World’s Top Hedge Fund Baupost Group Held Almost $1 Billion Debt of Puerto Rico
Baupost Group, one of the world’s top Hedge Fund with almost $31 billion AUM, held almost $911 million debt of Puerto Rico. The debt, also known as COFINA bonds, are backed Puerto Rico’s sales-tax receipts. In a message to Fox News by President Donald Trump, he mentioned “we’re going to have to wipe that out … … You can say goodbye to that. I don’t know if it’s Goldman Sachs, but whoever it is, you can wave goodbye to that.” Puerto Rico was hit by Hurricane Maria, that started on 16th Sept 2017 and dissipated on 3rd October 2017, a 2 weeks disaster that crippled the island.
” $31 Billion Baupost Group Held Almost $911 Million of Debt of Puerto Rico “
As part of the bankruptcy proceeding, the bondholders’ names surfaced, including that Decagon Holdings (Delaware), that is owned by Seth Klarman, Baupost Group. Many leading investment firms typically make investments through holding entities or private investment companies.
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