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Pollack says Argentina, hold-outs and legal representatives will meet on Friday

Friday, July 11th 2014 - 06:14 UTC
Full article 24 comments
Senior Master Pollack will be holding another round of contacts with the parts involved in the litigation Senior Master Pollack will be holding another round of contacts with the parts involved in the litigation

Special master Daniel Pollack revealed on Thursday he has been talking with holdout funds and Argentine lawyers “on a daily basis”, one day before an Economy Ministry committee travels to New York to meet the mediator in the funds/Argentina litigation case for the second time.

“Since the first meeting on Monday I have spoken with bondholder lawyers. I met with Robert Cohen [NML Capital representative], but not only with him. I also spoke with other bondholder representatives and with Argentine lawyers as well, on a daily basis” Pollack said.

On Friday Pollack is scheduled to hold a second meeting with the Argentine committee, which this time will not include Economy Minister Axel Kicillof.

On this occasion, both parts, holdouts and the Argentine Economy Ministry representatives, will be present, according to the mediator.

From Buenos Aires Cabinet chief Jorge Capitanich announced that only legal and technical representatives will make up the delegation expected in New York to meet the mediator named by US Federal Judge Thomas Griesa.

Holdout hedge funds are demanding full payment of 1.3bn dollars plus accrued interests from Argentine defaulted bonds, following on a ruling from Judge Griesa. Argentina argues it can't pay otherwise it will again be forced into default, because the swapped bond holders have a RUFO clause, Right Under Final Offer, which means they can demand any better agreement reached by other bond holders.

“The committee to meet with Special Master Daniel Pollack in New York, is made up of members from the legal and financial departments of the Ministry of Economy, and other areas of government but the minister will not be attending”, said Capitanich.

Last week Kicillof requested Judge Griesa to re-impose a stay injunction which Argentina enjoyed during the years of litigation with the holdouts so that it can comply with the swap bonds while negotiations holdouts take place. If Argentina does not comply with the swap bond holders coupon by July 30 it will automatically be in default.

Capitanich again repeated at Government House in his daily meeting with the media that Argentina demands fair, equal and legal negotiations so that it can comply with 100% of creditors, but will not support extortions of any kind”.
 

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  • Chicureo

    This is a perfect scenario for my dear Andean brothers to stall, cry, plead, delay, whine and stamp their feet. They will not negotiate as much as simply complain.

    You know what? It seems to be successful.

    For Sunday, I'm rooting for Germany, my son for Argentina... Probably he'll win the bet. (6 bottles of Don Melchor 1993 from a charity auction, that the looser has to pay the winning bid.)

    Jul 11th, 2014 - 06:30 am 0
  • Be serious

    If the final is anything like Holland v Argentina then I think you will find many more converts to Rugby Union. The biting wasn't so bad but the diving, cheating and betting irregularities reveal footy to be a game in decline.

    Jul 11th, 2014 - 06:50 am 0
  • ElaineB

    @2 'betting irregularities' I am sure it crossed the minds of many people when Brazil rolled over like that but, on reflection, I doubt it about the Brazilian team. Did you hear that at half-time the German team made a pact not to humiliate the Brazilians anymore in the second half? It could have been worse.

    NML Capital should run some counter-ads showing Elvis lookie-likies with the caption “Where's Axel?”. Why can't he face them like a man? Is he worried he might cry again?

    Jul 11th, 2014 - 07:45 am 0
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