Peace between Elliott and Mister Li
And suddenly peace broke out between Elliott and Mr. Li. The American fund and the mysterious Chinese businessman who in 2017 acquired Milan from Silvio Berlusconi thanks to a loan from the US hedge fund have reached an agreement. Yonghong Li, who had seen the AC Milan blow under his nose after paying out around 400 million euros for the non-payment of a tranche (32.3 million) of the outstanding debt, in April last year he had turned to the Luxembourg court (where Rossoneri Lux and Project Redblack are based, the boxes that control Milan) asking for compensation and obtaining the “freeze” of 364 million that Elliott kept in Project. the US fund appealed and after the hearing – Loyens & Loeff follows Elliott, Cleary Gottlieb mister Li – the sentence was expected on February 7th. Then the twist.
The sudden agreement
It seems that for a few weeks now the hedge founded by Paul Singer and the Chinese who appeared out of nowhere and then disappeared again into thin air had agreed to unfreeze the 360 million treasure held by Redblack. Be careful though. This does not mean that Li has renounced his claims. The request for compensation of 320 million should still go ahead on the meritsLi just consented upon revocation of the attachment.
Next appointment on February 13th
Mysterious deal. Probably, but it is not certain, we will know something more next Monday: the day established by the judge for remove the proceeding from the list of pending cases. Why Li has come to terms with his great “enemy” is not known, but it is known that the pending lawsuits for Elliott in reference to the Milan affair do not end there. In New York in Milan and also in Luxembourg there are legal disputes with the former partner Blue Skye, in reference to the subsequent sale, the one that at the end of August 2022 brought Milan from the Elliott fund to Gerry Cardinale’s RedBird. In relation to that (much discussed) operation, the special currency police unit of the Finance Police of Milan ha acquired numerous at some accountant, advisor and intermediary firms involved in the deal.
The file of the prosecutor of Milan, Giovanni Polizzi, and of the deputy Maurizio Romanelli is currently the responsibility of unknown persons and hypothesizes a alleged embezzlement. There are currently no suspects.