Argentina blames ‘impatient’ lawyer for Paul Singer delays

Argentina is lashing out at the Wall Street lawyer tasked with resolving its decade-long debt dispute with billionaire hedge-fund mogul Paul Singer.

The embattled South American country accused Daniel Pollack — the "special master" appointed by Manhattan federal judge Thomas Griesa to lead negotiations — of breaking his own confidentiality rule because he was "impatient" with Argentina.

Pollack "unexpectedly and without consultation with Argentina issued a press release with the undeniable purpose of benefiting the vulture funds, once again," Argentina said in a statement late Thursday.

Argentina was irate over Pollack's release earlier in the day, giving the inside dish on his attempt to restart talks. Pollack said he approached Argentina on Jan. 30 at the request of Singer and his allies.

According to Argentina, he also asked to keep the effort confidential.

Pollack, who said he had made two follow-up calls to Argentina's lawyers, didn't keep quiet. Instead, he said Argentina's government "has neither accepted nor otherwise responded to the invitation" by the Singer group.

Not so, says Argentina. Its lawyers told the government of President Cristina Kirchner about the offer "and responded to Pollack that it was under consideration."

Argentina defaulted in 2001 and offered investors a steep haircut in the form of new discounted bonds.

More than 90 percent of investors agreed. But a handful of bondholders, including Singer, refused and have been pursuing a full payout — plus interest — for more than 10 years. Griesa ruled that Argentina must pay the holdouts roughly $1.6 billion
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Argentina's lawyers have argued that paying Singer and his fellow holdout bond owners would trigger more litigation that could cost it $20 billion — a huge chunk of its foreign reserves.

But the Singer group said it doesn't have to take it all at once, offering the possibility of a settlement "without any present payment of cash," Pollack said.

This isn't the first time Argentina has slammed Pollack. In August, it urged Griesa to remove Pollack "due to his unskillfulness, evident partiality and arbitrariness." Griesa declined the request.

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