MercoPress. South Atlantic News Agency
German bondholders join the “me-too club” demanding payment of Argentine bonds
Demands against Argentina by so-called “me-too” bondholders, who are asking to be paid in the same conditions as Elliot and Aurelius Managment holdouts, are starting to pile up as holders of Argentine bonds issued under German law who didn’t take part of the country’s debt swap filed a new complaint at a United States court to demand full payment. Read full article
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Disclaimer & comment rules“We are filing this lawsuit because there haven’t been any negotiations yet and we want to protect the interests of the bondholders group, said Bingman lawyer Bruce Wolfson. “We prefer to do a negotiation with Argentina instead of going to the court”
Nov 18th, 2014 - 10:00 am - Link - Report abuse 0Well, you got a long way on your own, didn't you?
The argies ignored you so now you want to jump on the band wagon despite never having paid for the privilege.
Are you a cloest argie? They ALWAYS behave like that.
“In a letter to Griesa, Carmine Boccuzzi, a lawyer for Argentina, argued many creditors should be barred from seeking such relief because they already have court judgments ordering Argentina to pay them money.”
Nov 18th, 2014 - 10:08 am - Link - Report abuse 0And has Argentina paid any money to the hold-out creditor, oh no.
In stead it whines to anyone who is polite enough to listen about how these Vultures are picking the carcase clean.
How about if Argentina simply pays it's debts?
I told ya' all this would happen months ago.
Nov 18th, 2014 - 11:54 am - Link - Report abuse 0I have a sneaking suspicion that Jan 2015 will come and go with no agreement.
The only think propping up the bonds is their belief CFK will pay in Jan.
She won't
On a happier note the annual BA Blackouts have begun
its not even hot yet
@ 3 yankeeboy
Nov 18th, 2014 - 02:12 pm - Link - Report abuse 0I think I foresaw it as well! :o)
What about BG shareholders?
Nov 18th, 2014 - 04:08 pm - Link - Report abuse 0Different debt. Still unpaid.
*humph*
” ... other companies in the queue, such as British Gas (BG Group), which won an award for $186m plus interest back in 2007 in the ICC Court, an award reviewed and ratified by the US Supreme Court in March of this year, are still awaiting payment. So is the French water and sewerage company SAUR International, which won an award in May in an arbitration against Argentina before ICSID. ”
http://blogs.ft.com/beyond-brics/2014/09/15/guest-post-the-un-is-not-the-solution-for-a-rogue-debtor/
Let me break it down for you:
Nov 18th, 2014 - 04:37 pm - Link - Report abuse 0RUFO was and is a red herring.
rotting roadkill is never going to negotiate in good faith with its bondholders under any conditions. So, creditors are now perfecting their claims and preparing to attach rotting roadkillian assets. rotting roadkill will only surrender to its creditors when it is too weak to further resist. This is why it is important to freeze out foreign lendors by any means. Russia is largely neutralized by its own actions. China is rotting roadkill's sole source of sustainence. This is going to take more time to play out but while Singer etal live in a manner such as their personal productivity affords, rotting roadkillians are increasingly feeling the pinch and will more so in the near future.
”British Gas (BG Group), which won an award for $186m plus interest back in 2007 ”
Nov 18th, 2014 - 07:23 pm - Link - Report abuse 0I understand that they now owe US$ 2.44 million.
It's a 2 edged sword. The more claims exist the greater the threat to Argentinas finances but also the more claims the greater the chance Argentina will be able to negotiate some form of debt relief.
Nov 19th, 2014 - 02:12 am - Link - Report abuse 0But we are getting a consistent message from the holders of Argentinas debt - that they made no attempt to renegotiate its debts back when it restructured the bonds. A major failing as its defence was that it renegotiated with most of the bondholders and the bondholders accepted.
That translates into we gave an ultimatum to bondholders and claimed we had negotiated with everyone who accepted it.
My guess is that by Q1 2015 Argentina will have had all the holdins accelerate and they'll have to open up a new exchange to everyone sometime after the new Prez is in office in 2016. Or maybe CFK will be too sick to continue and step down.
Nov 19th, 2014 - 11:55 am - Link - Report abuse 0Crazy place so who knows...
@ 9 yankeeboy
Nov 19th, 2014 - 04:32 pm - Link - Report abuse 0If she steps down they will get Bow-wow unless he is in jail.
Don't forget, once elected they are in for the term, it's not a parliamentary democracy like in the UK where if the government loses a vote of 'No confidence' they are out on their ear and new elections have to take place.
I don't think they've had 5 Prez in their history make it through 2 terms in office.
Nov 19th, 2014 - 06:06 pm - Link - Report abuse 0Remember they had 5 Prez in a week in 2001
This is welcome news, as Argentina Economy Minister Axel Kicilloff has been calling for the ability to negotiate with all the holdouts at once.
Nov 19th, 2014 - 08:02 pm - Link - Report abuse 0Those creditors may have an opportunity to negotiate after the RUFO clause expires Dec. 31.
However, they'll need to negotiate as the creditors holding 92.4 per cent of the debt did in 2005 and 2010 and forget about getting the 100 per cent.
Instead, they'll need to agree to a haircut that allows them to get at least some of their money, and on the other hand allows Argentina to continue existing and growing.
Reason should prevail in the end, as nobody would want to kill the golden goose wouldn't they? There is a reason so many lent money to Argentina and it's called profit--in same cases greed.
What is SO bad about wanting to make a profit?
Nov 20th, 2014 - 01:13 pm - Link - Report abuse 0Should I risk lending you money just because you are my socialist brother? Haha!
12. I am pretty sure by mid next year Arg will be in default of all obligations and will have to re-open an exchange for all bondholders.
Nov 20th, 2014 - 05:30 pm - Link - Report abuse 0I think they end up having to go back a decade and recalculate the inflation/GDP linked bonds since they've been over/underpaying those too.
In the end Arg will end up paying a lot more to everyone to settle this.
They are not a smart people.
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