Argentina, Elliott Management Fight Goes To The Supreme Court

Argentina is talking its case against creditors including Elliott Management and Aurelius Capital Management to the US Supreme Court, essentially asking a foreign judicial system to acknowledge its sovereign rights. The case started in 2001 when Argentina defaulted on $80 million in sovereign bonds and told bondholders they could either accept a haircut of 70% or more, or they could keep their worthless old bonds and get nothing. Most took the hard bargain, but a group of US hedge funds (and some others) held tight and waited for Argentina to recover. Now they are trying to get paid back, and…