Stop Vulture Fund Lawsuits

Stop Vulture Fund Lawsuits

This handbook distils the key lessons on best practice in negotiating loan agreements, and responding to the activities of vulture funds - funds that buy up the debt of sovereign countries at a discount in the hope of making significant ...

Author: Devi Sookun

Publisher: Commonwealth Secretariat

ISBN: 9781849290081

Category: Business & Economics

Page: 128

View: 763

This handbook distils the key lessons on best practice in negotiating loan agreements, and responding to the activities of vulture funds - funds that buy up the debt of sovereign countries at a discount in the hope of making significant profit - for the benefit of all government officials who may have to deal with these issues.
Categories: Business & Economics

Stop Vulture Fund Lawsuits

Stop Vulture Fund Lawsuits

It highlights concepts and myths surrounding vulture funds ' activities , especially lawsuits . As loan agreements are the basis of the funds ' operations ...

Author: Devi Sookun

Publisher: Commonwealth Secretariat

ISBN: 1849290083

Category: Business & Economics

Page: 128

View: 733

This handbook distils the key lessons on best practice in negotiating loan agreements, and responding to the activities of vulture funds - funds that buy up the debt of sovereign countries at a discount in the hope of making significant profit - for the benefit of all government officials who may have to deal with these issues.
Categories: Business & Economics

Sovereign Debt and Human Rights

Sovereign Debt and Human Rights

The creditor has a track record in litigation. 4. ... See Devi Sookun, Stop Vulture Fund Lawsuits: A Handbook (Commonwealth Secretariat 2010) 90–1.

Author: Ilias Bantekas

Publisher: Oxford University Press

ISBN: 9780192538420

Category: Law

Page: 559

View: 169

Sovereign debt is necessary for the functioning of many modern states, yet its impact on human rights is underexplored in academic literature. This volume provides the reader with a step-by-step analysis of the debt phenomenon and how it affects human rights. Beginning by setting out the historical, political and economic context of sovereign debt, the book goes on to address the human rights dimension of the policies and activities of the three types of sovereign lenders: international financial institutions (IFIs), sovereigns and private lenders. Bantekas and Lumina, along with a team of global experts, establish the link between debt and the manner in which the accumulation of sovereign debt violates human rights, examining some of the conditions imposed by structural adjustment programs on debtor states with a view to servicing their debt. They outline how such conditions have been shown to exacerbate the debt itself at the expense of economic sovereignty, concluding that such measures worsen the borrower's economic situation, and are injurious to the entrenched rights of peoples.
Categories: Law

Diplomatic and Judicial Means of Dispute Settlement

Diplomatic and Judicial Means of Dispute Settlement

While the judicial enforcement of awards assigned to such funds could be potentially ... D. Sookun, Stop Vulture Fund Lawsuits: A Handbook (Commonwealth ...

Author: Laurence Boisson de Chazournes

Publisher: Martinus Nijhoff Publishers

ISBN: 9789004209985

Category: Political Science

Page: 356

View: 843

The volume offers an assessment of the interactions between diplomatic and judicial means of settling international disputes in selected areas: territorial questions, international criminal law, international trade law, investment arbitration and human rights. It includes contributions from some of the world's leading academics and practitioners.
Categories: Political Science

Sovereign Debt

Sovereign Debt

Genesis - Restructuring - Litigation Mauro Megliani. Penn A, Shea AM, Arora A (1987) The law ... CUP, Cambridge Sookun D (2010) Stop vulture funds lawsuits.

Author: Mauro Megliani

Publisher: Springer

ISBN: 9783319084640

Category: Law

Page: 604

View: 926

This book provides a thorough legal analysis of sovereign indebtedness, examining four typologies of sovereign debt – bilateral debt, multilateral debt, syndicated debt and bonded debt – in relation to three crucial contexts: genesis, restructuring and litigation. Its treatise-style approach makes it possible to capture in a systematic manner a phenomenon characterized by high complexity and unclear boundaries. Though the analysis is mainly conducted on the basis of international law, the breadth of this topical subject has made it necessary to include other sources, such as private international law, domestic law and financial practice; moreover, references are made to international financial relations and international financial history so as to provide a more complete understanding. Although it follows the structure of a continental tractatus, the work strikes a balance between consideration of doctrinal and jurisprudential sources, making it a valuable reference work for scholars and practitioners alike.
Categories: Law

Languages of Economic Crises

Languages of Economic Crises

Stop vulture fund lawsuits: a Handbook. London: Commonwealth Secretariat. Stevenson, A., 2014. S&P says Argentina has defaulted. New York Times, 30 July.

