![As Avianca Weighs Bids, Hedge Fund Plays Unusual Role: Diplomat](https://eng-archive.aawsat.com/wp-content/uploads/2016/12/06DB-AVIANCA-master768.jpg)
Media ID: 55363626
Caption:
Caption:
Germán Efromovich, right, the largest investor in Avianca Holdings, watched as the airline’s stock began trading on the New York Stock Exchange in 2013. Credit Richard Drew/Associated Press
![As Avianca Weighs Bids, Hedge Fund Plays Unusual Role: Diplomat](https://eng-archive.aawsat.com/wp-content/uploads/2016/12/06DB-AVIANCA-master768.jpg)
Germán Efromovich, right, the largest investor in Avianca Holdings, watched as the airline’s stock began trading on the New York Stock Exchange in 2013. Credit Richard Drew/Associated Press