Group of Argentine bondholders plan 'private debt swap' to holdouts

Saturday, November 9th 2013 - 03:31 UTC

Full article 10 comments

A group of Argentine bondholders will offer creditors suing for the repayment of defaulted sovereign debt a private deal to get them to abandon their litigation, the state-run Télam news agency said. Read full article

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DanyBerger
Good! smart people have to recognise when they lost the battle and are in not a strong position to give a fight.

more isolation for Elliott Singer CM and R. bollocks Shapiro.

Speculating on the wrong prospect has its consequences and you can end up broke...
Nov 09th, 2013 - 09:24 am - Link - Report abuse 0
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ChrisR
Come on Dany, do you REALLY think Singer, et al, will fall for this?

No chance.
Nov 09th, 2013 - 11:18 am - Link - Report abuse 0
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Conqueror
This is quite funny. Gramercy “fronts” the Exchange Bondholder Group. That's the bunch that AREN'T getting paid because the Court has decreed that they can't be paid unless NML etc are paid at the same time.

But Gramercy is only offering an exchange of bonds. Not real money. And it's noticeable that they will be offering bonds “that Argentina normally honors, with better conditions than the country has already offered”. The “catch” is that word “normally”. And how long would it take argieland to decide not to honour those bonds? 72 hours? 48? 24? With the only recourse being through argie courts! Chris, you are, of course, right!

But it just goes to show how thick DB is. The Exchange Bondholder Group were actually on argieland's side! They even filed an amicus curiae brief. But they've been “losing” for some time now. Perhaps if they sold their bonds and offered NML et al the money, they would get somewhere. But I doubt it. Can't see the actual bondholders being willing to give up their “worthwhile” bonds, pay NML and be saddled with a heap of bonds on which argieland will never pay out.
Nov 09th, 2013 - 12:13 pm - Link - Report abuse 0
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Think
TWIMC
Geeeeeeeeeeeeeee.....
The more I read about that “Gramercy Plan”............. the more I like it!
Diós es Argentino y atiende en Buenos Aires !

http://en.mercopress.com/2013/11/03/us-appeals-court-rules-in-favor-of-argentina-rejects-lift-of-stay-requested-by-hedge-funds#comment284566

Chuckle chuckle©
Nov 09th, 2013 - 12:27 pm - Link - Report abuse 0
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Captain Poppy
Of course Gramercy is siding with Argentina.....they have large positions in Argentina in several funds.....including their “Distressed Debt Funds” which has a 19% position with Argentine shit bonds. Singer has more to gain by staying his course rather than changing his current position in the legal fight in which Argentina is losing on every tack and jibe, versus swapping his Argentine shit bonds for Gramercie's Shit Bond Fund.
Nov 09th, 2013 - 12:34 pm - Link - Report abuse 0
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scarfo
They propose to exchange bonds on which payments have been frozen for other paper that Argentina normally honors,
normally!!!
This smacks of desperation :)
Nov 09th, 2013 - 02:47 pm - Link - Report abuse 0
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yankeeboy
If its full payment plus back interest they should take it. My guess is that's not the offer. It looks like they are afraid of default in 2014,
Nov 09th, 2013 - 05:38 pm - Link - Report abuse 0
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Conqueror
Notice that Wanker Burger hasn't been back to respond. Too “busy”? On her back? And Twinky faggot joins in! What an arse!
Nov 09th, 2013 - 07:16 pm - Link - Report abuse 0
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Welsh Wizard
Can't see that this plan will work unless it is full payment plus back dated interest. Singer isn't interest in a part payment in other bonds, he has already shown that.
Nov 11th, 2013 - 09:53 am - Link - Report abuse 0
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yankeeboy
Has Think ever been right about anything?

Gads he is an idiot.

After a decade-long legal battle, Singer may be only months away from receiving full payment on the debt through U.S. courts, giving him no incentive to accept lesser terms in a settlement, according to Stuart Culverhouse, chief economist at Exotix. Singer’s disinterest in negotiating with owners of restructured debt led by Gramercy Funds Management LLC may halt a rally in the bonds as investors realize the legal claims against the country won’t be dropped, said Culverhouse.
Nov 12th, 2013 - 02:03 pm - Link - Report abuse 0
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