Elliott Associates has had its fun with Argentina, seizing its warships and suing it around the world and winning just about every important legal battle it has fought with the uniquely recalcitrant debtor over the latter’s 2001 default.
The thing is, though, Elliott can keep on winning those legal battles and it won’t matter a damn, because a uniquely recalcitrant debtor and a great disregarder of the rule of law Argentina may be, but it is also a sovereign country which no U.S. court can force to actually pony up the $1.3 billion it owes to Elliott and other hedge funds, especially if it’s actually willing to default again to avoid paying the “vultures.”
Well, now, while Elliott may have pushed Argentina to the brink of said re-default—it may not be eight days away from one like some countries whose courts keep interfering in its sovereign business, but it’s still seen as the most likely in the world to actually default—it doesn’t actually want to see that happen (because it means it will never see one red centavo of that $1.3 billion). So, with chief antagonist President Cristina Kirchner recovering from brain surgery, Elliott thought that now would be a good time to extend its first olive branch. Read more »
The highest court in the land has no time—at least not yet—to hear why Argentina’s president thinks she shouldn’t have to pay her country’s bills. Instead, the Supremes will entertain themselves with the endlessly-amusing R. Allen Stanford story, and whether or not people who lost money with him can sue people who are not him. Read more »
For the I-can’t-remember-how-manyeth time, a U.S court has ordered Argentina to do something it doesn’t want to do, calling the country a “uniquely recalcitrant debtor” and blasting its “intention to defy any rulings of this Court… with which they disagree.” And, right on cue, entering stage left, the Uniquely Recalcitrant Debtor, in the form of Argentine Economy Minister Hernán Lorenzino: Read more »
American and the IMF have abandoned Argentina in her holy war to avoid paying her bills. But the French remain steadfast, and will undoubtedly tip John Roberts’ scales in favor of the Argentine government. Read more »
Argentina really doesn’t understand all of the hullaballoo about gay marriage here in the U.S. of A., since it’s been legal down there since 2010. So it’s really having some trouble with the idea that its latest attempt to avoid paying its bills has been obscured. Read more »
So they raided it, as part of a totally non-retaliatory tax investigation. So non-retaliatory, in fact, that the federal tax agency felt it could casually mention in its press release that Ken Dart is among the “vultures” using “judicial colonialism” to deprive Argentina of its sovereignty without raising any suspicions at all. Read more »