US vulture fund seizes Argentine naval vessel—is Greece next on their list?

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In a new low this Vulture fund has seized a Argentine naval vessel.
I don't even see how this can be possible.
Naval vessels, even if sunk 100 years ago, are still property of their respective governments.

Isn't this like close to an act of war?
If I was Argentina I would wait till the ship was out at sea and recapture it. By force if necessary.

A subsidiary of Elliott Capital Management seized the Libertad in a Ghanian port on Sept. 2, after it gained an injunction from a local court to hold the ship and its 200 crew members there. The fund is attempting to collect money it lost when Argentina restructured its debt after a $100 billion default in 2001, cutting payouts down to 30 cents on the dollar. The boat is a 100-meter long tall sailing ship, built in the 1950s as a training vessel for the Argentine nation and currently on a graduation tour for Naval cadets. It is valued at about $10 to $15 million.

and argentina could send a hit squad and make sure paul singer never sees the next light of day.

now you know who buys armored lincolns and never leave their offices without 2 bodyguards.

thats a cheap low ball tactic, bribing the ghana government to seize another vessel.

now all argentina has to do is pay the ghanian government to rule in its favor and get the ship back.

Originally posted by grey580
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In a new low this Vulture fund has seized a Argentine naval vessel. I don't even see how this can be possible. Naval vessels, even if sunk 100 years ago, are still property of their respective governments.

Isn't this like close to an act of war? If I was Argentina I would wait till the ship was out at sea and recapture it. By force if necessary.

Let's say you come to me and ask to borrow $1,000. I say "OK" and give you the $1,000 expecting to be paid back according to the terms of our agreement. Subsequent to this agreement, signed by both you and me, you come back and say you are "restructuring" your debt load and that means you are only going to give me back $300 on that $1,000 loan. You've done this is an arbitrary manner without even consulting me and when I object and say I want the whole $1,000, you call me a "vulture."

In effect you stole my $700, yet you have the unmitigated gall to call ME a vulture? You are a thief. You committed fraud. You defaulted on our agreement, then you call me a criminal? And now you threaten me with force?

Amazing.

reply to post by schuyler


Dead on...Fire for effect.

This was precisely the argument I was going to make.

reply to post by schuyler


Well that sort of thing happens all the time.
Bankruptcy.

I don't know all the facts in the case. And I don't know if they went to court or not.
However the company was certainly free to take Argentina to court. Or negotiate in another way.

At least they were paying something. And the company can write off the loss on their taxes.

To me this was a dirty trick to play.

reply to post by grey580


It is called repossession or foreclosure. Happens all of the time. Argentina should just pay what it owes.

I have to live up to my obligations and so should Argentina. I give them a big hell yeah ! go and reposes it, I sure would. Not my problem if you cant pay for whatever reason. If you owe me I will come get it !