Skip to comments.Billionaire Paul Singer A Victory Over Argentina
Posted on 06/16/2014 10:06:19 AM PDT by Citizen Zed
Billionaire Paul Singer defeated the nation of Argentina today when the U.S. Supreme Court upheld a lower court ruling allowing a subsidiary of his Elliott Associates hedge fund to dig into Argentinas bank records in search of assets to seize in compensation for some $2.5 billion in defaulted bonds and interest.
Rejecting arguments by both Argentina and the U.S. government that a federal law prohibits courts from compelling discovery against a sovereign nation, the Supreme Court in Republic of Argentina vs. NML Capital said theres nothing wrong with seeking such information even if some of it cant be used. The Foreign Sovereign Immunities Act, which sets out the limits of seizing assets from foreign countries, says nothing about the court-ordered factfinding process known as discovery, the Supreme Court said.
(Excerpt) Read more at forbes.com ...
It’s going to being an even bigger shock when the creditors go after the US Government. Maybe they can garnish Barky’s pension.