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Pirate of the Caribbean: Billionaire New York hedge funder seizes Argentine navy's $10m flagship
The Daily Mail Online ^ | October 5, 2012 | Daily Mail Reporter

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 ...


TOPICS: History
KEYWORDS: argentina; billionaires; maritime

1 posted on 10/05/2012 12:45:37 PM PDT by Uncle Chip
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To: Uncle Chip

The people of the Falklands can rest safe knowing that this scourge of the seas is at bay.


2 posted on 10/05/2012 12:47:45 PM PDT by MeganC (Our forefathers would be shooting by now.)
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To: Uncle Chip

Arrgggh. Good man. Dock it in London and turn it into a restaurant.


3 posted on 10/05/2012 12:48:12 PM PDT by dead (It ain't over until the phone lady sings.)
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To: Uncle Chip
protip: when you owe someone $1.6B, don't sail your bark into a foreign port
4 posted on 10/05/2012 12:54:05 PM PDT by 1rudeboy
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To: Uncle Chip

Thats actually kind of cool.


5 posted on 10/05/2012 1:06:31 PM PDT by Wyrd bi ful ard
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6 posted on 10/05/2012 1:11:33 PM PDT by Rio (Tempis Fugit.)
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To: Rio
Under sail

7 posted on 10/05/2012 1:12:46 PM PDT by Rio (Tempis Fugit.)
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To: Uncle Chip

:: 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”.


8 posted on 10/05/2012 1:24:18 PM PDT by Cletus.D.Yokel (Catastrophic Anthropogenic Climate Alterations - The acronym explains the science.)
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To: Uncle Chip

I would advise him not to sail this past any Argentine battleships in international waters.


9 posted on 10/05/2012 1:25:06 PM PDT by CommerceComet (Obama vs. Romney - clear evidence that our nation has been judged by God and found wanting.)
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To: Uncle Chip; All

Wonder when the Hispano-Racist response from the Argos is coming....will the Brits get blamed, anyway?


10 posted on 10/05/2012 1:28:17 PM PDT by SeminoleCounty (Political maturity is realizing that the "R" next to someone's name does not mean "conservative")
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To: MeganC

lol. This is hardly a modern warship.


11 posted on 10/05/2012 1:40:19 PM PDT by GeronL (http://asspos.blogspot.com)
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To: SeminoleCounty

The Argentine government loves this stuff, they can use it to whip up a frenzy and get peoples minds off their wallets and stomachs.


12 posted on 10/05/2012 1:42:05 PM PDT by GeronL (http://asspos.blogspot.com)
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To: GeronL

No, but like most vintage collectibles it will hold its value.


13 posted on 10/05/2012 1:51:55 PM PDT by buwaya
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To: Uncle Chip

This falls under the Second Amendment right to bear arms.


14 posted on 10/05/2012 1:54:10 PM PDT by bunkerhill7 (yup-Who knew??)
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To: Uncle Chip

“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.


15 posted on 10/05/2012 1:54:21 PM PDT by Boogieman
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To: Uncle Chip

“Jack Sparrow”
by Michael Bolton and Lonely Island
(warning: bad language)
http://www.youtube.com/watch?v=GI6CfKcMhjY


16 posted on 10/05/2012 2:02:06 PM PDT by Jack Hydrazine (It's the end of the world as we know it and I feel fine!)
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To: GeronL

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.


17 posted on 10/05/2012 3:53:35 PM PDT by Chuckster (The longer I live the less I care about what you think.)
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To: Rio

What a beautiful ship.

This hedge-funder could make one hell of a private yacht out of her.


18 posted on 10/05/2012 4:25:53 PM PDT by Emperor Palpatine ("On the ascent of Olympus, what's a botched bar or two?" -Artur Schnabel)
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To: CommerceComet

Didn’t the Royal Navy send most of those to Davey Jones’ Locker?


19 posted on 10/05/2012 4:26:01 PM PDT by Emperor Palpatine ("On the ascent of Olympus, what's a botched bar or two?" -Artur Schnabel)
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To: Emperor Palpatine; All

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.


20 posted on 10/05/2012 5:24:31 PM PDT by marktwain
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To: 1rudeboy

Three masts square rigged, with mizzen topsails. It’s a full rigged ship, not a barque


21 posted on 10/05/2012 7:19:20 PM PDT by Oztrich Boy (Monarchy is the one system of government where power is exercised for the good of all - Aristotle)
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To: Oztrich Boy

Thanks. As soon as I typed it, I figured I was probably incorrect. The use of “frigate” set me off.


22 posted on 10/05/2012 7:22:46 PM PDT by 1rudeboy
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To: Uncle Chip

bfl


23 posted on 10/05/2012 9:54:10 PM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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To: Cletus.D.Yokel

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.


24 posted on 10/06/2012 5:11:19 AM PDT by Uncle Chip
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To: Uncle Chip; All
Arrrrrrrggghhhhhhhhh...
hang 'em all from the yardarm!
(Argentinians, "Don't cry for me, Argentina") and
while your @ it; the Pirates from Wash. D.C.

25 posted on 11/23/2012 9:06:42 AM PST by skinkinthegrass (Anger a Conservative by telling a lie; Anger a Liberal by telling the truth....RWR 8-)
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To: Uncle Chip

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.


26 posted on 11/23/2012 9:07:06 AM PST by Oldexpat
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