Author: Sonya Marie Scott

Publisher: Routledge

ISBN: 9781000457803

Category: Business & Economics

Page: 130

View: 724

This book offers a critical engagement with languages that describe, perpetuate, respond to, and resist economic crises. Unlike many volumes on economic crises that offer economistic explanations of their causes or policy suggestions for their resolution, this collection explores the different types of language used to deal with complex economic phenomena. The chapters in this volume examine a range of connections between language and crises: from the metaphors used historically to describe economic crises, to the languages deployed within periods of crises and economic struggle, to the popular responses thereto (including political manifestations and worker-organized enterprises). Also considered are the implications for democratic participation and gender relations, and the lack of language to express economic experience amongst certain groups. With essays from seven contributors representing five different countries, this collection has global relevance in a time marked by economic volatility and upheaval, and will serve as a valuable resource for those interested in the politics of language, economic discourse and the epistemological complexities of economic crises. The chapters in this book were originally published as a special issue of the Journal of Cultural Economy.
Categories: Business & Economics

The Despot s Guide to Wealth Management

The Despot s Guide to Wealth Management

Devi Sookun, Stop Vulture Fund Lawsuits: A Handbook (London: Commonwealth Secretariat, 2010), 44. 56. Global Witness, Undue Diligence, 59. 57.

Author: J. C. Sharman

Publisher: Cornell University Press

ISBN: 9781501708435

Category: Political Science

Page: 274

View: 769

An unprecedented new international moral and legal rule forbids one state from hosting money stolen by the leaders of another state. The aim is to counter grand corruption or kleptocracy ("rule by thieves"), when leaders of poorer countries—such as Marcos in the Philippines, Mobutu in the Congo, and more recently those overthrown in revolutions in the Arab world and Ukraine—loot billions of dollars at the expense of their own citizens. This money tends to end up hosted in rich countries. These host states now have a duty to block, trace, freeze, and seize these illicit funds and hand them back to the countries from which they were stolen. In The Despot's Guide to Wealth Management, J. C. Sharman asks how this anti-kleptocracy regime came about, how well it is working, and how it could work better. Although there have been some real achievements, the international campaign against grand corruption has run into major obstacles. The vested interests of banks, lawyers, and even law enforcement often favor turning a blind eye to foreign corruption proceeds. Recovering and returning looted assets is a long, complicated, and expensive process. Sharman used a private investigator, participated in and observed anti-corruption policy, and conducted more than a hundred interviews with key players. He also draws on various journalistic exposés, whistle-blower accounts, and government investigations to inform his comparison of the anti-kleptocracy records of the United States, Britain, Switzerland, and Australia. Sharman calls for better policing, preventative measures, and use of gatekeepers like bankers, lawyers, and real estate agents. He also recommends giving nongovernmental organizations and for-profit firms more scope to independently investigate corruption and seize stolen assets.
Categories: Political Science

Heavily Indebted Countries HIPC Initiative and Multilateral Debt Relief Initiative MDRI Status of Implementation

Heavily Indebted Countries  HIPC  Initiative and Multilateral Debt Relief Initiative  MDRI   Status of Implementation

In this regard, IDA's DRF has in many cases encouraged commercial creditors ... 46 See the “Stop VULTURE Funds” Bill introduced in June 2009 as H.R. 2932.

Author: International Monetary Fund

Publisher: International Monetary Fund

ISBN: 9781498336840

Category: Business & Economics

Page: 60

View: 680

This report provides an update on the status of implementation, impact, and costs of the Heavily Indebted Poor Country (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI). Debt relief provided under the Initiatives has substantially alleviated debt burdens in recipient countries. Through the continued use by IDA and the Fund of the flexibility available in the framework governing the HIPC Initiative and the MDRI, significant progress has been achieved under the Initiatives since the last report.
Categories: Business & Economics

Vulture Funds and the Threat to Debt Relief in Africa

Vulture Funds and the Threat to Debt Relief in Africa

This support should be extended to prevent lawsuits from being brought against governments and to help once there is a suit . 4. Ultimately , G - 8 leaders ...

