January 24, 2013
One month from the hearing in the appellate court, a group of 14 Argentines and one Uruguayan, which also have bonds that didn’t enter the exchange, will testify against Argentina. They were accepted as “friends” of the plaintiffs.
In addition to the so-called “vulture funds”, there is a group of citizens that in an individual form acquired debt in 2001 but didn’t accept the restructuring of either 2005 or 2010. Among them are these 15 retirees, residents of New York.
One month from the hearing that will decide the battle between Argentina and the holdouts – the retirees – all retired bondholders – will give a press conference to explain their “experiences of adversity and sacrifice” as well as actions they will take against the national state, with the end of collecting all that is owed on their papers.
While they didn’t reveal details, through a statement this group invited the press next Tuesday. It will be at 10:30 at the Warwick Hotel, under the premise, “Savings of a lifetime evaporated by broken promises of a government.”
The default of 2001 affected some 500,000 individual bondholders, including thousands from Argentina. Since then, many died or accepted the offers of 2005 and 2010. “Others, in both, resisted and now have the chance to tell their story,” the newspaper El Cronista highlighted from one of the people tied to the event.
In the midst of the case pushed by Elliott Management, of magnate Paul Singer, some 30 individual bondholders were already accepted in the case and made their presentation as friends of the plaintiffs. “It’s a mistake to speak of vulture funds and confuse people. My clients, who are holdouts, are normal people in that it seemed that the swap didn’t offer them compensation and they preferred to wait,” explained Anthony Costantini, attorney from the firm of Duane Morris, which represents those individual creditors, some months ago.