Tag: Paul SingerPaul Singer
The Obama administration filed an ‘Amicus Curiae’ measure before US Supreme Court, supporting Argentina’s position in the dispute with the hedge funds which the government of president Cristina Fernández refers to as ‘Vulture Funds’.
Argentina appeals hedge funds case to US Supreme Court; warns of 'havoc' if lower court ruling stands
Argentina announced on Tuesday it had appealed to the US Supreme Court against a lower court order to pay off hedge fund investors in its bonds, arguing that order violated its sovereignty.
The Argentine government will appeal on Monday before the US Supreme Court for the second time against the hedge funds claim. The Supreme Court is the last judiciary step in the dispute.
Paul Singer, head of Elliot Management Corp., defined as “bizarre”, the bondholders’ offer to resolve judicially the dispute with Argentina over the debt in default from 2001, during in a letter sent to investors and published by Bloomberg News.
Paul Singer, CEO of hedge fund Elliott Management Corporation and who is litigating Argentina demanding full payment of defaulted bonds described Argentina's government policies as 'horrendous' and stated that 'talking' he could settle the dispute 'in an afternoon'.
The US Supreme Court agreed on Friday to consider a dispute over subpoenas in a case stemming from long-running litigation over Argentina's obligations to bond investors in the wake of its default on 100 billion dollars in sovereign debt in 2002.
The US government has asked the US Supreme Court to intervene over a hedge fund's effort to gain information about Argentina's non-US assets as part of an ongoing litigation, which is rapidly becoming a lead case regarding sovereign assets and sovereign debts rescheduling.
In a letter to investors dated October 28, Elliott Management said it remained hopeful that a consensual resolution can be achieved with Argentina regarding the hedge funds dispute. Elliott, which ranks among the industry's most enduring funds, having opened in 1977 with one million dollars in assets, tried to force Argentina to make full payment on bonds it bought more than a decade ago.
The US Supreme Court will use its Sept. 30 private conference to consider whether to hear Argentina’s appeal in a clash affecting billions of dollars in defaulted debt. The schedule, revealed on Wednesday on the court’s public docket, means the justices may say as early as Oct. 1 whether they will review a 2012 federal appeals court ruling that requires Argentina to pay holders of defaulted bonds if the country makes payments on restructured debt.
“A recent decision by a United States appeals court threatens to upend global sovereign-debt markets. It may even lead to the US no longer being viewed as a good place to issue sovereign debt. At the very least, it renders non-viable all debt restructurings under the standard debt contracts.