Go ahead, seize their assets... (10.10)
Everready: Well, the note exchange requires that the town pay you first, before any of its other financial obligations, like union contracts with town workers, teachers' salaries, all that. Austerity just means you enforce that.
Dollar Bill: Yes. Go ahead, seize their assets, like Singer did in Argentina.
Paul Elliott Singer (born August 22, 1944) is an American billionaire hedge fund manager, activist, investor, vulture capitalist, and philanthropist. His hedge fund, Elliott Management Corporation (EMC)—specializes in distressed debt acquisitions. Singer is also the founder and CEO of NML Capital Limited, a Cayman Islands-based offshore unit of Elliott Management Corporation. In 2017, Forbes rated Singer's net worth as $2.9 billion.
After Argentina defaulted on its debt in 2002, the Elliott-owned company NML Capital Limited refused to accept the Argentine offer to pay less than 30 cents per dollar of debt. Elliott sued Argentina for the debt's value, and the lower UK courts found that Argentina had state immunity. Elliott successfully appealed the case to the UK Supreme Court, which ruled that Elliott had the right to attempt to seize Argentine property in the United Kingdom, and on October 2, 2012 Singer arranged for a Ghanaian Court order to detain an Argentine naval vessel in a Ghanaian port in an effort to force Argentina to pay the debt, but was rebuffed when the seizure was barred by the International Tribunal for the Law of the Sea. In February 2013, the U.S. appeals court heard Argentina's appeal in the case of its default and debt to NML. In March 2013, Argentina offered a new plan, which was dismissed first by the lower courts and then the United States Court of Appeals for the Second Circuit on August 23, 2013, and then again in June 2014 in the U.S. Supreme Court. In March 2014, NML Capital unsuccessfully attempted to satisfy court awards by suing, seeking the rights to two satellite-launch contracts bought by Argentina valued at $113 million. In early 2016, US courts ruled that Argentina must make full payments to holdout bondholders by February 29. In February 2016 Argentina reached an agreement with Singer.