Paul Singer Will Comb The Desert (For Embezzled Argentine Assets)

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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]

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