Aequitas was/is a "vulture fund", buying up debt obligations as cheaply as possible, then going after full value from the debtors...this is what's crippling Puerto Rico and Argentina, although Aequitas wasn't in that league.
Vulture investors are among the most despicable of all, and these guys compounded it by running a Ponzi scheme on top...I'm so glad the UO has such admirable donors.