A lot of people will be watching Ghana’s Supreme Court tomorrow, which is not something that can be said everyday. Then again, it’s neither a common occurrence for a hedge fund to impound a sailing vessel used for training by a sovereign navy.
That’s what happened last week when an affiliate of Paul Singer’s hedge fund Elliott Associates asked the Ghanaian government to prevent the ARA Libertad, a tall ship owned by Argentina,from leaving the port of Tema. The cause of that bizarre action? NML Capital, the Elliott affiliate, wants the South American nation to make good on bonds issued before its $95 billion default in 2001. Read More