Argentine holdout creditors reach $5 billion deal in bond dispute, lawyer for NML and Aurelius says.

[forest444]

Creditors fighting Argentina in US courts for more than a decade over defaulted debt have reached a $5 billion agreement to settle the dispute, a lawyer representing the investors said on Wednesday.

"We have had an agreement on economic terms with Argentina since Thursday," Matthew McGill, a lawyer representing lead holdout creditors Elliott Management and Aurelius Capital Management said in a hearing before a US Federal Appeals court in Manhattan.

McGill called it a "$5 billion transaction" but then added the parties needed more time to finish the deal.

At: http://buenosairesherald.com/article/209425/argentine-holdout-creditors-reach-$5-billion-deal-in-debt-dispute-lawyer-says
___________________________________

Paul Singer's NML (Caymans) and Aurelius (London) - suspected launderers of billions in dirty money - are getting $5 billion for bonds that, between the two, cost them no more than $150 million or so (a 3,000% return). Nice work if you can get it.

Narco Rubio's definitely happy: Paul Singer's his principal bankroller. So is Argentina's Macri, who I'm sure was well compen$ated for sweetening the deal by three fold at the last minute.

[Judi Lynn]

1. What a shame. Looking forward to the downfall of these dirtballs. n/t

[forest444]

3. If Anonymous could leak their client list, it would look like a episode of Narcos (plus Mitt Robmey)

To recap: they're getting 3 times more than their own demands, 4 times more proportionately than the other holdouts that recently collected, 15 times more than the bonds' market value, and at least 40 times more than what they actually paid. That's what often gets missed - on purpose - in these conversations.

Those bonds were bought (from resellers, not Argentina) for $48 million in the case of NML and a similar amount in the case of Aurelius. The market value of said bonds - which is all they're legally entitled to - is around $300 million. That offer, btw, stood until the last day of the Fernández de Kirchner administration - a concession in itself since holdouts aren't legally entitled to anything at all.

This excludes CDS insurance payouts of least $400 million NML and Aurelius already collected in 2014.

$5 billion is three times what NML and Aurelius themselves considered the "full amount" due to them (face value, plus 15% annual interest - a formula of their own creation) because Macri simply sweetened the deal at the last minute - for a juicy bribe no doubt.

And to whose benefit? Drug money laundries, one which is also a TARP baby that collected $12 billion by holding GM hostage (in the same way they did Argentina's legitimate bondholders).

Nice work if you can get it, right?

[Judi Lynn]

4. It doesn't even seem possible that this could happen in this world, or any other.

Argentina is NOT responsible for allowing these filthy scum to make out like bandits, the people have NO obligation to give them their hard-earned tax money while they rape them. Pure evil.

Like your expression "TARP baby." Very appropriate.

[center]

[/center]

[Bacchus4.0]

2. Argentina is responsible for meeting its debt obligations

It doesn't matter really who the bond holders are. They are still getting out from paying the full amount of what they owe.