The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Vulture culture

Be humble in victory and gracious in defeat.


Last October, Euromoney wrote about the legal battle between US rural internet services provider Windstream and activist hedge fund Aurelius Capital Management.

The row concerned a sale leaseback of the former’s fibre optic cable network in 2015 which Aurelius claimed violated debt terms in place to preserve assets for noteholders. The hedge fund had built up a large short position in the debt in the expectation that the sale leaseback would trigger a CDS event of default.

On Friday February 15, Aurelius won the case and Windstream was ordered to pay $310 million plus interest to the hedge fund. As we have previously pointed out, the latter’s victory could now trigger cross defaults on $5.7 billion of Windstream debt. The firm is, unsurprisingly, appealing the decision.

Now, activist hedge funds are not, admittedly, known for their restraint, but Aurelius’s public reaction to the decision has taken the market aback. The firm is run by Mark Brodsky, alumni of Elliott Management, who has a fearsome reputation in the business following a key role in bondholders’ legal battles with Argentina and Puerto Rico.

“We take no pleasure in Windstream's resulting financial predicament,” the firm declared, in an aggressive press statement that very strongly suggests the opposite.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree