Hedge Fund Has Seized Argentine Navy Ship for Nonpayment of Bonds

http://www.businessinsider.com/argentina-evacuating-libertad-ghana-2012-10?utm_source=twbutton&utm_medium=social&utm_campaign=clusterstock  

This is something right out of an Ayn Rand novel.  Billionaire hedge fund manager Paul Singer is a come to life modern day Ragnar Danneskjöld, using financial tactics to seize government military planes and ships.

Argentina's ARA Libertad, a navy training ship, has been seized in Ghana as collateral for unpaid bonds dating from the South American nation's economic crisis a decade ago, according to AP.


The Ghanaian judge acted on a claim by NML Capital Ltd., which is based in the Cayman Islands. Its owner, Singer, leads a group demanding payment in full, plus interest, for dollar-based Argentine bonds bought at fire sale prices after the country's economy collapsed a decade ago, forcing a sharp devaluation of its currency.


Argentina has announced the immediate evacuation Saturday of about 300 crew members from the ship. Only the captain and a few other members of the crew of 326 sailors will remain.


NML Capital has said Argentina owes it about $350 million, and offered to let the ship leave if Fernandez's government put up a $20 million bond to be forfeited.

According to AP, the bondholder group could potentially ask Ghana's courts to also seize a military airplane flown by Aerolineas Argentinas.

Will peace come to the world as hedge fund managers seize military ships and aircraft of countries that can't pay their debt?