Argentina rejects hedgie’s $20M in ransom for ship

Argentina is refusing to pay the $20 million in ransom that New York hedge fund honcho Paul Singer is demanding in exchange for releasing the country’s premier naval vessel. At a court hearing today in Ghana, where Singer’s lawyers are holding the ARA Libertad hostage, a lawyer for Argentina argued that Singer had no right to detain the ship because it’s a military vessel and immune from seizure. Singer, the head of hedge fund giant Elliot Management, is seeking to recoup some of the $600 million in bonds he purchased as Argentina was headed for default in 2001....… Read more at http://www.nypost.com/p/news/business/argentina_rejects_singer_in_ransom_2dopDeU8S34wEZTK8dkXYO