Billionaire Buccaneer Seized Argentinian Navy's Flagship Over Unpaid Debt

What do you do when a sovereign nation refuses to pay its debt to you? Most people wouldn't, couldn't do anything ... but not billionaire Paul Singer.

He decided to play pirate:

A billionaire buccaneer from Wall Street declared war on Argentina yesterday, seizing the flagship of its navy in a decades-long battle over the country’s bonds, which sank in a 2001 financial collapse. [...]

Sources said Singer has been following the course of the tall ship as it sailed around the world, carrying more than 200 people, including about 70 cadets in training.

He thought the courts in Ghana would be the most sympathetic, and they were. A judge there ordered the ship held until Argentina posts a bond for an undisclosed amount of money. [...]

The change of command in Africa was not a happy ceremony. “It’s impossible to imagine then that one of the most important symbols of the Argentine navy would be detained at the port of Tema, Ghana, over a judicial order,” fumed Capt. Carlos Alievi.

Kaja Whitehouse of the NY Post has the story: Link


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