More recently Elliott bought $32.6 million in loan debt incurred by Congo-Brazzaville, allegedly for less than $2.3 million.[5] In 2002 and 2003 a British Court awarded Elliott more than $100 million for these debts, $39 million of which was subsequently recouped by interception of proceeds of the sale of oil by the Congo to Glencore International,

Sovereign Debt

Some of Elliott’s distressed securities trading has been in sovereign debt, most recently those of Argentina and Congo-Brazzaville, through its association with the 'Kensington International' fund. In 1995, Elliott bought $20 million face value of defaulted Peruvian bank debt. After extensive litigation proceedings Elliott won a court award of $58 million for these debts, including past due interest. More recently Elliott bought $32.6 million in loan debt incurred by Congo-Brazzaville, allegedly for less than $2.3 million.^[5] In 2002 and 2003 a British Court awarded Elliott more than $100 million for these debts, $39 million of which was subsequently recouped by interception of proceeds of the sale of oil by the Congo to Glencore International, a Swiss commodities and raw materials supplier.^[6]

http://en.wikipedia.org/wiki/Paul_Singer_%28businessman%29