Polux Investments

Polux served as an investment vehicle co-managed by senior leaders from both Elliott Management and King Street Capital. Michael P. Wengrofsky, a Managing Director at Elliott, and Tony Whiteman, a Managing Director at King Street, both held managerial roles at Polux Investments S.à r.l. in Luxembourg. This structure aligned two major distressed-debt firms as co-investors rather than competitors on a specific portfolio of recovery assets.

Polux specializes in buyout and turnaround situations, specifically in distressed claims and bankruptcy recoveries. The firm became known for purchasing creditor claims against the Lehman Brothers estate through Luxembourg-domiciled Wentworth Sons vehicles. The strategy relies on legal outcomes and long-horizon resolution of complex cross-border insolvency assets.

Polux is headquartered in Hamilton, Bermuda, and operated investment structures in Luxembourg — both jurisdictions known for their legal and tax treaty frameworks favoring distressed-debt and cross-border asset recovery. The firm also maintains a commercial office in New York, placing it in close proximity to the Southern District bankruptcy court where the Lehman proceedings were administered.

Based on its structure as a corporate investor with co-managers from Elliott and King Street, Polux appears to manage proprietary and co-investor capital dedicated to a specific claims-recovery mandate. There is no public record of Polux marketing a blind-pool fund to external institutional LPs. Its posture is consistent with a co-investment platform, not a traditional commingled fund manager.

Governance records from the Luxembourg entity show Livio Gambardella served as a Class C manager alongside representatives from Elliott and King Street. However, the firm does not appear to have a large disclosed internal management team. Operational decisions appear closely tied to the two hedge fund partners that co-manage the vehicle.