Africa Action Campaign to Stop Vulture Funds US
Jubilee Debt Campaign action on vulture funds
Investopedia: vulture fund
Should Countries like Argentina be able to Declare Themselves Bankrupt?, by آن أوسبورن كروجر
Economics of Vulture Funds -Ft.com
August 2003, Manmohan Singh, IMF Working Paper WP/03/161; "Recovery Rates from Distressed Debt - Empirical Evidence from Chapter 11 Filings, International Litigation and Recent Sovereign Debt Restructurings"
Investigative Journalist Greg Palast Tracks Vulture Funds Preying on African Debt - video report by الديمقراطية الآن!

[1] Blackman, Jonathan I.; Mukhi, Rahul (2010). "The Evolution of Modern Sovereign Debt Litigation: Vultures, Alter Egos, and Other Legal Fauna". Law and Contemporary Problems. 73: 47–61. Retrieved 19 July 2014.

[2] Ebrahimi, Helia; Blackden, Richard (24 April 2011). "Paul Singer's Elliott Management takes the fight to National Express". The Daily Telegraph. Retrieved 21 July 2014.

[3] Choi, Stephen; Mitu Gulati; Eric Posner (31 May 2012). "The Evolution of Contractual Terms in Sovereign Bonds". Journal of Legal Analysis. 4 (1): 131–179. doi:10.1093/jla/las004. Retrieved 4 March 2013.

[4] Szulu, Tad (15 July 1957). "HARD CURRENCIES SHORT IN BRAZIL; Nation Is Nearly Out of Such Reserves--Coffee Crop May Replenish Funds Debt Payments Due Reserves Were Low". The New York Times. Retrieved 4 March 2013.

[5] Pesendorfer, Dieter. (2012). "Good-Bye Neoliberalism? Contested Policy Responses to Uncertain Consequences of the 2007-2009 Financial Crisis". In Alexander, Kern; Dhumale, Rahul (eds.). Research Handbook on International Financial Regulation. Cheltenham: Edward Elgar. p. 426. ISBN 9780857930453. Retrieved 19 July 2014.

[6] "Vulture Investing: Why a Hedge Fund Chased an Argentine Frigate". The most benign version of vulture investing involves buying liabilities of struggling companies, such as American Airlines or the Motors Liquidation Co. spun off from General Motors, sometimes for a few cents on the dollar, with the hope that the investments will regain some of their lost value as the companies restructure or sell assets to repay creditors.

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