Bainbridge is in the midst of asset discovery to collect an unpaid judgment that Argentina owes since last year.
The holdout maintains interest in Argentine assets.
The Bainbridge Fund holdout asked Judge Loretta Preska to ask Argentina to provide information on the destination and use of gold belonging to the Central Bank currently deposited in Europe. However, for the moment, an embargo request is ruled out.
Bainbridge is in the midst of asset discovery to collect an unpaid judgment and is also seeking to take possession of the YPF shares in the hands of the State. This was revealed by the head of Latam Advisors, Sebastián Maril. In dialogue with Scopeadded: “There is no gold embargo. “Just a request for information about the destination and use of the gold that Argentina sent abroad by a fund that seeks sovereign assets,” he explained.
On September 2, the Central Bank confirmed that it finished sending the gold from the BCRA reserves abroad due to a decision by Minister Luis Caputo, but did not report where they went, for security reasons. “It is a very positive move by Central. Today you have gold in the Central Bank, which is as if you had a property inside, which you cannot use for anything. On the other hand, if you have that out there, you can get a return. And the reality is that the country needs to maximize the returns on its assets,” Caputo said.
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The background of the Bainbridge Fund
Last year, Judge Preska had ordered the seizure of Argentine assets for the amount of US$95.8 million to pay the fund. Bainbridge Fund, that lithium had gained from the defaulted bonds of 2001.
The seized money belonged to an account held by the Central Bank (BCRA) at the Federal Reserve (Fed), with funds that were used at the time as collateral to guarantee the payment of the Brady bonds. These securities, issued in the 1990s, were part of the restructuring program launched by the then US Secretary of the Treasury, Nicholas Brady, to decompress the debt of the countries in the region.
That amount has not yet been collected and that is why the Baindbridge Fund maintains interest on the Argentine assets.
Source: Ambito
