Published November 20, 2014
The flagship of Argentina's navy has been ordered held in Ghana by a judge answering a complaint from a U.S. hedge fund.
The A.R.A. Libertad is a three-masted tall ship carrying hundreds of navy cadets.
They're stuck due to billionaire Paul Singer's moves to seize Argentine assets to offset unpaid bond debts.
Singer's Elliott Capital Management fund bought Argentine debt at reduced prices during the country's economic crisis a decade ago, and now values those unpaid debts at more than $1.6 billion.
Ghana ordered the ship held this week until Argentina puts up a bond equal to its value, which could be $10 million or more.
Argentine diplomats say they're working with Ghana to clear up the problem.
A spokesman at the management company declined to comment Thursday.