Thread: Exchanging Currency
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Results 901 to 915 of 2043
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08-27-13 01:15 #1143
Posts: 577In Reality. Bad Summary
Originally Posted by Canardly [View Original Post]
Tres3.
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08-26-13 22:42 #1142
Posts: 1740Classic
Originally Posted by Tres3 [View Original Post]
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08-26-13 22:11 #1141
Posts: 14
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08-26-13 20:18 #1140
Posts: 911Originally Posted by Canardly [View Original Post]
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08-26-13 19:51 #1139
Posts: 70Here's today's editorial in the Herald. Good summary.
If Supreme Court will not take the case by 2014 Argentine Government will probably service Exchange Bondholders.
In dollars thru the Bank of Argentina in Buenos Aires.
http://www.buenosairesherald.com/art...ut-a-full-stop
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08-26-13 19:30 #1138
Posts: 2556
Venues: 398Originally Posted by MisterTea [View Original Post]
Originally Posted by MisterTea [View Original Post]
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08-26-13 18:07 #1137
Posts: 911Originally Posted by Tres3 [View Original Post]
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08-26-13 18:00 #1136
Posts: 13Originally Posted by Thomaso276 [View Original Post]
One day Singer might need some help from those whom he's endangering. I will laugh at that time.
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08-26-13 15:40 #1135
Posts: 911I recieved 8.90 today in Moreno.
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08-25-13 19:40 #1134
Posts: 995Here is a link to the ruling itself. http://www.ca2.uscourts.gov/decisions/isysquery/08821c11-2f02-4a64-b8a5-3134521750d2/2/doc/12-105_2_opn.pdf#xml=www.ca2.uscourts.gov/decisions/isysquery/08821c11-2f02-4a64-b8a5-3134521750d2/2/hilite/
It is only 25 pages and easy enough to read. Clearly a legal ruling that the Supreme Court will not review.
Argentina agreed to all the findings when they wanted to sell the bonds. For example, they agreed that any legal issues would be settled in NY, under NY law. The ruling also binds the banks that are processing payments for the current Argie bonds, which really slam Argentina's arguments (these same arguments where heavily criticized as baloney and lacking fact) so that if the Banks pay the current bond, they also have to pay the defaulted bond, in full. Argentina may default again on their current bonds. The uniqueness of the bond as it was worded will not affect any other sovereign rights. The bonds that Arg. Sold later on and they are currently paying have different wording regarding paying and guarantees and would not have been subject to the current ruling.
Basically, Argentina signed a contract then when they did not like it changed their minds. But this bond had particular rights and guarantees that could not be changed. The legality of the contract was extended, with Argentina's express permission prior to selling the bonds, to any future owners of the bonds, therefore the vulture funds (whom I do not necessarily like) will win this case. The NY courts (especially the tough Judge Thomas Griesa, who originally handled the case) are going to be-slap Argentina for their BS.
Watch for those who settled to try and get some relief.
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08-25-13 17:18 #1133
Posts: 2556
Venues: 398Originally Posted by Esten [View Original Post]
Originally Posted by Esten [View Original Post]
Originally Posted by Esten [View Original Post]
Originally Posted by Esten [View Original Post]
Originally Posted by Esten [View Original Post]
Originally Posted by Esten [View Original Post]
Originally Posted by Esten [View Original Post]
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08-25-13 17:04 #1132
Posts: 577Lagality vs. Morality
Originally Posted by Esten [View Original Post]
Tres3.
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08-25-13 16:01 #1131
Posts: 1740Vulture capitalist Paul Singer
Some research on Paul Singer will quickly show he is nothing but a vulture capitalist, the worst of the worst, who will use his money to (try to) walk over anyone, anywhere in his quest for profits.
His modus-operandi is to buy cheap debt, and extort the situation for profit. Creating lobbying groups, making strategic political donations, and filing lawsuits as needed.
The other 93% of Argentina bondholders agreed to a deep cut, but Singer's hedge fund is demanding full payment on Argentine bonds with a face value of $630 million, claiming they are now worth $2.3 billion with accrued interest. He stands to make a huge profit, and won't back down no matter what the fallout is for other people. He did this with Peru back in 1996 too. He is certainly on solid legal ground, but on morals it is another question.
Look up the story of how Singer, backed by Mitt Romney, bought a controlling interest in a key automotive parts supplier (Delphi) for pennies on the dollar in 2009. They then threatened to withhold key parts to GM, threatening the recovery of the US automotive industry. With the help of the US government, Delphi was bought back, and Singer and Romney made huge profits (up to 3000%). But not before Singer moved much of Delphi's operations to China, sticking US taxpayers with the bill for the pensions of the Delphi workers cut loose. This is a truly sickening story, and to think Singer almost helped his buddy Romney get elected President? Vulture capitalism should not be confused with job creation.
Romney & Co Shipped Every Single Delphi UAW Job to China
http://www.gregpalast.com/romney-co-...-job-to-china/
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08-25-13 11:39 #1130
Posts: 577Argentina Flouts Court in USA
From Reuters.
Argentina will continue paying bondholders on the same terms, its economy minister told state news agency Telam on Saturday, after losing an appeal in its legal battle with creditors who rejected past restructurings of the country's defaulted debt.
The 2nd USA Circuit Court of Appeals upheld a judge's order on Friday requiring Argentina pay $1.33 billion to hedge funds still fighting the country over its record sovereign debt default more than a decade ago.
"We're going to keep paying as we have until now, on the same terms," Economy Minister Hernan Lorenzino told Telam, calling the court ruling "an attempt to bring the country back to 2001.
The appeals court held off enacting its decision while the USA Supreme Court weighs whether to take up the case, bringing short-term relief to investors concerned about another default.
The 93 percent of bondholders who renegotiated debts after Argentina's $100 billion default, accepting less than 30 cents on the dollar, worry the refusal to pay holdouts in the face of court orders could freeze payment on restructured bonds as well.
Dissident bondholders led by Aurelius Capital Management and NML Capital Ltd, a unit of Paul Singer's Elliott Management Corp, are demanding payment in full. They have argued that Argentina can't deny them their due while paying investors who agreed to restructurings in 2005 and 2010.
Tres3.
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08-24-13 19:18 #1129
Posts: 577Argentina Lost Appeals Court Case
The appellate court handed Argentina its hat, and ordered the country to pay its defaulted bonds. Argentina says that they will appeal to the Supreme Court, but I will be surprised if the Supreme Court hears the case. If the Supreme Court denies certiorari, it will be game over for Argentina. It will be interesting to watch the effect on the blue dollar exchange rate.
Tres3.