Ghana Court Rules Libertad Detention Legal - CFK Fumes

[GS_Dirtboy]

Ghana courts today ruled that the detention of the Libertad, an Argentinian Naval Training Vessel, was legal. Argentine lawyers had argued that because the vessel is military it was immune. Motion denied.

Reuters story here.

 

[ghost]

NMl and Elliot Mgmt are slime bag hedge fund weasels that purchased the defaulted bonds for nothing. They have hounded AR for years in every court and port on the planet. It was simply a matter of time before they caught a hook somewhere.
I dislike the way Argentina dealt with debt restructure and I think NML et are are slime bags. So it's one dirt bag facing of against another.
Unfortunately, considering Xtinas vindictive style, some unassociated company like Monsanto will become a revenge target and pay the price. Just watch as they pay a $20 million $$$ fine to AFIP.

 

[Matt84]

Notice what background image they chose for their 'Geographic Criteria' page http://www.nmlcapital.com/wordpress/?page_id=14
(wait for it...in my case it was the first slide)

 

[mrporoto]

Aren't monsanto the ones who produce the gmo poisons?they deserve a slapping for the shite and pollution they distribute in the country.

 

[mendozanow]

 

[nicoenarg]

Moral of the story: When you f*** with people, expect to be f***ed with as well!

 

[PhilipDT]

NMl and Elliot Mgmt are slime bag hedge fund weasels that purchased the defaulted bonds for nothing.

I heard, and correct me if I'm wrong, that they bought them from pensioners and small funds and other small investors who would have got pennies on the dollar during the swap anyways.

 

[sergio]

http://www.chicagotribune.com/busin...entina-shipbre89a0wn-20121011,0,3009995.story

Could someone clearly explain this bond situation to me? Did Argentina sign some agreement when they issued the bonds that they waived immunity? It's not clear to me.

 

[Greg2231]

http://www.chicagotribune.com/busin...entina-shipbre89a0wn-20121011,0,3009995.story

Could someone clearly explain this bond situation to me? Did Argentina sign some agreement when they issued the bonds that they waived immunity? It's not clear to me.

My understanding is the Bonds in question were issued under, and governed by New York Law not Argentine Law, and in so doing that the court has found that Argentina ceded its sovereign immunity. This is quite common for 2nd, and 3rd World countries to issue Bonds under either New York, or English Law.

If you followed the Greek bond swap, they were able to impose new terms on all the Greek law bonds by first altering Greek law, and adopting a collective action clause in Greek law, then they and the EU were able to garner the necessary participation in the bond swap in order to impose a haircut on all the Greek law bondholders. There was a smaller amount of English law bonds that they paid with no haircut.

 

[sergio]

So if the bonds were issued in New York, Argentina has surrendered any immunity claims and the issue of whether or not the Libertad is a warship or not is moot. The Ghana court then was acting appropriately?