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

[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.

[Oztrich Boy]

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

[1rudeboy]

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

[Smokin' Joe]

bfl

[Uncle Chip]

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.

[skinkinthegrass]

Arrrrrrrggghhhhhhhhh...
hang 'em all from the yardarm!
(Argentinians, "Don't cry for me, Argentina") and
while your @ it; the Pirates from Wash. D.C.

[Oldexpat]

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.