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Barque: ALEXANDER VON HUMBOLT II, Named for the Oceanographer
Photo by Hans Georg Schroder
THURSDAY OCTOBER 4, 2012
NEW TO OUR SITE? WONDER WHAT WE ARE ALL ABOUT? CLICK ON THIS LINK FOR AN ENTERTAINING VIDEO EXPLANATION http://www.youtube.com/watch?v=AFw32RRJY98:
If you want more detail after the video click on the INTRODUCTION page in the right hand margin.
http://www.newstatesman.com/blogs/economics/2012/10/us-hedge-fund-seizes-argentine-naval-ship
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If you want more detail after the video click on the INTRODUCTION page in the right hand margin.
NEWS FLASH:
US hedge fund seizes Argentine naval ship The ARA Libertad is now the property of Elliott Capital Management.
What the linked article doesn't tell the public is that such an action is illegal under both codified and traditional international law. No nation state may seize the war ship of another nation state for debt payment of any other reason without such an act being legally an act of war. The Libertad while an unarmed sailing vessel, is the Argentine equivalent of the U.S. Coast Guard cutter EAGLE. It belongs to the Argentine Navy and is a "warship" within the meaning of the law. When the act of seizing a war ship is carried out by a non state actor the seizure is an act of piracy. Clearly Elliot Capital deliberately attempted to diffuse guilt by getting a third world government to execute the unlawful writ, and by choosing an unarmed training vessel that they could argue (but it won't be a winning argument) may not meet the legal definition of a war ship. In the process they picked a beloved national symbol. We can not imagine a more painful wound to Argentina's national pride.
OPINION: Elliott Capital has acted illegally and irresponsibly and embarrassed the United States. Elliott capital has placed two nations at risk of war with one another and if there is any attempt to bring their "prize" to this nation the United states Government if it allows it becomes an accomplice after the fact to an act that is likely to be judged in the end piracy.
OPINION: Elliott Capital has acted illegally and irresponsibly and embarrassed the United States. Elliott capital has placed two nations at risk of war with one another and if there is any attempt to bring their "prize" to this nation the United states Government if it allows it becomes an accomplice after the fact to an act that is likely to be judged in the end piracy.
RECOMMENDATIONS TO THE UNITED STATES: The U.S. Coast Guard Commandant should immediately issue an order to all USCG Captain's of the Port to refuse entry of this vessel to any U.S. Port unless and until it is back under the command and control of Argentine naval officers. The Commandant should follow up with a copy of his order and a letter expressing extreme displeasure to with the act to Elliott Capital Management. The U.S. State Department should issue a letter to the Argentine Department of State announcing that Elliot Capital Management acted without U.S.Government approval or executive department knowledge. (In order to get a writ of seizure through the Hague Convention on International Service of Process they may have gone through a U.S. Court). The Executive Department, due to our constitutional separation of powers can't track every or any error of law by the judiciary until some negative result appears that it is forced to deal with such as this act of piracy/war. The Justice Department should open up a two pronged investigation. First, the senior management of Elliott should be investigated for criminal culpability in instigating this act. Second, they obviously did this with advice of legal counsel. The Justice Department should find out who the lawyers were who advised Elliott Management and prepare a complaint to be delivered to every bar that the responsible lawyers are members of. The United states should not provide Elliot Capital management with any further assistance what so ever in the collection of its debt with Argentina.
RECOMMENDATIONS TO ARGENTINA:
ARGENTINA IS NOW PERFECTLY JUSTIFIED IN AT LEAST SUSPENDING ITS DEBT TO ELLIOTT CAPITAL MANAGEMENT. No legitimate nation state in the world should reconsider Argentina's credit standing, or standing as a member of the law abiding family of nations for refusing payments to a non state organization that has arguably committed an act of piracy against a state vessel. A nation is not expected to fund its enemies. Argentina's legal argument that the seizure was an act of war(on the part of the nation conducting seizure) and piracy (Elliott Capital management for instigating the act) is probably stronger than any counter arguments by the seizing power and instigating party. The fact that the act was done under judicial cover only allows Argentina an excuse to avoid immediate forceful military action. Some judge made a major judicial error in allowing the writ to be given and forwarded through the international service of process system (at this point we can only hope it wasn't a U.S. judge). A local judge made an even bigger error in ordering the service of the writ against a foreign naval ship on a good will visit to the nation serving the writ. At this moment the entire process could be reversed by local judicial order.
OPINION: If the situation is not resolved by judicial process immediately Argentina is justified in most any action allowed in case of acts of war and piracy to retake its war ship. Apparently Elliott Capital Management didn't stop to think that such actions could include permanent repudiation of its debt to an organization that instigated an act of war/piracy against the nation's sovereignty. Argentina is the victim of unlawful aggression done under cover of judicial error. It has every right to appeal to Organization of American States for every assistance in regaining its war ship and enforcing any suspension or revocation of its debt to Elliott Capital Management and its backers. Argentina has every right to appeal to the United Nations for every assistance in enforcing its right to its war ship. If Elliot Capital management's officers and attorneys never answer in a court of law for criminal culpability in this matter, they will have to answer to stock holders who have never been in more danger of the total loss of their investment than now. This was an act of utter folly and foolishness. Large corporations of late have been acting more and more like they are not subject to the national laws in the nations where they do business , nor international law. Elliott Capital management has crossed a line that every sovereign nation is likely to find offensive. They have violated and disrespected the sovereignty of Argentina and seized what is likely considered by the Argentine public to be her "flagship", a very important symbol of national sovereignty. The international community of nations is highly unlikely to side with creditors who insult and threaten national sovereignty. Elliott Management we urge you for your own sake to immediately release the LIBERTAD to its rightful owners before you completely lose your investment, cause a violent retaking of what for you is now a "white elephant", and bring in a whole new round of federal regulation of the U.S. financial industry. Click on the link below for the first news coverage of the event:
http://www.newstatesman.com/blogs/economics/2012/10/us-hedge-fund-seizes-argentine-naval-ship
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