Elliott Seeks Second Argentine Naval Vessel In Africa

Nov 2 2012 | 2:21am ET

Elliott Associates is going to take as much of the Argentine navy as it can get its hands on.

Less than a month after seizing—and holding onto—the navy's flagship vessel in Ghana, Elliott affiliate NML Capital has turned its attention to another Argentina naval ship in South Africa. The hedge fund has hired a major South African law firm in an attempt to impound the ARA Espora, which is undergoing repairs in Simonstown.

While the ARA Libertad remains stuck in Ghana, Elliott hopes to boost its navy to two ships with the addition of the Espora. That ship had been in the region for joint naval exercises with South Africa, Brazil and Uruguay.

Argentina, which has prepared for a legal battle, cannot simply sail the Espora out of Simonstown due to its mechanical problems. Repairs could take as long as two months.

Argentina has reacted furiously to the seizure of the Libertad, which it was forced to evacuate last month after Ghanian courts refused to free the ship.


In Depth

MiFID2 For U.S. Firms: Key Questions Answered

Feb 27 2017 | 4:54pm ET

The January 2018 deadline for implementation of the EU’s mammoth MiFID2 regulations...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

iCapital Network: The Trump Effect On Direct Lending

Feb 23 2017 | 4:21pm ET

The arrival of the Trump Administration has raised questions among private debt...

 

From the current issue of