Friday, 19 September 2014
Last updated 3 hours ago
Oct 8 2012 | 12:08pm ET
The flagship of Argentina's navy remains firmly stuck at anchor after Ghanian officials refused to release it on Friday.
The ARA Libertad was seized on a visit to the West African nation last week after an affiliate of Elliott Associates, which has been battling Argentina over the country's debt default a decade ago, convinced a Ghanian judge to seize the vessel. A court hearing is set for tomorrow.
Argentina, which predictably reacted furiously to the seizure, requested the hearing, at which it will seek the ship's freedom. Ghanian port officials have said they will not release the Libertad from Tema without a court order. The ship is carrying a crew of 220, who remain onboard.
"The vessel has not been seized, but rather detained with its crew on board and they are following their daily routine," the Argentine navy said. "They've been treated very well by the locals."
For its part, NML Capital, the Elliott affiliate, says that Argentina can have its boat back whenever it wants.
"If Argentina pays the bond, the boat is free to go," Ace Ankomah, a lawyer for NML, told the Merco Press. That bond could be in excess of US$10 million.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.