Special Master Announces Settlement Of 15-Year Battle Between Argentina And "Holdout" Hedge Funds

There are many people who have devoted untold hours or special talents, or both, to making this settlement possible.  Foremost among them is Hon. Thomas P. Griesa, the Federal Judge who presided over all cases in re Argentina Debt Litigation for 15 years.  Others entitled to greatest credit are President Mauricio Macri of Argentina, who immediately upon his election in November,  set about to change the negative course that the Republic had steered in this litigation, and his Secretary of Finance Luis Caputo, who led the delegation that met with me in my capacity as Special Master and  with the "holdout" Bondholders for countless hours, with patience, good will and intelligence.  He was ably assisted by Santiago Bausili, Under  Secretary of Finance. Also  involved as important decision-makers for Argentina were: Alfonso Prat-Gay, Minister of the Economy, and Marcos Pena and Mario Quintana, the Chief and Vice Chief of the Cabinet.  Their course-correction for Argentina was nothing short...

There are many people who have devoted untold hours or special talents, or both, to making this settlement possible.  Foremost among them is Hon. Thomas P. Griesa, the Federal Judge who presided over all cases in re Argentina Debt Litigation for 15 years.  Others entitled to greatest credit are President Mauricio Macri of Argentina, who immediately upon his election in November,  set about to change the negative course that the Republic had steered in this litigation, and his Secretary of Finance Luis Caputo, who led the delegation that met with me in my capacity as Special Master and  with the "holdout" Bondholders for countless hours, with patience, good will and intelligence.  He was ably assisted by Santiago Bausili, Under  Secretary of Finance. Also  involved as important decision-makers for Argentina were: Alfonso Prat-Gay, Minister of the Economy, and Marcos Pena and Mario Quintana, the Chief and Vice Chief of the Cabinet.  Their course-correction for Argentina was nothing short of heroic. On the "holdout" hedge fund side, Paul E. Singer was the central figure who involved himself intensely with me over the past several weeks on behalf of the "holdout " Bondholders.  He was a tough but fair negotiator.  His second-in-command, Jon Pollock, also made a key contribution to the success of the negotiations.  All of the senior principals of the "holdout" hedge funds demonstrated vast talent.  No party to a settlement  gets everything it seeks.  A settlement is, by definition, a compromise and, fortunately, both sides to this epic dispute finally saw the need to compromise, and have done so.

This settlement, if consummated, together with prior Agreements in Principle with other "holdout" Bondholders, resolves over 85% of the claims of those with "pari passu" and "me-too" Injunctions.  I will continue to serve, at the pleasure of Judge Griesa, until all claims are resolved, both with respect to the consummation of this central Agreement in Principle and to facilitate settlement with all other "holdout" Bondholders who wish to resolve their claims with Argentina.  In short, I will continue to help the willing find solutions.

Daniel A. Pollack (in my capacity as Special Master)