Editing Distressed securities (section)

===Congo===
[[FG Hemisphere]] of Brooklyn, sued [[Democratic Republic of the Congo]] for a debt from [[Yugoslavia]] in the 1970s, which it had picked up for $3.3 million. FG sued in [[Hong Kong]], [[Australia]], and [[Jersey]], which was not covered by the [[UK law]] against hedge funds involved in sovereign debt. The [[Government of the People's Republic of China|Chinese government]] blocked the attempt to sue in Hong Kong but the Jersey court awarded $100&nbsp;million to FG. A series of attempts were then made in Britain and the United States by organizations such as [[Jubilee USA Network]], [[Oxfam]] and the Jubilee Debt Campaign to change the laws so that hedge funds would not be able to collect on their awards. The [[Jubilee Debt Coalition]]'s Tim Jones traveled to Jersey in November 2011 to ask the government to ban hedge funds involved in sovereign debt. He told ''[[The Guardian]]'' that the Democratic Republic of the Congo "desperately needs to be able to use its rich resources to alleviate poverty, not squander them on paying unjust debts".<ref>{{cite news|url=https://www.theguardian.com/global-development/2011/nov/15/vulture-funds-jersey-decision |title=Vulture funds await Jersey decision on poor countries' debts|work=The Guardian |location=London |access-date=2013-10-15 |first1=Greg |last1=Palast |first2=Maggie |last2=O'Kane |first3=Chavala |last3=Madlena |date=15 November 2011}}</ref>

When FG's owner Peter Grossman was doorstepped by freelance reporter [[Greg Palast]] and asked whether he thought it was fair to take $100 million for a debt he had paid $3&nbsp;million for, he responded, "Yeah I do actually…I'm not beating up the Congo. I'm collecting on a legitimate claim".<ref name=july18bbc>{{cite news|last1=Jones|first1=Meirion|title=Vulture fund's $100m DR Congo claim blocked|url=https://www.bbc.com/news/business-18894874|work=BBC News|date=18 July 2012}}</ref>

FG Hemisphere is attempting to enforce an ICC arbitration award for $116&nbsp;million owed by the [[Democratic Republic of Congo|Democratic Republic of the Congo]]. The award was originally issued by an arbitral panel of the [[International Chamber of Commerce]] (ICC) in favor of [[Energoinvest]] DD of [[Bosnia]] in the amount of $39&nbsp;million and then sold to FG&nbsp;Hemisphere.<ref>{{cite news|last=Stewart|first=Heather|title=Vulture fund swoops on Congo over $100m debt|url=http://www.mathaba.net/go/?http://www.guardian.co.uk/world/2009/aug/09/congo|archive-url=https://web.archive.org/web/20140530080419/http://www.mathaba.net/go/?http://www.guardian.co.uk/world/2009/aug/09/congo|url-status=usurped|archive-date=May 30, 2014|access-date=5 March 2013|work=The Guardian|date=8 August 2009}}</ref> The award had been issued by the ICC in respect of unpaid construction contracts pursuant to which Energoinvest supervised construction of high-tension power lines, which are still in service, for transmission of power from the [[Inga–Shaba HVDC|Inga–Shaba dam]] in the Congo—then known as Zaire.