Vulture Funds in Latin America
On October 2, 2012, NML Capital, a vulture fund based in the Cayman Islands, which held Argentine debt not included in Argentine debt restructuring, impounded the Libertad, an Argentine Navy training ship in Tema, Ghana. The court in Ghana held that Argentina had waived sovereign immunity when it contracted the sovereign debt being enforced. NML is a subsidiary of Elliott Associates, a hedge fund based in New York City founded by Paul Singer. There is also some doubt that the ship could have been considered an otherwise immune military asset since part of its "good will" visits to Africa included commercial negotiations, which would have negated Argentine claims that the unarmed school-ship was purely military.
Paul Singer already charged in 1995 $ 65 million to Republic of Perú with an inversion of just $ 5 million. Besides, Kenneth B. Dart, who runs the vulture found Dart Management, claims $ 650 million in a lawsuit against Argentina both Dart and Singer, among others, do not accepted the Argentine debt restructuring offers in 2005 and 2010 and represent the 7% percent of Bond holders.
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