Skip to comments.Pirate of the Caribbean: Billionaire New York hedge funder seizes Argentine navy's $10m flagship
Posted on 10/05/2012 12:45:27 PM PDT by Uncle Chip
If pirating didn't work out, Capt. Jack Sparrow would perhaps have made a savvy hedge fund manager.
A New York hedge fund boss is being dubbed a real pirate of the Caribbean after seizing the flagship of the Argentinian navy in an attempt to settle some of the country's huge debt.
Billionaire Paul Singer took control of the tall ship the A.R.A. Libertad with a court order in Ghana this week.
The triple-mast frigate, which stopped in the African country as it trained naval cadets, is valued at $10 million and is the ceremonial flagship of the Argentine fleet.
The bounty: Argentina's naval flagship the A.R.A. Libertad is valued at $10 million but that's only a fraction of the billions owed
Singer's Elliot Management Corp. owns $1.6 billion of Argentine debt, a drop in the ocean of the country's record $95 billion default in 2001.
Singer reportedly monitored the course of the ship as it sailed around world waiting for a chance to strike, according to the New York Post.
(Excerpt) Read more at dailymail.co.uk ...
The people of the Falklands can rest safe knowing that this scourge of the seas is at bay.
Arrgggh. Good man. Dock it in London and turn it into a restaurant.
Thats actually kind of cool.
:: Billionaire Paul Singer took control of the tall ship the A.R.A. Libertad ::
I thought...must be a George Soros vessel if it named the “Libtard”.
I would advise him not to sail this past any Argentine battleships in international waters.
Wonder when the Hispano-Racist response from the Argos is coming....will the Brits get blamed, anyway?
lol. This is hardly a modern warship.
The Argentine government loves this stuff, they can use it to whip up a frenzy and get peoples minds off their wallets and stomachs.
No, but like most vintage collectibles it will hold its value.
This falls under the Second Amendment right to bear arms.
“A New York hedge fund boss is being dubbed a real pirate of the Caribbean...”
Umm, neither Ghana, nor Argentina, nor New York are on the Caribbean.
by Michael Bolton and Lonely Island
(warning: bad language)
No. And she is not a “Frigate” either, although it is ship rigged having square sails on all three masts. She was purpose built as a school ship.
What a beautiful ship.
This hedge-funder could make one hell of a private yacht out of her.
Didn’t the Royal Navy send most of those to Davey Jones’ Locker?
She is a white elephant! The cost to maintain her and crew her make her a burden to anyone who owns her. She may be pretty, but it takes a lot of people to sail her, and they have to be fed and berthed and paid.
Maybe he can figure a way to have tourists pay to do the hard crew work.
Three masts square rigged, with mizzen topsails. It’s a full rigged ship, not a barque
Thanks. As soon as I typed it, I figured I was probably incorrect. The use of “frigate” set me off.
And even if Argentina pays the bounty, Singer can seize the ship again and again until their debt is paid. There may be a mutiny on that bounty.
Great story. Another socialist utopia trying to stiff it’s creditors. The ship, however is a total liability, probably consumes it’s value in upkeep every year.
Let the crew fly home and then tow it out and sink it. Let is join the Belgrano in a watery grave.