Caught in the battle between hedge fund billionaire Paul
Singer and Argentina, some hedge funds complain that they are being held
hostage Bondholders who agreed to a 70
percent hit as part of Argentina’s debt restructuring are concerned they might
not get paid all they are owed if Singer’s Elliott Management gets its way.
Gramercy Funds Management, one of the bondholders that
agreed to accept 30 cents on the dollar when Argentina defaulted in 2001, said
as much to Manhattan federal court Judge Thomas Griesa yesterday. Elliott had asked the judge to lift a stay that would
require Argentina to pay up to $1.3 billion to Elliott in December, when
Argentina makes payments to other bondholders.
At yesterday’s hearing, Griesa indicated the stay would remain in effect
as long as the appeals process is under way....
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