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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Famous quotes containing the words vulture, latin and/or america:
“It disturbs me no more to find men base, unjust, or selfish than to see apes mischievous, wolves savage, or the vulture ravenous for its prey.”
—Molière [Jean Baptiste Poquelin] (1622–1673)
“Whither goest thou?”
—Bible: New Testament Peter, in John, 13:36.
The words, which are repeated in John 16:5, are best known in the Latin form in which they appear in the Vulgate: Quo vadis? Jesus replies, “Whither I go, thou canst not follow me now; but thou shalt follow me afterwards.”
“I have, indeed, even omitted facts, which, on account of their singularity, must in the eyes of some have appeared to border on the marvelous. But in the forests of South America such extraordinary realities are to be found, that there is assuredly no need to have recourse to fiction or the least exaggeration.”
—J.G. (John Gabriel)