Holdouts want to sit down with Argentina and solve the dispute; 'countdown clock'

Wednesday, July 23rd 2014 - 06:42 UTC

Full article 15 comments

The 'countdown' site with the days, hours and minutes before default

Following on Tuesday's audience with Judge Thomas Griesa, NML Capital the leading speculative fund litigating with Argentina, issued a release saying “it is willing to hold a meeting with 'Special Master' Daniel Pollack and Argentina to solve the dispute”.

“We are confident that the issue can be solved quickly if Argentina participates in discussions for an agreement”, said the release from NML Capital, belonging to financer Paul Singer.

In related news the American Task Force Argentina, the main lobby in support of the speculative funds holdouts published in its website a clock with the countdown to Argentina's alleged default on 30 July.

The factcheckargentina.org points out: “Countdown for Argentina's default: so many days, hours and minutes left for Argentina to negotiate with creditors or chooses to fall into default”.

The 'countdown' went into the air following on Judge Griesa's decision to reject the stay requested by Argentina and to order Argentina “to sit down with holdouts face-to-face and discuss 'round the clock' until an agreement is reached”.

Argentina has until 30 July to pay 2005 and 2010 restructured bonds if it is to avoid defaulting. However because of pari passu clause holdouts have to be paid in full plus interests, at the same time as other bondholders.

But if this is implemented, a RUFO clause is triggered which demands equal payment for all bondholders. In this case the RUFO clause would re-open the whole restructuring process involving 120bn dollars according to the Argentine government.

Categories: Economy, Politics, Argentina, United States.

Tags: American Task Force Argentina (AFTA), Argentina, Daniel Pollack, holdout hedge funds, NML Capital Limited, Paul Singer, Rights Upon Future Offers - RUFO, Thomas Griesa.

Top Comments

Disclaimer & comment rules

Conqueror
The RUFO clause is being used by argieland as a smokescreen. Check out http://factcheckargentina.org/

Anybody surprised that argieland, and its lawyers LIE. Again and again and again. Doesn't the United States have something, in New York, called the New York State Bar Association. An organisation charged with maintaining professional standards. At what point should argieland's lawyers be appearing before the New York State Bar Association for incompetence, lying, professional misconduct?
Jul 23rd, 2014 - 10:05 am 0
ChrisR
I think that Pollack is bending over backwards to help The Dark Country but there will come a point when enough is enough.

If Pollack's briefing to Griesa indicate that the line has been crossed regarding defaming the judge THAT will be the time the person's responsible for the defamation and maybe ever more serious acts against the court itself to be brought to book.

Grieasa is too long in the job to be upset by the rediculous comments coming from the argie lawyers, everyone that matters knows he is correct.
Jul 23rd, 2014 - 11:27 am 0
Brit Bob
God bless a Paul Singer ant the American Task Force Argentina.
Jul 23rd, 2014 - 12:56 pm 0

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