The vulture funds offer to repatriate the crew of the Frigate
Friday, October 19, 2012
By Ana Baron
(WASHINGTON) NML Capital Limited, the vulture fund that requested and obtained from the Ghana courts the detention of the Frigate Libertad in that country, offered to the Argentine government to pay the travel expenses of the members of the crew, be they Argentine or foreigners, who want to return to their respective countries.
The offer was made in a letter signed by the attorney representing NML, Ace Anan Ankomah, to the attorney representing Argentina, Larry Otoo. Dated October 15, the text, which Clarin had access to, was sent with a copy to the ministers of Foreign Relations, Justice and Defense of Ghana and the chief of the office of the president of that country, Osu Castle.
Clarín tried to obtain Argentina’s position on this offer and all that is happening in Ghana, without success. Despite repeated calls to the person in charge of press at the Argentine mission to the United Nations, Gustavo Rutilo, asking for an interview with Foreign Minister Hector Timerman, and a long wait at the exit to the General Assembly of the UN, where the entry by Argentina to the Security Council was voted on, the minister opted for silence yesterday.
In the letter which Clarin had access to, Ankomah explains that the fund NML instructed him to make the offer, while Argentina did not accept to pay the bail of US$20 million set for the ship to be able to leave the port of Tema, in the outskirts of Accra, the Ghanaian capital.
This bail was established at part of the order that was given by commercial judge Richard Adjei Frimpong in detaining the Frigate on October 2. The last paragraph of the decision from the judge where that order is found says that the Argentine insignia ship will be held in the port “at least until the accused (the Argentine Republic) provides an acceptable insurance (which is to say, bail money) that is acceptable in this court or any competent court in Ghana to satisfy the demand of the plaintiff against the defendant.” The amount of the bail would have to be agreed to between the parties.
The letter contains a chronology of attempts made by Ankomah to establish a dialogue with Argentina’s attorney, Larry Otto.
On October 5, according to the letter, Ankomah sent the first letter to Otoo saying that his client wanted a bail of US$20 million, which is to say, “less than 5%” of the US$284 million plus interest stipulated in the ruling that NML is trying to collect for Argentine bonds in default that it refused to restructure. The attorney recalled also that, according to the judge’s order, if Argentina pays that amount, the Frigate Libertad can immediate depart the port of Tema. The Argentine state did not respond to that letter.
On October 12, one day after Judge Richard Adjei Frimpong declared that the order of detention of the Frigate is legal, Ankomah tried again to contact Otoo. This time, he sought to connect by telephone. He insisted that he wanted to talk about the bail money. Otoo responded that he would call back if Argentina instructed him to. Until October 15, Otoo had not returned the call. That same day, NML decided to offer to pay for the return of the sailors despite that silence, most likely hoping that Argentina would change its opinion.
“Our client has shown us the press reports expressing concern for the sailors of other nationalities that are aboard the ARA Libertad,” says Ankomah in the letter of October 15, adding that NML had said that it has no intention of creating problems. “Thus, in the absence of a bail payment, NML is prepared to pay the flight expenses of any sailor to their respective native countries, immediately,” the letter ends.
La Nacion
The vulture fund offers to repatriate the sailors, but insists on collecting
Friday, October 19, 2012
By Martin Kanenguiser
In a public relations move, the vulture fund NML-Elliott offered Argentina to repatriate the crew of the Frigate Libertad for free, while it again said that, to release the ship, it demands that the country pay a deposit of US$20 million.
In a letter to the law firm that represents NML in Ghana, Bentsi-Enchill, Letsa & Ankomah, sent to Argentina’s legal representative, Larry Otoo, it is said that “the client has no intention of provoking inconveniences” for the crew. For this reason, “even in the absence of a bond, NML Capital can, immediately, pay all the costs for all the sailors to return to their respective countries,” says the letter signed by Ace Anan Ankomah.
This letter – sent with copies to the main officials of the Ghanaian government – dedicates various paragraphs to trying to show good will before the international efforts by Argentina for the Frigate to be released, since it is a sovereign asset of the country.
"We should recall that in its ruling of October 2, the Honorable Court, aware of the possible effect of its order, explicitly gave Argentina the chance to release the Frigate Libertad,” it was explained.
On that, they recalled that NML “does not oppose the ship leaving Ghana if your client deposits a bond of US$20 million.”
The amount, they said, “is reasonable, since it represents less than 5% of the amount claimed by our client in the court” of the United States, together with Dart, the other fund, which is legally domiciled in a tax haven.
Both have obtained dozens of rulings handed down in American courts and some temporary attachments, like the one executed on the Argentine embassy in France, but they were revoked. For this reason, the decision by the court in Ghana to capture the Frigate was seen as an important victory for its battle to collect 100% of value on the Argentine bonds in default, despite the fact that they bought them for pennies from other creditors.
"We regret that we have still not received a formal response to this offer. Anyway, we note that, as was indicated before the court on October 9, your client does not appear ready to place a bond,” the attorney added.
The litigating attorneys reiterated: “We believe that there is still a chance for Argentina to deposit a bond in the court and obtain the immediate release of the ship.” It would seem, until yesterday afternoon, the law firm that represents Argentina – subcontracted by the law firm Cleary, Gottlieb, Steen & Hamilton in New York – hadn’t responded to this letter from NML.
An attorney from Cleary, which represents Argentina abroad, traveled twice this month from New York to Accra to participate in the complex legal strategy on the case.
Cleary also is waiting for the crucial decision that must be issued by a court of appeals in New York around the case of “pari passu” by which Argentina already received a negative sentence in the lower court. The source indicated that it’s possible that the court would rule against the legitimacy of the “locked-shut law” which prohibits negotiation with the holdouts, which could oblige the rethinking of all the payment of bonds that have been paid since the swaps to exit the default of 2005 and 2010.
MercoPress
Friday, October 19, 2012
According to reports from Accra, the Ghana government sided with Argentina in the case requesting the release of the vessel, impounded by the US NML hedge fund, however the High court in trade issues headed by magistrate Richard Agyei-Frimpong ruled in favour of the plaintiff and the vessel remains in the port of Tema.
Allegedly during last week’s hearing when magistrate Agyei-Frimpong confirmed the impound, an officer from the Ghana Foreign Affairs ministry presented what is known as a ‘amicus curare’ so that the Accra government could testify in support of the release of ARA Libertad.
The Ghanaian officer said ARA Libertad was a war vessel and thus enjoys diplomatic immunity, following the Argentine argument. However the magistrate said that Argentina yielded immunity over the mast vessel from the moment it issued bonds currently held by the plaintiffs.
The Wall Street Journal
Friday, October 19, 2012
By Emily Schmall
BUENOS AIRES — Argentina’s military intelligence director resigned Thursday, the latest casualty in a dispute between Argentina and an American hedge fund over ownership of an Argentine Navy training vessel that is impounded at a port in West Africa.
The departure of María Lourdes Puente Olivera, a civilian and the first woman to lead the intelligence agency, comes two days after the resignation of Argentina’s navy chief and the suspension of two other highly placed navy officials. Those events came amid a Defense Ministry investigation into a last-minute change to the vessel’s itinerary, which had it stop in Ghana rather than Nigeria, as originally planned.
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