Let's see if the Argentina government has any balls?

I hope to hell they send in their Navy, come alongside the ship and tow it out of there with guns pointed at the Ghanians threatening to shoot if they try to intervene!

Argentina to Evacuate Crew From Seized Tall Ship

BY GCAPTAIN STAFF ON OCTOBER 22, 2012

BUENOS AIRES–Argentina has decided to evacuate the crew of the naval training ship ARA Libertad, which has been detained in a port in Ghana since Oct. 2 due to a court order obtained by creditors seeking to collect on defaulted Argentine bonds.

The order prevents refueling, endangering the safety of the crew by blocking the operation of the generators needed for everything from cooking to fire prevention, Argentina’s foreign ministry said in a statement Saturday.

Only the captain and a skeleton crew will remain with the ship. The boat currently has 326 people aboard, including guests from Brazil, Chile, Uruguay, Paraguay, Venezuela, Ecuador, Bolivia and South Africa.

On Oct. 2, Ghana commercial court judge Richard Adjei-Frimpong ordered the 130-meter long ARA Libertad held at the Port of Tema until Argentina honors U.S. judicial rulings that awarded about $1.6 billion to Elliott Management Corp.’s NML Capital Ltd.

Argentina’s government has sent defense and foreign ministry officials to Ghana to attempt to negotiate the ship’s release. Foreign Minister Hector Timerman will also travel to New York for a meeting Monday with the head of the United Nations Security Council, the ministry said.

Argentine officials have repeatedly slammed the Ghanaian court and ruled out negotiations with NML Capital, which it calls a “vulture fund.”

The ship seizure is “no more nor less than kidnapping, extortion and a act of piracy,” the foreign ministry said.

NML says that Argentina has the option of depositing $20 million with the court and taking away the ship, but Argentine officials have vowed to fight the seizure in Ghanaian courts and international forums.

The ship left Argentina in June to visit ports in the South Atlantic, Caribbean, Europe and Africa. It was scheduled to return to Buenos Aires Dec. 8.

The incident has been a severe embarrassment for Argentina and the chief of the navy was replaced last week amid finger pointing over who was to blame for allowing the ship to be seized.

Admiral Carlos Alberto Paz was replaced by the navy’s No. 2 officer, Vice-admiral Daniel Alberto Martin.

Earlier, the navy’s general secretary, Rear Admiral Luis Maria Gonzalez Day, and commander Alfredo Mario Blanco, were suspended pending the results of a government investigation.

Argentina’s dispute with investment funds stems from its $100 billion sovereign default in 2001. The South American nation managed to restructure about 93% of its defaulted bonds in debt exchanges in 2005 and 2010 that offered investors about 33 cents on the dollar.

Some $4.5 billion of defaulted bonds are in the hands of so-called holdouts like Kenneth Dart’s EM Ltd. and NML Capital Ltd. funds.

You know the Ghana government was offered a quid pro quo for doing this but would they stand in the way of a rightful recovery of sovereign property? Time to tell “the suits” to go fuck themselves! I AM WITH ARGENTINA…FUCK THESE VULTURE FUNDS!

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So you think it’s OK for a country to go fuck you we’re not going to pay our debts? Investors have a right to be pissed to only get 33 cents on the dollar.

It’s the same as if you stop paying your car note and it gets repossessed.

Besides, it’s not like the ship was put offered as collateral for a loan? She is sovereign property and if the bond holders ended up taking a haircut then that’s the risk of playing the big finance investment banking game and like how much do these funds get back seizing this ship anyway? Pennies! EFF THEM!

This is just Vulture Funds being ASSHOLES for the sake of being ASSHOLES and nothing more!

Im with c.captain on this one. Get it back soon or Ghana will likely make it so they don’t want it back.

Ok anybody want to me make me a loan that I will only pay back 33% on?

Didn’t think so…

Just because it happened to some rich guys that your jealous of makes it OK? Just goes to show the moral character of some people.

[QUOTE=salt’n steel;86428]Im with c.captain on this one. Get it back soon or Ghana will likely make it so they don’t want it back.[/QUOTE]

Hell, if they can’t take it back they should blow the ship to smithereens rather than allow the extortionists get away with this illegal seizure. Sorry, but the holders of these old bonds are just what the Argentinians claim…VULTURES! They aren’t the original bond holders. They have all long moved on. This bunch bought the old bonds hoping to suction the Argentina government now where ever and when ever they can! Besides all these fuckers are multibillionaires anyway and NO, I DON’T LIKE FUCKING MULTIBILLIONAIRES!

sorry steamer, but I don’t like them or their effing ubermegayachets! PAY MORE TAXES YOU RICH FUCKERS!

