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Montevideo, September 22nd 2018 - 05:43 UTC

Pollack confirms Macri´s administration intention of negotiating with hedge funds

Thursday, December 10th 2015 - 08:18 UTC
Full article 21 comments
Daniel Pollack said in a statement that he had met “earlier this week” at his office in New York with Argentina's incoming finance secretary, Luis Caputo Daniel Pollack said in a statement that he had met “earlier this week” at his office in New York with Argentina's incoming finance secretary, Luis Caputo

The court-appointed mediator in a long-running debt dispute pitting Argentina against holdout hedge funds said Wednesday that President-elect Mauricio Macri's incoming administration intended to negotiate a settlement.

 Attorney Daniel Pollack, appointed by U.S. District Judge in Manhattan, Thomas Griesa, said in a statement that he had met “earlier this week” at his office in New York with Argentina's incoming finance secretary, Luis Caputo, who had requested the meeting.

“Mr. Caputo expressed to Mr. Pollack the intention of the new administration to commence such negotiations promptly after they are sworn into office on Thursday, December 10,” the mediator's office said in a statement.

No date has been set for the negotiations, according to Pollack, who confirmed that he also met last week with representatives of hedge funds that “hold approximately 10 billion dollars of judgments against Argentina.”

Elliott Management Corp. founder and CEO Paul Singer's NML Capital Ltd. and other hedge funds that acquired Argentine bonds on the secondary market at large discounts following Buenos Aires' massive 2001 debt default - and refused to take part in debt restructurings in 2005 and 2010 accepted by 93% of creditors - won a judgment in Griesa's court in 2012.

Griesa, citing a violation of the bonds' “pari passu” (equal treatment) clause, ordered Argentina to pay that initial group of litigating holdouts $1.3 billion plus interest before making further payments to the exchange bondholders.

Other holdout bondholders, known as “me too” litigants, won similar judgments against Argentina in Griesa's court this year, bringing the total owed by the country to US$10 billion.

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  • Troy Tempest

    Good !!

    ...now to arrest CFK for the Nisman hit...

    Dec 10th, 2015 - 10:13 am 0
  • Marti Llazo

    And just how is Argentina going to propose paying the US$10 billion to the holdout creditors? It has no money. So it will offer what.... more debt? More bonds soon to be in default? Assuming there is a “settlement” paid with more debt instruments the first thing you do is unload them, sell them to the gullible. And the world is full of naive and gullible investor-wannabees who have been led to believe Argentine fantasy.

    Dec 10th, 2015 - 12:37 pm 0
  • Conqueror

    @2. A good start would be to sign over the “rights” to the Vaca Muerta, pay for the exploitation and get nothing until a minimum of US$10 billion has been paid. Then there's all the other judgments against argieland around the world. Has anybody got a list of all the plaintiffs and amounts owed? Might it be another US$10 billion? Or more? Plus penalties and interest. Isn't there a case for teaching argies to be honest? They could defraud each other if they want, but no-one else. No more bonds, because argieland isn't trustworthy. No-one should trust argieland, even under Macri. If another peronist crook got into power, there'd just be another crooked scam.

    Dec 10th, 2015 - 02:13 pm 0
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