Posted on 08/25/2014 7:14:20 PM PDT by mgist
Monday, August 25, 2014 Investor Soros sues BONY for unpaid Argentina bonds
Billionaire United States investor George Soros and Kyle Bass, the founder of hedge fund Hayman Capital Management, have opened a lawsuit against the Bank of New York Mellon (BONY) for failing to distribute 226 million euros in Argentine bonds to creditors.
According to a report from Bloomberg, the litigation was initiated due to the BONY's refusal to pass on to bondholders a payment made by Argentina on June 26, which was blocked by a ruling from New York judge Thomas Griesa as part of the dispute with holdout investors.
“They failed to transfer the euro funds in accordance with their trust obligations,” Bass said in an interview today.
“Our interest payment is governed by UK law, which hasn’t ruled on this. Until there’s a similar injunction in the UK, they owe us our interest payments.”
The bank, named as the official agent for the distribution of Argentine debt payments in New York, also face legal action from Brazil.
Administrators of a postal workers' pension fund from that country have frozen a BONY account worth 87 million dollars, as part of a legal action which demands compensation for the losses suffered by the fund's holdings. The administrators allege that those losses were caused by the bank's handling of the dispute.
On August 5, the Brazil Sovereign II account lost 51 percent of its value, according to a report to regulatory authorities cited by the Folha newspaper.
Administrator Postalis claims that the bank supplied the fund with credit-linked securities bonds, titles which allow greater profits than conventional bonds but with greater losses in the case of a default.
Due to the non-payment of Argentine interest services, the fund's assets dropped from 197.9 to 185.5 million Reales.
You shouldn’t jump to hasty conclusions. Give him time.
They probably need to contact the Bank of England. I’m sure those interest payments are sitting there and available under UK law.
Send Eric Holder to Argentina to collect the payments. And keep him there until it is paid in full.
Funny you should mention The Bank of England (Rothschild)
Rockefeller and Rothschild Joined Forces in 2012.
http://www.forbes.com/sites/lauriebennett/2012/05/30/the-rockefellers-and-the-rothschilds-make-a-deal/
I don’t know if the accusations of the Rothschild’s controlling The Federal Reserve, is true or not, but the fact that Obama secretly handed out 29$ Trillion( http://www.cnbc.com/id/45674390) to banks without the media even blinking tells me these bankster are who Obama is beholden to.
Who Owns the Federal Reserve Bank of New York?
http://www.usagold.com/federalreserve.html
Each of the twelve Federal Reserve Banks is organized into a corporation whose shares are sold to the commercial banks and thrifts operating within the Bank’s district. Shareholders elect six of the nine the board of directors for their regional Federal Reserve Bank as well as its president. Mullins reported that the top eight stockholders of the New York Fed were, in order from largest to smallest as of 1983, Citibank, Chase Manhatten, Morgan Guaranty Trust, Chemical Bank, Manufacturers Hanover Trust, Bankers Trust Company, National Bank of North America, and the Bank of New York (Mullins, p. 179).
Together, these banks owned about 63 percent of the New York Fed’s outstanding stock. Mullins then showed that many of these banks are owned by about a dozen European banking organizations, mostly British, and most notably the Rothschild banking dynasty. Through their American agents they are able to select the board of directors for the New York Fed and to direct U.S. monetary policy. Mullins explained,
I’m hoping that someday soon Ole’ George will get to know the meaning of the word ‘fisting’ in prison.
Isn't Argentine trying to renege on their agreed contract?
Argentina is attempting to force the bondholders to accept pennies on the dollar value of the bonds by playing the bondholders against each other to settle for less than the full value of the bonds. The bondholders holding out for the full value promised by Argentina to settle its previous default on its bonds secured the loans by Argentina’s promise to put any future additional default beyond Argentina’s sovereign immunity. Argentina nonetheless defaulted again, and now Argentina insists upon asserting its sovereign immunity again despite having waived the right in the bond contract to prevent this situation from occurring again. Soros wants to make a profit from buying the Argentine debt for a fraction of its value and receiving partial payment large enough to give him a profit on the deal, even at the great expense of the original bondholders who are severely damaged by such fractional payments. The U.S. Federal Court has decided to prohibit any such partial repayments to settle the Argentine debt to preserve the original terms of the contract wherein Argentina waived its right to use sovereign immunity to escape the full repayment of the obligations as promised. Soros is now trying to help the Argentines to evade compliance with the court order in order to make himself a tidy profit from speculating on trades of the Argentine debt.
I guess fugitives from the law can still sue.
Thanks for the explanation. I thought it odd that I was actually agreeing with Soros, so thanks for explaining his nefarious schemes. Same old crooked snake as he ever was.
Oh he’s probably right. Anything that costs this man money, gets a big thumbs up from me though.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.