RE: burford10 Dec 2019 10:14
FT Article Summary below. I'm a fan of Burford but they are really hitting some potholes in the road these days; sentiment has been hit hard.
"Now it appears the Peronist government’s economy alpha will be Martin Guzmán, a Columbia University economist, who is close to Joseph Stiglitz, a leading critic of austerity programmes. He is an ally of the segment of the Peronist coalition that wants to take a harder line with the foreigners. Recently he has had serious discussions with some bondholders, but not with litigation financiers.
It is hard to enforce an arbitration award against a sovereign unless the sovereign owns attachable commercial assets outside the country. Argentina has spent the better part of two decades perfecting ways to avoid attachments.
Burford’s US Supreme Court “win” merely enables it to overcome Argentina’s counterclaim of sovereign immunity. There are holders of Argentine paper who passed that barrier almost 20 years ago, and who still have not got their money. A betting person would say the Argentines can ignore Burford’s claim."