Gesamtzahl der Seitenaufrufe

Donnerstag, 17. Oktober 2013

I'll See Your Pari Passu and Raise You Absolute Priority!

I'll See Your Pari Passu and Raise You Absolute Priority!

posted by Anna Gelpern
As a special treat for the Imperial China Bond of 1898Argentina-Is-Unique contingent, Mitu Gulatishows the way to get rich quick off recent developments in sovereign debt litigation. Bring him your tattered, your fading, your just-bought-on-eBay bonds that matured a century ago, and he will guide you to a happy retirement via the latest doctrinal shifts in sovereign immunity, statute of limitations, and intercreditor equity.
His example is especially attractive because it involves more than a promise of equal treatment, but a promise of absolute priority by the Chinese Imperial Government. If you buy this baby, you are first in line. No Latin mumbo jumbo to hide behind, just a straight up problem of sovereign payment prioritization, familiar by now to all ye debt ceiling geeks (see Chapter 6).
Ah, sovereign debt -- irresistable, unenforceable, immortal.

Keine Kommentare:

Kommentar veröffentlichen