February 1, 2004
In Buenos Aires, government officials accuse Adam Lerrick of exploiting guileless European bondholders with his plan to negotiate on their behalf. Like it or not, Lerrick will probably play an important role in debt talks, once they start. His Argentine Bond Restructuring Agency (Abra), the vehicle he set up to hold Argentine defaulted debt, holds more than $1 billion in bonds.
Lerrick claims Abra gives individual investors a voice at the negotiating table rather than being elbowed aside by bigger, more sophisticated professional investors.
"Abra was launched last May and in eight weeks became Argentina's largest foreign private creditor," he says. When Argentina's debt i
Adam Lerrick is an academic who has cooked up ingenious solutions to financial problems and tested the ideas in real life - such as devising a way to unify Argentina's bondholders to defend their rights.