Author: United States

Publisher:

ISBN: PSU:000061501041

Category: Africa

Page: 30

View: 877

Categories: Africa

The Three and a Half Minute Transaction

The Three and a Half Minute Transaction

On Gordon Brown's outrage at the actions of vulture funds in 2002, when he was chancellor of the exchequer, see Larry Elliott, Stop Debt Vultures, ...

Author: Mitu Gulati

Publisher: University of Chicago Press

ISBN: 9780226924380

Category: Law

Page: 232

View: 388

"Boilerplate language in contracts tends to stick around long after its origins and purpose have been forgotten. Usually there are no serious repercussions, but sometimes it can cause unexpected problems. Such was the case with the obscure pari passu clause in cross-border sovereign debt contracts, when a Belgian court's novel judicial interpretation in Elliott Associates v. Peru rattled international finance by forcing a defaulting sovereign - for one of the first times in the market's centuries-long history - to repay its foreign creditors despite their refusal to enter into a restructuring agreement. Though neither party wanted this outcome, the vast majority of contracts subsequently issued demonstrate virtually no attempt to clarify the imprecise language of the clause. Using this case as a launching pad to explore the broader issue of 'stickiness' of contract boilerplate, Mitu Gulati and Robert E. Scott have sifted through more than one thousand sovereign debt contracts - dating back to the nineteenth century - and interviewed hundreds of practitioners to show that the problem actually lies in the nature of the modern corporate law firm. The financial pressure on large firms to maintain a high volume of transactions contributes to an array of problems that deter innovation and that are largely hidden from the individual lawyer tasked with drafting contracts. With the near certainty of massive sovereign debt structuring in Europe, The Three and a Half Minute Transaction speaks to critical issues facing the industry and has broader implications for contract design that will ensure it remains relevant to our understanding of legal practice long after the debt crisis has subsided"--Unedited summary from book jacket.
Categories: Law

Sovereign Finance and the Poverty of Nations

Sovereign Finance and the Poverty of Nations

52 In reaction to this litigation, on May 16,2011 the UK passed the Debt Relief (Developing Countries) Act 2010 to stop vulture funds from using UK courts ...

Author: Yvonne Wong

Publisher: Edward Elgar Publishing

ISBN: 9780857935038

Category: Business & Economics

Page: 192

View: 744

''Yvonne Wong''s book is one of the best treatments of the Odious Debt problem in the literature. It is thorough, balanced and yet manages to be creative. I have already used an early version in my International Debt class and the discussions that were generated were excellent. For anyone seeking to tackle this age old problem, I highly recommend this book.'' Mitu Gulati, Duke University, US''With some excellent historical research and important analysis of "odious debt" accumulation and sovereign debt restructuring mechanisms in modern times, this book is placing the issue of "odious debt" at the heart of International law. Thus, it will prove an indispensable companion to any scholar or policy-maker who wishes to gain a multi-prismatic understanding of "odious debt" illegality and its implications for the welfare of entire nations.'' Emilios Avgouleas, University of Edinburgh, UK''Whenever a strict application of the law produces a result that is at variance with a general sense of what is morally right, trouble is surely in the offing. This is the central thesis of Yvonne Wong''s Sovereign Finance and the Poverty of Nations. When is it legally permissible, when is it ethically acceptable, for a sovereign borrower to disavow a debt incurred in the name of the sovereign state, but not for its (or its citizens'') benefit? And if debts incurred by unscrupulous politicians in one era can be disowned by their successors later on under gauzy notions of "illegitimacy" or "odiousness", what will prevent future unscrupulous politicians from casually dishonoring sovereign obligations that they would just prefer not to pay? These are deep waters, legally and morally. Wong has given us a fascinating insight into one of the most disquieting issues in international financial law.'' Lee C. Buchheit, Cleary Gottlieb Steen & Hamilton LLP, US''This book provides a very valuable contribution to the discussion about odious debts in that it, quite successfully, structures the often rather elusive argumentation. By developing a new and stringent approach to the emergence of a valid legal concept of odious debts, the author presents a fresh perspective to its underlying evaluations and allows, thus, a re-consideration of the need for effective rules in this context. This book will certainly influence fundamentally the future debate of odious debts.'' Christoph G. Paulus, Humboldt-Universitat zu Berlin, Germany''Saddam Hussein was overthrown and executed, but his successors to power are still liable for the debts that he contracted for the nation. Odious regimes can create debts without consent or benefit of their citizens who must subsequently repay them. This fact puzzles both international law specialists and intellectuals who read magazines like The Economist. Theresult seems wrong, but the right solution is elusive. Yvonne Wong''s important and timely book solves some of the puzzles by using methods and theories from international law, economics, and political science. It explains the law and politics inherent in sovereign debt arrangements, and proposes a new legal framework for odious debt.'' From the foreword by Robert CooterNational debts incurred by illegitimate regimes against the best interests of the citizens is a serious problem of international economics and politics. These sovereign debts, often referred to as odious debts, deplete the public purse and create an ongoing financial liability that serves to constrain investment and economic growth, and conspires to keep millions in poverty. This important and timely book explains the legal principles and politics involved in the issue of odious debts, and sovereign debt arrangements more generally. The author goes beyond abstract arguments and proposes legal rules and international regulation that should be put in place to create the right incentives to stop the transmission of odious debts. Her proposal is for a registration scheme for sovereign debt, and the imposition of positive duties on financiers who provide loans to sovereign borrowers.Sovereign Finance and the Poverty of Nations will appeal to students, academics, debtactivists, policymakers, international finance practitioners and anyone with a general interest in sovereign finance affairs.
Categories: Business & Economics

