Tag: Paul SingerPaul Singer
The US judge overseeing litigation by Argentina and creditors who did not participate in the country's past debt restructurings scheduled a hearing to assess whether Citigroup Inc (C.N) should be forced to comply with a subpoena.
As it did in Nevada and California, a unit of billionaire Paul Singer's Elliott Management, which is Argentina's main holdout creditor, is extending its legal fight with the country to China. NML Capital served subpoenas this week to Bank of China (BOC) and Industrial and Commercial Bank of China (ICBC) in an effort to obtain information on 6.8bn dollars in financing for deals signed by the two countries in July.
Billionaire Paul Singer, founder and CEO of hedge fund Elliott Management Corporation has picked up some major political muscle to press his case in the long-running debt battle with Argentina, reports the New York Post.
Argentina's new plan to skirt U.S. courts and resume payment on defaulted bonds aims to protect creditors who participated in two debt restructurings, Economy minister Axel Kicillof said on Wednesday. But he also emphasized that the bill sent to Congress did not mean a 'change of jurisdiction' from New York but rather a change of payment 'location'.
Argentine gambling industry tycoon Cristobal Lopez and who has been targeted by Paul Singer from Elliott Management in his hunt for assets connected to Argentine leaders, has closed for 'a year' a casino he owns in Florida and which he only opened last February.
Citigroup has told the US appeals court overseeing the dispute between Argentina and hedge funds refusing to accept terms of the country's debt restructuring that its Argentine banking license may be at risk as a result of the standoff.
New York district judge Thomas Griesa on Friday threatened to declare Argentina in “contempt” of court if the Republic continues to make “false and deceiving statements,” following Argentina’s claim it has already paid exchange bondholders and has no pending obligations, as it deposited 539 million dollars in bond payments in Bank of New York Mellon (BoNY) and Citibank.
Argentine President Cristina Fernández on Thursday urged US President Barack Obama to intercede in the dispute between Argentina and holdouts over Argentine debt, while blasting New York judge Thomas Griesa for “not making any sense”.
By Greg Palast (*) - US president need only inform a federal judge that vulture fund billionaire Paul Singer is interfering with the president's sole authority to conduct foreign policy. He hasn't. But why not?
The following article by Peter Eavis and Alexandra Stevenson was published in The New York Times and addresses the current litigation between Argentina and the speculative funds. The hedge fund firm of billionaire Paul E. Singer has about 300 employees, yet it has managed to force Argentina, a nation of 41 million people, into a position where it now has to contemplate a humbling surrender.