El Cronista The government will hire two New York law firms against the vulture funds

Argy will New Yorker Anwälte beauftragen ihr Segelschulschiff Libertad in Ghana zu befreien...cgsh hat GRI bei der ZwangsCACerei beraten und wird unser "Gegner" bei den Klagen in Deutschland sein

El Cronista

The government will hire two New York law firms against the vulture funds

 

Tuesday, October 16, 2012

 

By Carlos Arbia

 

The government is evaluating hiring the two law firms that are based in New York but with operations in the main capitals of the world to seek a solution to the attachment of the Frigate Libertad.  They are Cleary Gotieb Steen & Hamilton, and Sullivan & Cromwell, those that have defended Argentina’s position on possible attachments by the vulture funds that didn’t enter the two swaps that allowed the country to normalize 96% of the total debt in default since 2001.

 

This is the case put forth before the Ghana Supreme Court by the vulture fund NML, owned by businessman Paul Singer, one of the main donors to the campaign of Republican candidate Mitt Romney in the United States.  Already in that country the Supreme Court rejected in July an appeal by two vulture funds against a decision by the New York Court of Appeals that had been favorable to the Central Bank (BCRA) and Argentina and which lifted an attachment of US$100 million ordered in 2005 by Judge Thomas Griesa.

 

This case was initiated in December 2005 when EM Ltd., (a company of the Cayman Islands, controlled by Kenneth Dart) and NML Capital Ltd., (a company from the Cayman Islands controlled by Elliott International LP) attached approximately US$100 million that the BCRA had deposited in the Federal Reserve Bank of New York.

 

On April 7, 2010, District Judge Thomas P. Griesa sided with the attachment of those funds, based on the theory of alter ego, from which the Central Bank and the Argentine Republic appealed.  The two vulture funds in questions – EM and NML – appealed that decision, unsuccessfully, to the U.S. Supreme Court.

 

The demand before the Ghana court is for US$283,913,765.63, plus interest accumulated annually for US$91,782,679.66 as of October 1 of this year.   That means a daily interest of US$49,071.03.