Hedge fund mogul Paul Singer is reported to have purchased credit default SWAPS (insurance), betting that iHeartMedia would default on its corporate debt. He allegedly did this while assisting iHeartMedia into default, claims a lawsuit filed by the media behemoth. Singer along with other debtors were ready to file a notice of default on March 7 according to an article in the New York Post. Had this happened, Singer, was about to make a huge profit. The corporation filed papers in Texas and iHeart is asking the court to look into the allegations concerning Elliott’s conduct.