All Of A Sudden, Nothing In Paul Singer's Lawsuit Against Argentina Is Going His Way

[Judi Lynn]

All Of A Sudden, Nothing In Paul Singer's Lawsuit Against Argentina Is Going His Way
Linette Lopez|Dec. 4, 2012, 2:13 PM

A New York Appeals Court has ruled that Argentina will not have to pay Paul Singer and other holdouts $250 million by December 10th, Clarin reports.

This is a significant turn of events. At the end of last month, it seemed like Argentina had all but lost its legal battle with the billionaire and other hedge funds.

Now it seems like Singer's taking all the hits.

The parties have been at this for years. In 2001, Singer bought Argentine sovereign debt maturing in 2017. Now, he wants 100 cents on the dollar for it, and is fighting to the bitter end in a New York Court to get his way. He even had a Argentine naval vessel, the ARA Libertad, impounded in Ghana.

For its part, Argentina has said they won't pay him one red cent, because most of the other bondholders restructured their debt in 2005 and 2010 (exchange bondholders). Singer's failure to do so which, says Argentina, makes him a "vulture" hedge fund manager.

More:
http://www.businessinsider.com/court-argentina-wont-pay-singer-250m-2012-12#ixzz2E7UpWHkn

[Peace Patriot]

1. Well, I'm glad to hear this. Paul Singer funded Mitt Rmoney...

...and now wants to take it out of the hides of poor Argentinians.

Total jerkwad fascist billionaire.

[ProgressiveProfessor]

2. While important since it will not force total default, it is just a delay in recogning

At the end of October, New York Judge Thomas Griesa ruled that Argentina would have to pay everything (starting with a $3 billion payment on December 15th) but an Appeals Court put a stay on the ruling. The Court argued that Griesa's ruling was unfair to exchange bondholders who might suffer if Argentina decided not to pay anyone in an effort to avoid paying Singer, and the Appeals process has been moving forward with gusto.

A stay is not a final order, and it was decided not on the merits of claims but the impact to other bondholders.

This is aways from being over

[roody]

3. Greg Palast writes about Singer's

dirty deeds in Billionaires and Ballot Bandits.

[bemildred]

4. Sounds like the court is going to try to make him cut a deal. nt