Building on International Debt Relief Initiatives

Building on International Debt Relief Initiatives

Weak International Response to the Problem of Vulture Funds Zambia's post HIPC ... of Washington area of the U.S. was the Vulture Fund that sued Zambia .

Author: United States. Congress. Senate. Committee on Foreign Relations

Publisher:

ISBN: PSU:000065521311

Category: Debt cancellation

Page: 66

View: 574

Categories: Debt cancellation

Transformative Law and Public Policy

Transformative Law and Public Policy

MDRI: International Development Association & International Monetary Fund (2009, ... Sookun, D. (2010) Stop vulture fund lawsuits: A handbook, ed.

Author: Sony Pellissery

Publisher: Taylor & Francis

ISBN: 9781000692082

Category: Political Science

Page: 246

View: 851

This book explores the convergence of law and public policy. Drawing on case studies from Asia, Europe, the Middle East and Australia, it examines how judicial and political institutions are closely linked to the socio-economic concerns of the citizens. The essays argue for the utilization of both legislative and executive, private and public spheres of society as vehicles for transformative social change and to safeguard against violations of socio-economic rights. The volume will be of great interest to both public and private stakeholders, as well as professionals, including NGOs and think tanks, working in the areas of law, government, and public policy. It will also be immensely useful to academics and researchers of constitutionalism, policymaking and policy integration, social justice and minority rights.
Categories: Political Science

Heavily Indebted Poor Countries HIPC Initiative and Multilateral Debt Relief Initiative MDRI Status of Implementation 2009

Heavily Indebted Poor Countries  HIPC  Initiative and Multilateral Debt Relief Initiative  MDRI    Status of Implementation 2009

New lawsuits have been initiated last year against the DRC, Sierra Leone, ... 36 See the "Stop VULTURE Funds" Bill introduced in June 2009 as H.R. 2932.

Author: International Monetary Fund

Publisher: International Monetary Fund

ISBN: 9781498335461

Category: Business & Economics

Page: 62

View: 423

This paper updates the status of implementation, impact, and costs of the Enhanced Heavily Indebted Poor Country (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI). Debt relief provided under the Initiatives has substantially alleviated debt burdens in recipient countries. Aided by continued flexibility on the part of IDA and the Fund, substantial progress has been achieved under the Initiatives since the last report, and a number of post-decision-point countries have already benefited from debt relief.
Categories: Business & Economics

Stanford Journal of International Law

Stanford Journal of International Law

The vulture fund not only refuses to participate in any voluntary restructuring , but attempts to use litigation to collect from the sovereign debtor the ...

