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Billionaire Hedge Fund’s Naval Prize Nabs 1% of Payday

Bloomberg – For all the embarrassment billionaire Paul Singer caused Argentina by seizing one of its navy ships, the biggest triumph in a decade-long dispute brings him just 1 percent closer to recouping his $1.6 billion claim.

The hedge fund manager still lacks the leverage to compel the government to settle, even after Argentina sought help from the United Nations, evacuated part of the 326 member crew and fired the head of its navy since Ghana impounded the training vessel on behalf of Singer on Oct. 2, according to Anna Gelpern, a professor at Georgetown University. Singer, who owns debt from Argentina’s $95 billion default, rejected two restructuring offers that paid investors 30 cents on the dollar and is seeking to force the South American country to repay in full.

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