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Billionaire Buccaneer Seized Argentinian Navy’s Flagship Over Unpaid Debt

What
do you do when a sovereign nation refuses to pay its debt to you? Most
people wouldn’t, couldn’t do anything … but not billionaire Paul Singer.

He decided to play pirate:

A billionaire buccaneer from Wall Street declared war on Argentina
yesterday, seizing the flagship of its navy in a decades-long battle
over the country’s bonds, which sank in a 2001 financial collapse.
[...]

Sources said Singer has been following the course of the tall ship
as it sailed around the world, carrying more than 200 people, including
about 70 cadets in training.

He thought the courts in Ghana would be the most sympathetic, and they
were. A judge there ordered the ship held until Argentina posts a bond
for an undisclosed amount of money. [...]

The change of command in Africa was not a happy ceremony. “It’s
impossible to imagine then that one of the most important symbols of
the Argentine navy would be detained at the port of Tema, Ghana, over
a judicial order,” fumed Capt. Carlos Alievi.

Kaja Whitehouse of the NY Post has the story: Link

Post Metadata

Date
October 5th, 2012

Author
Stranger to the World

Category



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