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what ya gunna do when the Japanese and Chinese sell the USA to a few vulture funds…

[QUOTE=powerabout;86511]what ya gunna do when the Japanese and Chinese sell the USA to a few vulture funds…[/QUOTE]

Why do you think we have a bigger military than the whole rest of the world combined?

To say EFF YOU when they try!

So after reading this try to tell me that this asshole multibillionaire Singer isn’t doing this just to be a spiteful asshole!

[B]Argentina’s President: They May Take Our Ship, But They Will Never Take Our Freedom! [/B]

By gCaptain Staff On October 25, 2012


The ARA Libertad

(Bloomberg) — For all the embarrassment billionaire Paul Singer caused Argentina by seizing one of its navy ships, [U][/U][B]the biggest triumph in a decade-long dispute brings him just 1 percent closer to recouping his $1.6 billion claim.[/B]

The hedge fund manager still lacks the leverage to compel the government to settle, even after Argentina sought help from the United Nations, evacuated part of the 326 member crew and fired the head of its navy since Ghana impounded the training vessel on behalf of Singer on Oct. 2, according to Anna Gelpern, a professor at Georgetown University. Singer, who owns debt from Argentina’s $95 billion default, rejected two restructuring offers that paid investors 30 cents on the dollar and is seeking to force the South American country to repay in full.

While Singer’s efforts from freezing Argentine central bank funds in New York to seizing the navy’s tall ship in Africa have failed to result in payouts, Argentina’s unwillingness to resolve the claims has also prevented the nation from tapping the international credit markets for more than a decade. That’s prompted the government to use foreign reserves to pay debt and increased its borrowing costs to more than double the 4.65 percent average for developing nations.

“It’s getting loopier and loopier,” Gelpern said in a telephone interview from Washington. “They’re throwing mud at the wall to see what will stick.”

Peter Truell, a spokesman for Elliott, declined to comment on the ship seizure and the company’s attempts to recoup its money.

Sovereign Immunity

The average yield on bonds issued by Argentina, the world’s largest soybean exporter, is 10.62 percent. That’s more than twice the 4.875 percent rate that Bolivia, one of the region’s poorest countries, offered to sell 10-year bonds on Oct. 22.

Ghana detained the Argentine vessel after a court in the West African nation ruled in favor of a claim by Elliott’s NML Capital Ltd. that the prospectus for the defaulted Argentine bonds waived sovereign immunity on attachable assets.

Argentina modified prospectuses on bonds issued in its 2005 and 2010 restructurings to exempt certain assets, including military property, from the sovereign immunity waiver.

Lawyers for NML wrote in an Oct. 5 letter that the fund would authorize the navy ship to leave the port of Tema if the country posted a $20 million bond, according to legal correspondence obtained by Bloomberg.

‘Take Our Frigate’

After the ARA Libertad was held in Ghana for almost three weeks, President Cristina Fernandez de Kirchner ordered on Oct. 20 the evacuation of sailors on board the three-mast frigate, including crew members from Brazil, Chile, Uruguay, Paraguay, Venezuela, Ecuador, Bolivia and South Africa.

While she also ordered the government to seek damages from Ghana, two days later Fernandez said they could keep the ship.

“As long as I’m president, you can take our frigate, but nobody is going to take the liberty, the sovereignty and dignity of this nation,” Fernandez said in an Oct. 22 speech.

The government chartered an Air France jetliner, which isn’t subject to seizure upon landing in Ghana, to fly the stranded sailors back to Buenos Aires.

Litigating creditors that also include Kenneth Dart, the billionaire foam-cup magnate who runs EM Ltd., have attempted to satisfy judgments through an array of ploys including the freezing of Argentine bank accounts and trying to ground the presidential plane Tango 01 during a maintenance trip to the U.S. They’ve been mostly unsuccessful so far, even though legal appeals have reached as high as the U.S. Supreme court.

‘Small Potatoes’

While the ship, worth just 1 percent of the value of outstanding claims that Singer owns, is “small potatoes,” the hedge fund manager could ultimately gain the upper hand if it wins a separate case in U.S. federal appeals court, said Mark Weidemaier, a law professor at the University of North Carolina.

