Vulture Fund Playbook

Vulture hedge funds like Elliott Management and GoldenTree Asset Management have used what we call: the vulture fund playbook, to fill their pockets at the expense of struggling nations. While many of us were initially more familiar with the devastating impact of a debt crisis in PR; especially after hurricane maria, we quickly learned that other nations and countries were also going through similar crisis’ due to vultures hedge funds using predatory (but legal) loopholes in NYS law, and have filled their pockets with billions of dollars all while leaving entire nations like Puerto Rico, Ecuador, and the Congo in economic ruin.

This past legislative session ended about a week ago, and the Not A Game, It’s People campaign that has garnered the support from the groups spanning from upstate to downstate, with the support from dozens more legislators, and has stretched it’s reach by cultivating relationships with inspiring groups who are located internationally to explore ways to influence legislative measures in key places that are uniquely positioned, like the NYS, and the UK, where each location governs about half of the globe’s Sovereign debt contracts, and where vulture funds use New York courts to litigate for extreme payouts. Our package of bills includes a groundbreaking legislation introduced by Senator Rivera, and Assembly member Davila tis past year; both are seasoned veterans, and both are directly impacted by the debt crisis’. The first is, the Model Law, a law that would create a process for restructuring unsustainable sovereign debt, and second a bill to amend and strengthen the Champerty Doctrine, a piece of legislation that prohibits the purchase of securities or other financial instruments for the sole purpose of litigation.

As a coalition of groups who have a proven track record in passing NYS legislation, we are well aware that laws that hold corporations accountable or close loopholes that impact our communities will not pass without public outrage, and organizing. Recently, our campaign has brought attention to this campaign through a series of events that included a march on vulture funds, a community mural unveiling, an international convening, and a lobby day in Albany.