Seventy-five percent may be good enough for some people. Half the interest owed may satisfy some others. But Paul Singer is still waiting for an offer too good to refuse from Argentina. And remember, Argentina: Paul Singer is really good at refusing your offers.
Two out of six leading bondholders pursuing have already accepted the offer, Pollack has said. The offer represents a 27.5 percent to 30 percent discount for creditors who filed claims of about $9 billion.
But Elliott Management's NML Capital Ltd and Aurelius Capital Management LP, among the leading creditors pursuing individual lawsuits in the dispute, have not accepted the offer.
Those creditors spurned Argentina's 2005 and 2010 debt restructurings, which resulted in 92 percent of its defaulted debt being swapped and investors being paid less than 30 cents on the dollar.