According to a 13-D filed on July 12th, Elliott International Capital Advisors Inc. and associated groups own 8.7% of the outstanding shares in Compuware Corporation (NASDAQ:CPWR). Elliott has been attempting to purchase Compuware for a long time. The legal mazes the two parties have grown around themselves have made the agreement difficult to follow, and even more difficult to comprehend.

Elliott management

According to the filing, Elliott Associates, L.P. owns 3.1% of Compuware Corporation. Along with Elliott International and Elliott International Capital Advisors, the group holds 8.7% of Compuware common stock. It’s still not clear what the fund intends to do with the money, however.

Compuware Opens Books in Exchange for Hold on Investing Grabs

Back in June, the two parties agreed to a stand still agreement. Under the terms of the deal, Elliott, which is led by investor Paul Singer, would not make new offers for Compuware Corporation (NASDAQ:CPWR) or reveal non-public information. In return the company would give Elliott access to its books in order to assess the value of the company.

The most recent agreement came into effect in May after the expiration of a similar deal. The most recent agreement expired on July 12. Compuware Corporation (NASDAQ:CPWR) investors are surely waiting with bated breath to see what Singer does next.

Elliot’s Plans for Compuware are Murky

It is unclear why exactly Elliott wants to invest in Compuware Corporation. When Elliott made its cash bid for the company earlier this year some speculated that the plan was to combine Compuware Corporation (NASDAQ:CPWR) with BMC Software—a similar, larger, company in which Elliott is a major shareholder.

In May it was announced that a consortium of private equity companies had agreed to buy BMC Software, Inc. (NASDAQ:BMC), making a merger between that company and Compuware less likely. If Elliott is set on continuing attempts to buy the company, nobody is quite sure what will be done with it.

Compuware Corporation (NASDAQ:CPWR) has not ruled out any future opportunities. the company has stated that it will evaluate each individual offer as it comes in. The initial offer from Elliott was too low, but a future offer may meet the company’s expectations.

Elliott now owns almost 9% of the company. It’s in a strong position to push for an acquisition if that’s what it wants, though the future of the company’s bid is entirely up in the air at this point. As with anything from Elliott, we’ll be relying on whatever morsels of information are out there to see what’s happening.