Author:

Publisher:

ISBN: STANFORD:36105063735786

Category: Electronic journals

Page:

View: 208

Categories: Electronic journals

Administration and expenditure of the Chancellor s departments 2006 07

Administration and expenditure of the Chancellor s departments  2006 07

VULTURE FUND " ACTIVITY 23. The Government is concerned about the activities of so - called “ vulture funds ” and we are working to stop these funds ...

Author: Great Britain: Parliament: House of Commons: Treasury Committee

Publisher: The Stationery Office

ISBN: 0215513967

Category: Business & Economics

Page: 171

View: 303

This is the first annual scrutiny by the Treasury Committee of the Chancellor of Exchequer's Departments. The Committee sets out a number of conclusions and recommendations, including: that the Treasury should include within its' annual reports a summary of the results of the annual surveys of stakeholder opinion and the Treasury's response to stakeholders; the Committee recommends that the Treasury set itself a target to ensure that the Public Service Agreements finalised as part of the next Spending Review in 2009 or 2010 include a clear statement about the resources to be allocated across Government to the delivery of each Agreement; the Committee criticises the Treasury's failure to meet its objective for the appointment of professionally-qualified Finance Directors in all Departments by December 2006 and that a relevant accountancy qualification be described as an essental criterion in all future post advertisements; the Committee views the Value for Money Delivery Agreements across Government as disappointing, and wants the Government to develop programmes that measure quality of service and efficiency effectively; the Committee commends the Royal Mint's return to profitability but is concerned about the ambitious target set for next year; that the Office of Government Commerce has failed to publish a regular annual report; the Committee expresses surprise that HM Revenue and Customs had approved a 60% increase in senior civil service bonus payments over a period of poor performance and headcount reductions, also the Committee highlights the problems experienced in VAT registrations and the failure of HMRC to meet its processing target of VAT receipts as well as poor administration of tax credits.
Categories: Business & Economics

The Art of Vulture Investing

The Art of Vulture Investing

Since Sasswasabuyside vulture fund,its phones literally wouldn't stopringing asMarvel's ... This move set offa barrage of lawsuitsand countersuits among the ...

Author: George Schultze

Publisher: John Wiley & Sons

ISBN: 9781118234730

Category: Business & Economics

Page: 224

View: 286

A detailed and compelling look at distressed securitiesinvesting in today’s market In the corporate world, “vulture” investors indistressed securities serve the same cleanup function as vulturesdo in the natural world: they deal with failing companies, digestbad debt, and mop up after bankruptcies. Since this market’sstructural and legal complexities create greater inefficienciesthan in other investment fields, it’s a style of investingthat can make money during both booms and busts. While recenteconomic carnage has made opportunities for vulture investors, moreconvoluted bankruptcies, conflicts of interest, and even governmentintervention have made this arena harder to negotiate. Nobody understands this better than author George Schultze,founder of Schultze Asset Management. During his successful careeras a vulture investor, he’s learned a number of lessons anddeveloped an investment philosophy that has served him well. Now,in The Art of Vulture Investing, Schultze shares his valuableinsights and experiences with you. Engaging and informative, thisreliable guide offers a bird’s-eye into the opportunities andrisks associated with vulture investing. And while it may notalways be pretty, you’ll see exactly why this process isnecessary for our economic ecosystem. Throughout this book, Schultze explains the theory and strategyof vulture investing in clear and lively prose, illustrating eachconcept with examples from his own varied experience that show howthe landscape has changed in recent years. Offers valuable information on distressed securities investingsince the 2007-2009 financial crisis Examines the opportunities and dilemmas for modern vultureinvestors Includes in-depth case studies of high-profile bankruptcies,including those of Chrysler Automotive and Tropicana Casinos andResorts By its very nature, investing in distressed companies can be acomplicated and risky business. But once the dust settles,these investments can yield extraordinary profits. The Art ofVulture Investing puts this discipline in perspective and showsyou how to excel at this difficult, yet rewarding, endeavor.
Categories: Business & Economics

An Insider s Memoir

An Insider s Memoir

Singer is credited with being the inventor of “vulture funds. ... He then sued Peru for debt the world had forgiven and was awarded $58 million—over five ...

