Robert Cohen, attorney for NML, says that if the Argentinian government cooperates and provides information, the bond dispute can be resolved. Argentina defaulted on its debt for the second time in just over a decade and investors like Paul Singer have demanded to be paid back in full for their bonds and are seeking information about funds from Argentina that may have disappeared.
Cohen said his client demands information from 123 companies in Nevada about a possible money laundering scheme involving illegal assets that were taken from Argentina, as reported by Merco Press. “The judge ordered those companies to supply us with information and witnesses, and we are confident we will finally come across the assets to pay for the holdout bonds.”
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Around 60, 000 investors in Argentina still have not been paid, because they refused to accept swaps that would mean a loss. Cohen continued, “They paid a dollar, they want a dollar back. That is the position of my client.” He pointed out the ways in which Argentina paid others back but have been neglected to pay back holders of defaulted bonds.
Cohen said, “This has kept Argentina out of the world economy and money markets for far too long. If they reached an agreement with my client and the rest without asking for more money, but further restructuring debt at lower interest rates, capital would flow back fast to Argentina to help develop natural resources.”
The lawyer for NML said the Argentine government said they would send people to New York to meet with them, “They did, but they never sat to negotiate.”