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offsite link North Korea Increases Aid to Russia, Mos... Tue Nov 19, 2024 12:29 | Marko Marjanovi?

offsite link Trump Assembles a War Cabinet Sat Nov 16, 2024 10:29 | Marko Marjanovi?

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The Saker
A bird's eye view of the vineyard

offsite link Alternative Copy of thesaker.is site is available Thu May 25, 2023 14:38 | Ice-Saker-V6bKu3nz
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offsite link The Saker blog is now frozen Tue Feb 28, 2023 23:55 | The Saker
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Lockdown Skeptics

The Daily Sceptic

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The Daily Sceptic's Christmas Appeal launches today ? an opportunity for readers to show their appreciation of the work we do. Remember, donating just ?5/month or ?50/year will give you access to a range of premium perks.
The post The Daily Sceptic Christmas Appeal appeared first on The Daily Sceptic.

offsite link News Round-Up Mon Dec 23, 2024 01:12 | Richard Eldred
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offsite link Staff at ?100 Million Alan Turing Institute Attack ?Chaotic? Management Amid Diversity Row Sun Dec 22, 2024 19:00 | Richard Eldred
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offsite link ?Our Irish Leaders Have Contributed to Hatred Against Jews? Sun Dec 22, 2024 17:00 | Richard Eldred
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The post ?Our Irish Leaders Have Contributed to Hatred Against Jews? appeared first on The Daily Sceptic.

offsite link ?Grocery Tax? to Hike Britons? Shopping Bills by ?56 in Labour Net Zero ?Inflation Boost? Sun Dec 22, 2024 15:00 | Richard Eldred
Labour's "grocery tax" is set to punish British families, slapping an extra ?56 onto their shopping bills and driving up inflation, all in the name of Net Zero.
The post ?Grocery Tax? to Hike Britons? Shopping Bills by ?56 in Labour Net Zero ?Inflation Boost? appeared first on The Daily Sceptic.

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Voltaire Network
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offsite link Voltaire, International Newsletter N?113 Fri Dec 20, 2024 10:42 | en

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offsite link Voltaire, International Newsletter N?112 Fri Dec 13, 2024 15:34 | en

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Supreme Court Decides to Hear Argentine Objection to Predatory Hedge Funds Targeting Argentine Assets Outside of United States

category international | miscellaneous | news report author Monday January 13, 2014 19:05author by Arielle Retrosi Report this post to the editors

The Supreme Court will review a lower court's order for banks to give information on Argentine assets, including those assets held outside of US jurisdiction, to a group of hedge funds seeking to collect from Argentina's 2001 default. Additionally, the High Court will review if it is legal for these predatory hedge funds to target assets for collection outside of a US jurisdiction.

The Supreme Court will review a lower court's order for banks to give information on Argentine assets, including those assets held outside of US jurisdiction, to a group of hedge funds seeking to collect from Argentina's 2001 default. Additionally, the High Court will review if it is legal for these predatory hedge funds to target assets for collection outside of a US jurisdiction.

"This is good news for countries around the world. The Supreme Court’s action could make it less profitable for hedge funds to engage in predatory behavior," noted Eric LeCompte, Executive Director of the religious antipoverty campaign, Jubilee USA. "In a few months, the Supreme Court will consider a more important appeal related to this case that will impact the world's poorest countries."

Argentina is expected to appeal to the US Supreme Court by mid-February in response to a US 2nd Circuit Court ruling ordering the country to pay $1.33 billion to predatory hedge funds. The precedent the case sets will hurt poor countries in financial distress and could allow a small group of hedge funds to target assets that benefit vulnerable populations. At the same time, debt holders who restructured their debt with Argentina have hired lawyers to help negotiate the dispute between holdout hedge funds and Argentina. Nearly 93% of debt holders restructured their debt with Argentina after the 2001 default. The majority of bondholders are concerned that their settlements could be disrupted if hedge funds win the final ruling.

"We agree with the concerns of the restructured bondholders," said Eric LeCompte, "We join the IMF, World Bank and White House in denouncing this extreme hedge fund behavior that takes advantage of the world's poorest people."

Once Argentina appeals to the Supreme Court, interested parties have 30 days to file an amicus or friend-of-the-court brief urging the Supreme Court to accept the case. The Supreme Court would likely decide by the summer whether or not it will actually hear the case. In a separate case currently before the Supreme Court, Argentina sought review of a lower court decision allowing NML Capital to seek information about Argentina's non-US assets. The United States filed an amicus brief in support of Argentina, arguing that Argentina's assets are immune from seizure under federal sovereign immunity law.

These cases go back to 2001, when Argentina defaulted on roughly $81 billion in debt. Multiple hedge funds purchased debt for pennies on the dollar. These hedge funds are called "vulture" funds because they prey on countries in financial distress and target assets that benefit poor populations. The nearly 93% of bondholders who restructured their debts with Argentina have seen the value of their bonds increase. The holdout hedge funds that are suing Argentina refused the deal several times and have instead sued for the full amount of the debt they purchased.

The opposition to vulture funds is widespread. Similar hedge fund claims against Argentina have been rejected by courts in Germany, and France filed an amicus brief in support of Argentina in a previous appeal to the Supreme Court. In lower court proceedings, the US government filed an amicus brief in support of Argentina, arguing that a ruling against Argentina could make it much more difficult for countries in financial recovery or facing economic stress to access credit and debt swaps. The IMF has also weighed in on the case, saying that the result would have major implications for how future sovereign debt is restructured.

"It's rare that we see such a global consensus rejecting this predatory hedge fund behavior. These hedge funds hurt legitimate investors and poor people," noted LeCompte.

Jubilee USA Network is an alliance of more than 75 US organizations, 300 faith communities and 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

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