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Dart fund seeks Argentina debt

| 28/10/2014 | 0 Comments
CNS Business

Kenneth Dart

(CNS Business): EM Limited, a hedge fund founded by billionaire Kenneth Dart, is pushing for US$835 million it is owed by Argentina. A federal judge, backed by the US Supreme Court, ordered Argentina to pay US$1.33 billion plus interest to so-called ‘holdout’ bondholders led by Elliott Management’s NML Capital Ltd and Aurelius Capital Management to continue servicing its restructured debt. Argentina defaulted in July after refusing to honor the court order, sending Argentina into its second default in 13 years.

Now, EM, a fund founded by Ken Dart, who lives in the Cayman Islands where he has rights as a Caymanian, wants the same deal and has asked US District Judge Thomas Griesa to order Argentina to pay it the US$835 million it is owed.

“EM now seeks an injunction from this court that is the same as the injunction that was issued in NML v. Argentina,” EM said in its filing, referring to the Elliott-Aurelius case.

Argentina has refused to pay the holdouts, which it calls vulture funds after they refused Argentina’s past restructurings, which resulted in exchanges for about 92 per cent of the country’s defaulted debt. Investors who accepted Argentina’s terms were paid less than 30 cents on the dollar on average.

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Category: Finance, Financial Services

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