Fidelity Wins Multi-Million Dollar Standoff With Buenos Aires Province
Fidelity Investments won a standoff with Argentina's Buenos Aires province over a $250 million payment, according to The Wall Street Journal.
Nate Van Duzer, a Mormon Church bishop and West Point graduate, represented Fidelity. He called Buenos Aires bluff when province officials claimed it did not have the funding to complete its $250 million bond payment. Fidelity is one of the largest holders of the bonds.
As a result, Argentine federal and municipal governments are devising a restructuring plan that involves more than $100 billion of debt. Buenos Aires completed the $250 million payment in early February following the standoff with Mr. Van Duzer.
The negotiation tactics used have drawn scrutiny from some Argentine officials. “There was an investment fund that had no attitude of dialogue or predisposition but of intransigence,” Axel Kicillof, governor of Buenos Aires province, said.
Fidelity Investments won a standoff with Argentina's Buenos Aires province over a $250 million payment.