Paul Singer Is a Backer of 'Les Miserables' (Yes, the Movie)
Elliott Management's Paul Singer, long-famous for making Argentina miserable, turns out to be an investor in "Les Miserable." Yes, that "Les Miserables." As in, the movie. (Full disclosure, Les Mis is an NBC Universal production.)
CNBC has obtained a copy of Singer's fourth-quarter letter to investors in which he outlines his funds' positions in distressed debt, performing debt, equities, commodities and other vehicles.
(Read More: 'Les Miserables': A Reflection of the Times)
Not surprisingly, he spends a good chunk of the letter lambasting the country of Argentina for being "thick with hypocrisy." His high-profile battle with the country, which owes him more than a billion dollars since forever, has made headlines all over the world. He faces them in a New York court again on Feb. 27. (There's an "Evita" joke in here somewhere.)
But after his tirade against Argentina, the reader stumble across this little gem: A reference to an investment vehicle called "Beverly Boulevard II," which according to this article from ScreenDaily.com, is a movie financing vehicle.
Singer writes in his investor note: "December marked the end of the 'Beverly Boulevard II' film slate submission period. We accepted the final two additional film submissions during the quarter, bringing our remaining funding commitment to seven films set for release in 2013 and 2014. One film in the slate, 'Les Miserables,' was released during the quarter. It will be several more weeks before we begin to have any reliable idea of the ultimate economic performance and value of the big-screen version of this huge stage hit, but early indications are promising and the film just garnered three major awards at this year's Golden Globe Awards."
(Read More: A Winning Globes Broadcast and Studios Awards Boost)
"Beverly Boulevard II" is run by Relativity Media and Elliott Management appears to be a large investor in the company, at least according to this 2010 article from Institutional Investor.
The extent of the investment isn't clear, though the article makes this unsourced statement: "It is hard to get a handle on exactly how much Elliott has invested in Relativity. According to someone familiar with the financial arrangement, the precise terms of the deal have changed over time. But since 2008 "Beverly Boulevard 2" has constantly been the hedge fund manager's largest structured-debt position. And Relativity is among Elliott's largest equity holdings."
Elliott Management's spokesperson had no comment when asked questions about the structure of the investment.