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Argentina in pre-accord with toughest hedge funds; Special Master Pollack furious

Thursday, February 25th 2016 - 06:16 UTC
Full article 19 comments

Argentina and a group of hedge funds are nearing a deal that would pay investors about 70% of what they say they are owed, as the government moves closer to re-entering the global bond markets following its 2001 default. Read full article

Comments

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  • Skip

    Furious?

    Seriously!

    God could anyone make this extremely minor issue anymore dramatic? As the end draws near, I suppose there is a need to 'create' column inches.

    Feb 25th, 2016 - 09:17 am - Link - Report abuse 0
  • T_Paine

    A violation of confidentiality is serious business.

    Never had a decent job huh?

    Feb 25th, 2016 - 11:50 am - Link - Report abuse 0
  • Skip

    How would you know? Supposedly you're new to this site!

    Loser.

    The whole saga isn't playing out like your pathetic predictions.

    Feb 25th, 2016 - 01:00 pm - Link - Report abuse 0
  • T_Paine

    Nah just from your comment above you can tell nobody has ever given you any type of job that would require trust.

    Feb 25th, 2016 - 01:23 pm - Link - Report abuse 0
  • Moderator

    “A violation of confidentiality is serious business.”

    Ever listened to a hairdresser?

    Feb 25th, 2016 - 02:34 pm - Link - Report abuse 0
  • HughJuanCoeurs

    70%... do I hear 60%? 50% anyone? Done! (you have been)

    Feb 25th, 2016 - 09:43 pm - Link - Report abuse 0
  • Captain Poppy

    Skip....new name. New to the site it a stretch. Now that.the debt saga is closing and not the way as predicted by the....“ I am never wrong”, names are changing but hatred remains the same.

    How much he must have lost to have a never ending hate like that? Hell.....even US soldiers and former VC shook hands and that was a little higher stakes. Poor guy.....I feel for him.....that hate will be with him to his grave.

    Feb 25th, 2016 - 10:16 pm - Link - Report abuse 0
  • chronic

    Trust coffeeboy?

    lol.

    Feb 25th, 2016 - 11:48 pm - Link - Report abuse 0
  • T_Paine

    I think its funny when a coffeemaker talks to normal people....

    Its like a dog who can say I love you....
    https://www.youtube.com/watch?v=qXo3NFqkaRM

    Feb 26th, 2016 - 01:11 am - Link - Report abuse 0
  • Skip

    Fred nothing beats your stupidity in using your actually name when you first joined this site.

    Keep trying to guess my job. It's not important. It's just a job.

    But if jobs is how you define someone then you just sell houses. Not exactly rocket science...... here's the bathroom..... here's the kitchen..... oh yes the wall colour is a lovely shade of green..... LOL that's your actual career!

    My job is just that, a job. It earns me money to do what I love. Chronic, typing while kissing butt.... Im impressed by your dexterity.

    No matter what I do, running rings around you morons isn't exactly difficult.

    Feb 26th, 2016 - 03:21 am - Link - Report abuse 0
  • T_Paine

    You're not running rings around anyone.

    You're really quite stupid.
    Blinded by the ignorant pc mentality of someone who's never had a real job.

    I don't know who you think I am but the only thing I sell is advice.

    Feb 26th, 2016 - 03:08 pm - Link - Report abuse 0
  • Marti Llazo

    It isn't over til it's over. And as of today it's still far from over:

    ---------------

    NEW YORK, Feb. 26, 2016 /PRNewswire/ -- Daniel A. Pollack, Special Master presiding over the settlement negotiations between the Republic of Argentina and its Bondholders, issued the following statement today:

    “Intensive discussions are continuing between the Republic of Argentina and major ”holdout“ Bondholders, including NML Capital Ltd., under my supervision. No Agreement in Principle has been reached or signed as yet, but progress has been made. All concerned are working diligently. Senior-most officials for the Republic and principals for the hedge funds are personally involved. I will have no further comment on this situation today.”

    SOURCE Daniel A. Pollack

    Feb 28th, 2016 - 02:24 am - Link - Report abuse 0
  • T_Paine

    The agreement would pay funds managed by Elliott Management, Aurelius Capital, Davidson Kempner and Bracebridge Capital, 75 percent of their full judgments including principal and interest plus certain legal fees.

    Good News all around and great precedent set in the USA for serial defaulters.

    Feb 29th, 2016 - 04:40 pm - Link - Report abuse 0
  • Captain Poppy

    I seem to recall posts stating they will get 100%. Before your tenure T Paine. (Smirk)

    Feb 29th, 2016 - 07:43 pm - Link - Report abuse 0
  • Marti Llazo

    According to a local Argentine abogado who has been following this with me, an “agreement in principle” (or multiple independent agreements in principal) is/are all that has been achieved and under present law here these have no legal weight. Perhaps they do where Pollack is working. And even Pollack isn't saying this has been resolved, only that it's “on its way” to being resolved, which is what he could have said two months ago.

    To make this work, among other things Argentina evidently has to come up with US$4.65 billion in real cash dollars by 14 April. That's easy for you and me but maybe not for Argentina.

    And the legal fees and penalties that Argentina has to pay could keep us all in bife chorizo for the next 4000 years.

    The laws in Argentina forbidding the payment of this debt still have not been changed, and Argentina has no money to make the payments even if they were, so there is still some history to be seen. Not that an eventual solution isn't possible, but it's not over yet. And the next Argentine default is still right around the corner, which is no doubt why getting the big cash payment is a good idea.

    Feb 29th, 2016 - 08:08 pm - Link - Report abuse 0
  • T_Paine

    It was a good precendent.
    Gotta pay regardless
    or your people starve

    As it should be

    Feb 29th, 2016 - 09:03 pm - Link - Report abuse 0
  • Marti Llazo

    Oh, and if Argentistan doesn't come up with US$4.653 billion in cash in the hands of certain creditors before 14 April, the deal is off and penalties to the offending country apply. Along with starting over.

    Singer's people actually ended up getting slightly better conditions in the last couple of days of negotiations.

    So, what's the chance? Hint: Argentina is involved.

    Feb 29th, 2016 - 09:16 pm - Link - Report abuse 0
  • T_Paine

    US5 Billion isn't very much money and its 6 weeks away.
    It was a good deal all around.
    Singer added to his vast fortune and showed that the US Courts still have teeth.

    Win win

    Feb 29th, 2016 - 09:36 pm - Link - Report abuse 0
  • Marti Llazo

    Singer hasn't added anything yet. All of this could still go wonky.

    Mar 01st, 2016 - 12:43 am - Link - Report abuse 0

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