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Banks and Investors Call for New Debt Rules In Wake of Argentina Hedge Fund Case
17 hours 13 min ago
advocacy

The International Capital Market Association (ICMA), a group of banks and investors, will call Friday for reforms aimed at preventing repeats of the Argentina/NML Capital debt dispute. The ICMA's plan would reduce the ability of hold-out creditors to litigate and undermine debt restructurings, in part by using contract clauses to bind all bond-holders to debt restructurings that 75% of all holders agree on.Additionally, the plan will argue that the "pari passu" or parity clauses in existing bond contracts should always mean that hold-out funds should always receive the same restructured bonds that the majority of investors agree on.

"This is a step in the right direction and we really applaud the US government's leadership on this," noted Eric LeCompte, Executive Director of the religious debt relief organization Jubilee USA. "I am concerned that this won't do enough to prevent litigation against poor countries in the next decade. We still need a statutory approach."

The Argentina/NML case could soon impact other countries facing creditor litigation. Last month, a US judge in New York ordered the Democratic Republic of the Congo (DRC) to pay $68 million to two hedge funds that acquired the country's debt on the secondary market and then sued. The award included nearly $50 million in interest on loans dating back to the early 1980's. According to the United Nations, the DRC is the world's second-poorest country. Meanwhile, the Import-Export Bank of Taiwan is suing the Caribbean nation of Grenada, making an identical legal argument to the one used against Argentina. The case is currently on hold as Grenada attempts to resolve its debt situation.

"The Argentina case has a global impact and we need a global solution," said LeCompte. "We need an international bankruptcy process to make default less likely and force hold-outs to sit at the table."

Banks and Investors Call for New Debt Rules In Wake of Argentina Hedge Fund Case
17 hours 15 min ago
advocacy

The International Capital Market Association (ICMA), a group of banks and investors, will call Friday for reforms aimed at preventing repeats of the Argentina/NML Capital debt dispute. The ICMA's plan would reduce the ability of hold-out creditors to litigate and undermine debt restructurings, in part by using contract clauses to bind all bond-holders to debt restructurings that 75% of all holders agree on.Additionally, the plan will argue that the "pari passu" or parity clauses in existing bond contracts should always mean that hold-out funds should always receive the same restructured bonds that the majority of investors agree on.

"This is a step in the right direction and we really applaud the US government's leadership on this," noted Eric LeCompte, Executive Director of the religious debt relief organization Jubilee USA. "I am concerned that this won't do enough to prevent litigation against poor countries in the next decade. We still need a statutory approach."

The Argentina/NML case could soon impact other countries facing creditor litigation. Last month, a US judge in New York ordered the Democratic Republic of the Congo (DRC) to pay $68 million to two hedge funds that acquired the country's debt on the secondary market and then sued. The award included nearly $50 million in interest on loans dating back to the early 1980's. According to the United Nations, the DRC is the world's second-poorest country. Meanwhile, the Import-Export Bank of Taiwan is suing the Caribbean nation of Grenada, making an identical legal argument to the one used against Argentina. The case is currently on hold as Grenada attempts to resolve its debt situation.

"The Argentina case has a global impact and we need a global solution," said LeCompte. "We need an international bankruptcy process to make default less likely and force hold-outs to sit at the table."

Banks and Investors Call for New Debt Rules In Wake of Argentina Hedge Fund Case
17 hours 16 min ago
advocacy

The International Capital Market Association (ICMA), a group of banks and investors, will call Friday for reforms aimed at preventing repeats of the Argentina/NML Capital debt dispute. The ICMA's plan would reduce the ability of hold-out creditors to litigate and undermine debt restructurings, in part by using contract clauses to bind all bond-holders to debt restructurings that 75% of all holders agree on.Additionally, the plan will argue that the "pari passu" or parity clauses in existing bond contracts should always mean that hold-out funds should always receive the same restructured bonds that the majority of investors agree on.

"This is a step in the right direction and we really applaud the US government's leadership on this," noted Eric LeCompte, Executive Director of the religious debt relief organization Jubilee USA. "I am concerned that this won't do enough to prevent litigation against poor countries in the next decade. We still need a statutory approach."

The Argentina/NML case could soon impact other countries facing creditor litigation. Last month, a US judge in New York ordered the Democratic Republic of the Congo (DRC) to pay $68 million to two hedge funds that acquired the country's debt on the secondary market and then sued. The award included nearly $50 million in interest on loans dating back to the early 1980's. According to the United Nations, the DRC is the world's second-poorest country. Meanwhile, the Import-Export Bank of Taiwan is suing the Caribbean nation of Grenada, making an identical legal argument to the one used against Argentina. The case is currently on hold as Grenada attempts to resolve its debt situation.

"The Argentina case has a global impact and we need a global solution," said LeCompte. "We need an international bankruptcy process to make default less likely and force hold-outs to sit at the table."

Great Zine On Collective Housing Strategies and Tactics
1 day 9 hours ago
X

Hey Folks!

We have just finished writing a zine on living in an activist collective intentional community. It was written as a practical guide with tools and references to assist in achieving a more sustainable approach to strategies and tactics for reaching goals. We approach this work from the experience in our shared collective narrative in an effort to ground much of the theory in our practice. This is written from an understanding of the context of white-supremacist-capitalist-patriarchy.

We've been working on this zine for almost a year now and are in the process of self distribution and thought this material relevant to many on the IMC network. We live in the neighborhood of Grant Hill in the city of San Diego and think this would be an amazing resource for existing and potential housing collectives locally and far beyond.

Please take a look at our link to view the zine! anthillzine.wordpress.com

We would appreciate inclusion in any zine libraries or info-shops as a means to making this information accessible for those looking to engage in similar projects. We are attempting to keep track of any libraries and info-shops that are potential hubs for distribution. Feel free to contact us with any questions about the zine or its distribution going forward.

Thank you for taking the time to check it out.

Love, Peace and Solidarity,
Former Members of the Ant Hill Collective

Argentina Braces For Default
4 weeks 3 days ago
Communications

Argentina is likely to default barring a last-minute breakthrough in negotiations with hold-outs or a court order. Argentina's grace period to pay bonds restructured after its 2001 default expires July 30th. United States District Judge Thomas Griesa ruled Argentina cannot pay the 92% of restructured bond holders unless Argentina also pays hold-out predatory hedge funds in full.

"Argentina is hours from default," said Eric LeCompte, Executive Director of the religious financial reform organization, Jubilee USA Network. "At this point, a deal seems unlikely. Argentina may decide that the cost of default is less than the cost of compliance."

P&L Printing Takes Principled Stand--All Businesses Should Do The Same
5 weeks 1 day ago
tina braxton

Dear [Name Withheld],

Thank you for contacting us regarding printing union contract books for the correctional employees of the GEO Detention Facility in Aurora, Colorado owned by the GEO Group, Inc.

Unfortunately, we will have to decline printing this job. As a print shop that stands for workers rights, we cannot in good conscience print a job that would be paid for by the suffering and imprisonment of other workers, especially imprisonment that is based solely off of the sk...in color and country of birth of those workers.

P&L Printing has always taken a strong position on the issues of border enforcement and migration, and we have always stood with migrants and their families and supporters. We cannot print a job for the GEO Group, Inc. or any of its affiliates, even a union of correctional employees, if it means in any way aiding in the process of migrant detention and dehumanization for profit. We feel that printing any job for the GEO Group, Inc. would violate everything that we believe as people fighting for a socially just and equitable society.

We thank you for the consideration, but will not be able to take on this job.

Respectfully,

Dave Strano
on behalf of the collective of worker-owners of
P&L Printing
Denver, CO