Singer’s Elliott Urges Judge to Toss Lawsuit by Texas PE Firm

Paul Singer’s Elliott Investment Management Inc. asked a judge to dismiss a lawsuit by a Texas private equity firm that claims “tens of millions of dollars” are being withheld after the sale of oil and gas assets.

Elliott argued it has “sole discretion” over when to distribute the proceeds based on agreements reached with Stronghold Investment Management, which had sued. “The managers have not determined to withhold distributions indefinitely; they are in the process of winding up complex entities following major asset sales and evaluating appropriate reserves and distribution timing,” attorneys for Elliott wrote in documents unsealed Tuesday ...