Tag: Vulture funds

Vulture funds
Thursday, March 26th 2015 - 09:20 UTC

Argentina considers Citigroup deal with US Judge Griesa could have violated local law

“Reading the fine print of the deal, what we find is a trap possible aimed at scamming the bondholders,” Kicillof told a news conference in Buenos Aires.

Argentina's Economy Minister Axel Kicillof said on Wednesday a deal between Citigroup Inc and U.S. judge Thomas Griesa allowing the banking giant to process two Argentine debt payments violated the country's laws.

Thursday, March 26th 2015 - 08:22 UTC

Griesa blocks Euroclear from processing any Argentina bonds payments

 Griesa, also said that Euroclear has to notify the hedge funds of any transfers of Argentine bonds and identify the parties involved.

New York judge Thomas Griesa on Wednesday barred Euroclear, the giant Belgium-based financial clearing and settlement house, from processing any debt payments by Argentina. In the newest step tightening Buenos Aires' avenues for avoiding paying off hedge funds on their bonds, Griesa forbade Euroclear from processing “any payments received from any source” in respect to Argentine bonds.

Wednesday, March 25th 2015 - 07:30 UTC

New York Court of Appeals delays decision on Argentina's contempt of court

Judge Griesa moved against Argentina due to its refusal to pay 1.35 billion dollars plus interest and penalty charges to the hedge funds

The New York Court of Appeals has decided to push back its decision on Argentina for another week, as the Cristina Fernandez administration seeks to overturn the contempt ruling imposed by judge Thomas Griesa in the ongoing conflict against holdout investors.

Saturday, March 21st 2015 - 05:55 UTC

Cristina Fernandez warns Citibank must comply with Argentine law

Banks operating in Argentina “must obey Argentine laws, just like in every country. We're no different,” the president said.

President Cristina Fernandez warned on Friday that banks operating in Argentina must obey its laws, amid a row over Citibank's refusal to defy a US court order blocking Buenos Aires from repaying its restructured debt. At the end of the month, 31 March, Citibank as custodial has to pay Argentine restructured bonds.

Wednesday, February 25th 2015 - 05:27 UTC

Argentina will appeal on Thursday Judge Griesa's 'contempt of court'

Kicillof said the 2nd US Circuit Court of Appeals in New York has sent no “warning” to Argentina regarding a contempt order

The Argentine government will present on Thursday its appellant’s brief over the contempt of court ordered by New York Judge Thomas Griesa, the Economy Ministry has confirmed. Griesa had ruled Argentina in contempt of his orders due to working on a plan to shift control over payments of its restructured debt to Buenos Aires.

Saturday, February 21st 2015 - 05:17 UTC

Argentina suggests Judge Griesa to remove Pollack, since he favors 'holdouts'

”It is very clear where Pollack stands, in favor of the vulture funds (holdouts) and if he takes his coat off you can see his feathers”, argued Kicillof

Argentina's Economy minister Axel Kicillof suggested on Friday that no negotiation is possible with the holdout funds as long as 'special master' appointed by US Judge Thomas Griesa continues in his post, since ”he clearly favors 'vulture funds' (holdouts)”.

Thursday, November 6th 2014 - 07:22 UTC

Argentina and hedge fund NML Capital ratify their commitment to keep fighting

“If someone thinks that on January first Argentina will go on its knees to negotiate with vulture funds, he is getting it all wrong” said Vanoli, central bank chief

Argentine Central bank chief Alejandro Vanoli, said the country will be not getting down on its knees in a negotiation with 'vulture funds' (hedge funds), once the January first date comes and the controversial RUFO clause, (preventing Argentina from voluntarily offering holdout creditors better terms than those of its 2005 and 2010 restructurings), falls.

Wednesday, November 5th 2014 - 04:30 UTC

US reply to Argentina: Soderberg's responsibilities as public servant not linked to bonds' dispute

Ms Soderberg's responsibilities in PIDB ”are not linked to any activity she might have as a private citizen in Argentina’s dispute with bondholders.”

The US Department of State has backed the appointment of Nancy Soderberg as Chair of the Public Interest Declassification Board (PIDB), saying her “responsibilities” as public servant are “not linked” with Argentina’s dispute with the holdouts, Argentina's Telam news agency reported.

Saturday, October 25th 2014 - 10:09 UTC

Another hedge fund, Dart container, after Argentine assets to cash defaulted bonds

“EM now seeks an injunction from this court that is the same as the injunction that was issued in NML v. Argentina,” Dart’s hedge fund said

Billionaire Kenneth Dart’s EM Ltd. is seeking to take advantage of a U.S. court ruling won by fellow billionaire hedge fund manager Paul Singer NML Capital, as he seeks payment on 835 million dollars in defaulted Argentine bonds.

Thursday, October 9th 2014 - 08:23 UTC

“Holdouts” reveal alleged money laundering operations of business people close to Cristina Fernandez

Lazaro Baez is a public works contractor in the southern province of Santa Cruz, political turf of the Kirchner couple

The American Task Force (AFTA) sponsored by 'holdouts' NML in litigation with Argentina over sovereign bonds payment, revealed on Wednesday foreign accounts of Argentine public works contractor, believed to be involved with the Kirchner family businesses, Lazaro Baez, and showed a map with the money movement, allegedly committing the crime of money laundering.

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