Author: Gordon Bryant Brown

Publisher: FriesenPress

ISBN: 9781525523281

Category: Business & Economics

Page: 510

View: 684

Do you wonder; • Why is there so much national debt? • Where has the middle class gone? • Why do my kids have less opportunity than I did? If so, this book is for you! • 97% of money is created by the banks, not by governments. • The Federal Reserve is a private bank controlled by private banks. • Adam Smith did not say an invisible hand guides the markets. • Government debt was static until the mid-1970’s and has soared since. • Milton Friedman and Alan Greenspan both admitted to fundamental economic errors. • About 1/3 of an average persons’ spending is goes to banks as interest. • Corporations are using treaties to overrule nations and democracy. • The TARP bank bailouts were the biggest theft in history.
Categories: Business & Economics

The Politics of Global Regulation

The Politics of Global Regulation

Some high-profile lawsuits had highlighted the damaging role that minority creditors could play. The best known involved the “vulture fund” Elliot ...

Author: Walter Mattli

Publisher: Princeton University Press

ISBN: 9781400830732

Category: Political Science

Page: 312

View: 317

Regulation by public and private organizations can be hijacked by special interests or small groups of powerful firms, and nowhere is this easier than at the global level. In whose interest is the global economy being regulated? Under what conditions can global regulation be made to serve broader interests? This is the first book to examine systematically how and why such hijacking or "regulatory capture" happens, and how it can be averted. Walter Mattli and Ngaire Woods bring together leading experts to present an analytical framework to explain regulatory outcomes at the global level and offer a series of case studies that illustrate the challenges of a global economy in which many institutions are less transparent and are held much less accountable by the media and public officials than are domestic institutions. They explain when and how global regulation falls prey to regulatory capture, yet also shed light on the positive regulatory changes that have occurred in areas including human rights, shipping safety, and global finance. This book is a wake-up call to proponents of network governance, self-regulation, and the view that technocrats should be left to regulate with as little oversight as possible. In addition to the editors, the contributors are Kenneth W. Abbott, Samuel Barrows, Judith L. Goldstein, Eric Helleiner, Miles Kahler, David A. Lake, Kathryn Sikkink, Duncan Snidal, Richard H. Steinberg, and David Vogel.
Categories: Political Science

Vultures Picnic Deluxe

Vultures  Picnic Deluxe

In Pursuit of Petroleum Pigs, Power Pirates, and High-Finance Carnivores Greg ... A judge threw her, her lawsuit, and her monkey down the courthouse steps, ...

Author: Greg Palast

Publisher: Penguin

ISBN: 9781101551219

Category: Political Science

Page:

View: 762

An enhanced eBook featuring fifteen videos from investigative reporter Greg Palast’s globetrotting, Sam Spade-style investigation—including extraordinary footage of pre-dawn stake-outs of billionaire financial vultures, narrowly avoiding prison in Azerbaijan (shot with a spy-pen camera), exploring the inside a whale carcass in the Arctic and trekking deep in the Amazon rainforest. Watch as Palast connects the dots of corruption between the oil industry, the financial sector, and the government. On April 20, 2010, BP’s Deepwater Horizon exploded in the Gulf of Mexico, killing eleven men and spilling million of barrels of crude oil into the water. Days later, a confidential cable arrives on investigative reporter Greg Palast’s desk from a terrified insider. He has the real, hushed-up facts of the disaster––facts that can only be found buried in the files of a Central Asian dictatorship. Taking him and his team of journalist-detectives from the streets of Baku, where Palast searches for a brown valise full of millions, to a small Eskimo village where he hears first hand of the depth of deceit and heartbreaking environmental devastation, to a burnt out nuclear reactor in Japan to Chevron's operations in the Amazon jungle, Vultures’ Picnic charts the course of Palast’s quest to bring the truth of the BP disaster to light. Along the way, we see the many other crimes perpetrated by the energy giants of the worlds, the banks that fund their lies, and the governments that turn a blind eye. Like a page-turning spy thriller, full of mystery, intrigue, and featuring a reporter with the guts to get arrested, chase down insiders, or stakeout a Vulture in the still of a winter morning, Vultures’ Picnic is pulp non-fiction at its best. It’s a journey into the corrupt heart of Big Oil, and behind it, Bigger Finance, exposing once and for all the corporate vultures that feed on the weak, and poison our planet.
Categories: Political Science