Ghana Court Rules Libertad Detention Legal - CFK Fumes

[ghost]

Same reason why the queen doesn't fly Tango 1 into Europe or the US. It would be confiscated on arrival.

 

[Matt84]

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?

Who knows but I'm certain they were acting profitably.

 

[PhilinBSAS]

Vulture funds are loosing out in the major economies

http://www.coha.org/peace-over-profit/

The writing on the wall is for this sort of behaviour.

The term Vulture Fund refers to a company that seeks to profit by buying up debt in default on the secondary market for pennies on the dollar, then trying to recover up to ten times the purchase price, often by suing in U.S. or European courts.

While some Vulture Funds target failing companies, others go after the sovereign debts of impoverished countries, significantly undermining the intended impact of debt relief. These companies operate with little transparency. As shell companies (a company set up exclusively to pursue one goal, in this case, poor country debt), Vulture Funds are established in tax havens like the British Virgin Islands to avoid financial constraints and oversight.

In 2007, finance ministers from the G7 industrialised countries voiced their concerns about "the problem of aggressive litigation against Hipc countries", and former prime minister Gordon Brown, when he was chancellor, condemned such lawsuits as "a morally outrageous outcome" in a speech to the UN in 2002. The World Bank said vulture funds were "a threat to debt relief efforts".

The exact number of lawsuits involving vulture funds, operating in offshore tax havens such as the Cayman Islands, is unclear as they tend to emerge through reports on the ground. According to the IMF and the World Bank, many countries have been pursued by vulture funds, including Cameroon, Ethiopia, Sudan, Uganda and the Democratic Republic of the Congo, as illustrated by the case involving FG Hemisphere. The IMF has said that vulture funds are engaged in claims seeking a total of $1.47bn from Hipc countries.

UK Privy Council (acting as supreme court for Jersey judiciary - Jersey being a another notorious Vulture hang-out) have now ruled against Vulture funds operating against the Congo in July

http://www.guardian.co.uk/commentisfree/2012/jul/19/congo-victory-vulture-fund-hollow

Although the Argentine bonds made reference to New York legal code and had support in NY courts for a while the Federal Government has been successful in opposing this

http://www.nypost.com/p/news/business/singer_hunt_for_treasures_eBCiGMJEn8gOYhkoux94EJ

The New York State Bar Association issued a Memorandum in Opposition stating that these laws are promoted by special interests wishing to interfere with specific ongoing cases and are NOT in the public interest.

http://www.jubileeusa.org/truth-about-debt/debt-related-issues/vulturefunds.html

Elliot has so far managed to persuade the Ghana judge that the bond is still lawfull. Time to send in Argentina's highly successful lawyer as she told the students in the recent session with undergrad students. Sort this out!

A tragic irony considering how much harm Elliot and his ilk have already caused in African nations and other highly indebted countries.

So the publicity stunt by Elliot in Ghana is to try to show that there is still life in the dying vultures - his fund still needs to try to attract investors who must now be doubting that the fast buck he promises can be picked up so easily.

Caution: investment involves risk - higher interest is there to compensate for where there is a higher risk so its no good whining if the worst happens and there is default cos thats why you got the higher interest!

The Economist suggests it will still be cheaper to pay up the extortion in Ghana than to pay the full amount the Vultures are claiming.

http://www.economist.com/node/21564542

Or try to get the case referred back to New York and then appeal - risky considering the nearness of the coming US elections?

The global financial framework has too long placed the interests of banks and corporations above the needs of the taxpayers who support the governments on which these entities prey.

 

[sesamosinsal]

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.

I love how this ship deserves immunity "due to its military nature." Did the U.S. plane that the Argentines seized for days in 2011 not enjoy such immunity?

 

[scotttswan]

http://www.brecorder.com/world/sout...vy-ship-latest-attraction-for-ghanaians-.html

Meanwhile at Tema, the only thing tying the Libertad to the port were some ropes, with no Ghanaian security personnel visibly guarding the vessel.

looks like some sailors are quite happy to spend time in Ghana

 

[GS_Dirtboy]

I think the British should make an offer on her and go park her in the Falklands as a floating museum to increase tourism.

 

[ghost]

Ohhhhhh, that is juicy. Nice idea. And then use it for ranging exercises.

 

[Gringoboy]

I see that the Navy Chief, Paz has resigned now....correction, he was told to resign.
So we now have three military/security chiefs' heads rolling. (Prefectura, Gendarmeria and navy)
Nice work CFK!
Is this govt capable of accepting the blame for any of their incompetence?

 

[ghost]

I see that the Navy Chief, Paz has resigned now....correction, he was told to resign.
So we now have three military/security chiefs' heads rolling. (Prefectura, Gendarmeria and navy)
Nice work CFK!
Is this govt capable of accepting the blame for any of their incompetence?

No!

 

[AngelinBA]

Is this govt capable of accepting the blame for any of their incompetence?

Is ANY government?