Billionaire Captures Argentine Ship With Ghanaian Help

Claims Argentina's government owes him $1.6 billion

So you're a super-rich American investor and a large South American country owes you $1.6 billion, which it refuses to pay in full.

You can take a partial settlement that others have taken—which reportedly would get you just 30 cents on the dollar—or you could do something a little more drastic and, say, seize a high-profile naval vessel belonging to the offending country. What do you do?

Such was the real-world problem facing billionaire Paul Singer before he decided on option B, and his company convinced a small African nation to seize Argentina's Libertad frigate.

As reported by Bloomberg.com, the ship's seizure is the latest salvo in a standoff between Singer, a hedge fund kingpin and one of the largest GOP donors this election season, and the government of Argentina. The two have been locked in a global dispute over the reported $1.6 billion debt claim that resulted from the country's nearly $100 billion default a decade ago.