So it seems—surprise, surprise!—that Argentina hasn’t really been all that serious about trying to strike a deal with Paul Singer, and that the world’s banks aren’t especially interested in absorbing much risk to curry favor with President Cristina Kirchner. So Singer’s going back to a strategy that, while unsuccessful in actually getting him any of his money, has been very, very successful at infuriating people in Buenos Aires. Call it the “ship-seizing” strategy. Or, in this case, the “money-embezzled-by-Cristina-Kirchner’s-old-buddy-seizing” strategy.

Singer asked a federal court in Las Vegas in April to order 123 companies in Nevada to turn over information about assets belonging to Argentine businessman Lazaro Baez, who is accused in that country of embezzling $65 million from government contracts. U.S. Magistrate Judge Cam Ferenbach in Reno granted that request Aug. 11….

“There is no dispute that Baez embezzled Argentine funds and that an embezzler or ‘thief acquires no title to the property which he steals,’” Ferenbach wrote.

But Paul Singer can! If he can find it, anyway.

Singer Gets OK to Chase Argentina Money Trail to Nevada [Bloomberg]
Hedge Fund Holdouts Fail to Reach Private Deal Over Argentine Debt [DealBook]

11 comments (hidden to protect delicate sensibilities)
Show all comments ↓

Comments (11)

  1. Posted by wow | August 14, 2014 at 12:38 PM

    that's not how "desert" is spelled…

  2. Posted by yoghurt | August 14, 2014 at 12:51 PM

    spaceballs ftw

  3. Posted by Guest | August 14, 2014 at 1:07 PM

    "They'll never think to look in the creme brulee!"

    – Argentina

  4. Posted by guest | August 14, 2014 at 1:28 PM

    "Maaaaaaan, we ain't found shit!"

  5. Posted by Guest | August 14, 2014 at 2:07 PM

    "We've been jammed! Argentinian Raspberry!"

    - Lord Dark Singer

  6. Posted by Guest | August 14, 2014 at 3:12 PM

    That's strange, Singer doesn't look Druish

  7. Posted by NakedShort | August 14, 2014 at 3:32 PM
  8. Posted by David Blomstrom | August 15, 2014 at 6:22 AM

    Or maybe we call it the "blackmail strategy."

    Paul Singer is a billionaire JEW (and Repbulican) operating out of a TAX HAVEN in the Cayman Islands. Do the math.

  9. Posted by Im_a_Dude | August 15, 2014 at 10:08 AM

    pearls of wisdom, thanks man. we never would have figured that out ourselves.

  10. Posted by Guest | August 15, 2014 at 12:02 PM

    Back to Huff Po or Gawker. Off now. Scram

  11. Posted by Guest | August 15, 2014 at 9:05 PM

    You sound like an idiot. The proper term is African American Mail Strategy.

    - UBS HR Quant.