NML Capital Ltd. is a Cayman Islands-registered shell company wholly owned and controlled by Elliott Management Corporation. Paul Singer directed Elliott to channel its Argentine bond holdings through this offshore entity, which obscured direct ownership and shielded assets from potential counter-litigation during the prolonged legal battle. It was used to acquire and hold Argentine sovereign debt, enabling Elliott to sue Argentina for full repayment in a high-profile litigation strategy that lasted nearly a decade, allowing aggressive enforcement without immediate traceability to the parent fund. Court documents from the Southern District of New York (2014) later revealed that NML Capital was wholly owned by Elliott, though this ownership was not publicly disclosed until legal proceedings forced transparency. The strategy ultimately earned Elliott Management $2.4 billion in 2016.