A lawyer for the Argentina navy told a court in Ghana it would not pay Elliott Management $20 million for the release of the ARA Libertad, a training vessel used by the South American country’s navy. Elliott, the hedge fund managed by Paul Singer, seized the sailing ship last week in attempt to make good on defaulted Argentinean debt. Argentina said the ship couldn’t be seized because it was a military vessel, according to The New York Post.
Goldman Sachs is lobbying the government to exempt investment vehicles known as credit funds from the Volcker rule, The Journal reports. If lobbying fails, the firm may be preparing for a game of a “Whac-A-Mole” as it devises strategies to dodge regulators.
An oil discovery in the Celtic Sea may offer salvation for the Irish economy!
Gold mining offers hope for Greece!
A list of nearly 2,000 Greek’s with Swiss bank accounts has gone missing as the nation’s political system devolves into “tragedy with elements of low comedy.”
Leon Black, the chief executive of Apollo Global Management and the presumed buyer of Edvard Munch’s “The Scream” for $120 million in May, acquired the high-end art book publisher Phaidon as a personal investment, according to The Times.
Third Point, the hedge fund founded by Dan Loeb, financed Penske Media’s acquisition of Variety. Marc Lasry’s Avenue Capital and Ron Burkle were said to be underbidders.
Some finance professors sent out an anonymous survey to chief financial officers of publicly traded companies. About 20 percent said they engaged in legal but aggressive accounting techniques to hit earnings targets.