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.
“The proposal is beyond bizarre and impracticable”, Singer wrote, as he insisted to negotiate directly with the country.“It is a stunt”, he assured.
Meanwhile, Steve Bruce, speaker of Gramecery investment group, hedge fund responsible for the proposal refused to comment on the matter.
During a video interview with the Wall Street Journal on Saturday, Singer described Argentina’s public policy as “horrendous” and stated that he could settle the dispute “in an afternoon.”
On Friday, according to Noticias Argentinas news agency, around 20 international investment funds who own about seven billion dollar in bonds of Argentina’ debt are considering to cede a portion of it back to the hedge funds.
In exchange, according the agreement, the so called ‘Vulture Funds’ who rejected the debt restructuring process in 2005 and 2010 should desist from their demands and enter into the debt swap.
Top Comments
Disclaimer & comment rulesWoooooooooooooooooooooooow
Jan 29th, 2014 - 10:03 pm 0An INVESTOR that doesn't want HIS money because it's OTHERS money and not OUR money...
More than INVESTORS, one could be lead to Think that Mr. Singer & Co. are some kind of INSTRUCTORS...
INSTRUCTING Nations, Countries and Peoples how and when to Live and Think...
They have made the above so clear for the rest of the World now that I Think that Mr. Singer & Co. are in for a surprise...
Let's hope one is right ;-)
PS:
The 20 International Investment Funds, who own about seven billion dollar in Argentinean bonds, will have to consider to cede a portion of it back to Argentina which, in turn, will pay the Hedge Funds...
Think, clearly have no idea how things work in the real world.
Jan 29th, 2014 - 10:30 pm 0I told you this Gramercy plan was ridiculous from the get go.
You really should learn to listen to me.
Anyway, what will happen; is Argentina will lose at SCOTUS and be forced to pay bonds, interest & legal fees OR they will negotiate a settlement before they lose just like they should have in 2002.
Problem is now there's no U$
and they still have to pay everyone equally
I LOVE LOVE LOVE watching this all come crashing down at the same time.
It couldn't happen to a nicer people.
Notice the pattern?
Jan 30th, 2014 - 01:41 am 0I insist Argentina meet with ME.
HE could settle this 'in an afternoon'
Me, myself, and I.
Nough said. Argentina nor anyone else should waste their time with this megalomaniac. He will unfortunately still do well financially without the bonds he holds.
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