Argentina appealed a decision from a U.S. district court that a so-called pari passu clause in the defaulted debt securities bars Argentina from paying owners of the new bonds before it pays the so-called holdouts. If upheld, the ruling could force Argentina into default on bond payments if it refused to pay the hedge funds. The court heard arguments in July and a ruling is expected any day.

“If you can present the government with the choice between default and paying you, you’re in great shape,” Weidemaier said.

Diego Ferro, who helps oversee more than $500 million at Greylock Capital Management LLC in New York, says Argentina will continue to struggle to protect its property abroad as long as Fernandez refuses to settle with the hedge funds.

‘Very Careful’

“If you’re Argentina and you don’t want to comply with judgments from U.S. courts, which Elliott has won, you have to be very careful with where you have your assets around the globe,” Ferro said. “In this case, they made a mistake and they’re paying for it.”

The extra yield, or spread, investors demand to hold Argentine government dollar bonds instead of U.S. Treasuries narrowed eight basis points to 850 at 1:15 p.m. in Buenos Aires, according to JPMorgan.

The cost of protecting Argentine debt against non-payment for five years with credit-default swaps rose 16 basis points to 972 basis points, data compiled by Bloomberg show. The swaps pay the buyer face value in exchange for the underlying securities or cash if a government or company fails to comply with debt agreements.

Warrants tied to Argentina’s economic growth rose 0.04 cent to 12.52 cents. The peso slid 0.1 percent to 4.7513 per dollar.

Argentina is unlikely to let a $20 million ship force it to negotiate with Elliott after thwarting its legal advances for a decade and may instead dig in its heels, said Jorge Piedrahita, chief executive officer at Torino Capital LLC.

Fernandez’s Foreign Ministry has derided [B]Elliott as a “vulture fund” that mounted “an attack that is nothing less than kidnapping, extortion and an act of piracy against a sovereign nation[/B],” according to an Oct. 20 statement.

“I don’t think the government feels more pressure to reach a solution with the vulture funds with this boat,” Piedrahita said in a telephone interview from New York. “They are ideologically walled in to not doing so.”

-By Drew Benson and Katia Porzecanski. Copyright 2012 Bloomberg

Please President Fernandez…if you’re not going to send in your Navy to liberate the LIBERTAD then have your crew set changes and blow that ship to bits then build another bigger one to spite that prick Singer or better yet buy the PEKING from South Street Seaport and rebuild her to be your new sailtraining ship. The world will applaud you if you show that you won’t let an “asshole hedge fund scumsucking slug” hold your nation hostage!

[QUOTE=c.captain;86516]Why do you think we have a bigger military than the whole rest of the world combined?

To say EFF YOU when they try![/QUOTE]
Why do you think China is slowly ramping up?

[QUOTE=c.captainio;86602]Conversation on an Argentinian forum…

Please President of the USA…if you’re not going to send in your Army to liberate the taxpayer then have your crew set changes and blow up wall street to bits then build another bigger one to spite those pricks or better yet get PEKING to rebuild your new banking system. The world will applaud you if you show that you won’t let those “asshole hedge fund scumsucking slug investment gangsters” hold your nation hostage!
They have trashed your currency, lowered the standard of living for the majority and they want another 700 billion because they say so, it would never happen in our country[/QUOTE]
and that was from a 2008 posting

[QUOTE=c.captain;86602] The world will applaud you if you show that you won’t let an “asshole hedge fund scumsucking slug” hold your nation hostage![/QUOTE]

Considering his connections, perhaps yesterday’s events are not as bad as they might have been for what is left of American industry and our own future as a 3rd world nation and Chinese outport.

[QUOTE=Steamer;87819]http://maritime-executive.com/article/itf-president-condemns-vulture-fund-swoop-on-frigate

Considering his connections, perhaps yesterday’s events are not as bad as they might have been for what is left of American industry and our own future as a 3rd world nation and Chinese outport.[/QUOTE]

There is no bottom when on dives into the pit of the corruption that stems from the interests of the MONEY and the suits that control it! They have no limits to their rapacious nature to plunder and rob anything they can.

Just saw this; “Argentine crew prevent Ghana from moving ship”.

http://www.businessweek.com/ap/2012-11-10/argentine-crew-prevent-ghana-from-moving-ship

If theres still crew aboard and they still have their weapons what to keep them from dropping their lines and leaving? The Ghanian navy?? Im sure a sail training naval vessel can pack more of a punch that whatever Ghana has.

It’s Africa, if children can get automatic weapons there I’m sure what ever “elected government” Ghana has, can as well