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A subsidiary of Elliott Capital Management seized the Libertad in a Ghanian port on Sept. 2, after it gained an injunction from a local court to hold the ship and its 200 crew members there. The fund is attempting to collect money it lost when Argentina restructured its debt after a $100 billion default in 2001, cutting payouts down to 30 cents on the dollar. The boat is a 100-meter long tall sailing ship, built in the 1950s as a training vessel for the Argentine nation and currently on a graduation tour for Naval cadets. It is valued at about $10 to $15 million.
Originally posted by grey580
In a new low this Vulture fund has seized a Argentine naval vessel. I don't even see how this can be possible. Naval vessels, even if sunk 100 years ago, are still property of their respective governments.
Isn't this like close to an act of war? If I was Argentina I would wait till the ship was out at sea and recapture it. By force if necessary.