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	News Center A group of bondholders threaten to ask for a third offer La Nacion April 17, 2010 They are US investors that say they've made an accord with the Italians; caution in Italy WASHINGTON and ROME.- Only 24 hours after the formal presentation of the new debt swap, smaller investors in the United States rejected it and announced the creation of a separate movement hoping for "a third offer", convinced that it will come "sooner or later" if the country wants to return with credibility to the capital markets. This was announced in Washington by Mark Botsford, an investor that didn't enter the swap of 2005 and is not thinking of entering this one either. And that he said that he'd joined with Italian Nicola Stock for this joint venture. Stock represents holders of more than 4 billion dollars in bonds. "We have agreed to work together on this," Botsford told LA NACION. Stock was recently in Washington to declare in hearings that, claiming the payment of the debt, he pushed this before the arbitration tribunal of the Central Bank (ICSID). Yesterday, Task Force Argentina, which he leads, only put out a statement that said it would not take a stand until the regulatory agency in Italy gave the offer its approval. Consulted by this newspaper, Stock answered that he is waiting to analyze the formal offer. Minister Amado Boudou already predicted that the recourse of asking for a third offer "will not come from any side." Italian bondholders said yesterday that they are waiting for a partial resolution on June 14th. The entity is waiting to make its formal debut in a public hearing about the situation of U.S. investors affected by the default that will be convened next Friday in the New York State Senate, the same jurisdiction of Judge Thomas Griesa, which left the whole operation under an uncertain threat of paralysis. The movement is seeking to unite small investors, primary investors who bought Argentine bonds before the default of December 23, 2001. Together, they hope to unite bondholders holding around "six or seven billion dollars", Botsford said, with the idea of then generating a new swap offer it would be the third in which the government "accedes to negotiate in good faith" with those that trusted in the country "instead of lending an ear to the vulture funds, to whose measure this plan is launched" by Boudou. He also said that he counts on the good view of the State Department of the United States. At the close of this edition, that entity had not responded to questions. The new swap proposal that Boudou presented has a special track for small investors, with the intent of especially attracting them. For that, they proposed a payment in cash for late interest that is not contemplated for institutional investors. However, that benefit has a ceiling of US$50,000 per investor. "And there are small investors that have much more than that who will fall out of it," Botsford said. Coldness in Italy In Italy, the reception for the swap was even colder. The so-called Task Force Argentina, that represents some 180,000 Italian bondholders that still hold US$4.5 billion in tango bonds, preferred not to react to the announcement: they said they would speak out when the green light is given by the Italian market regulator. "On the basis of the statements from Argentine Economy Minister Amado Boudou, TFA reports that any evaluation about the new Argentine swap can only be done at the time of the relevant authorization of the CONSOB with the effective contents of the offer," said the statement, which recalled that they are moving forward with the recourse that began against Argentina in the ICSID. Having just arrived from Washington, where he'd been attending hearings from April 7 to 14 on the jurisdictional phase of the ICSID process, Stock, who pointed out that he did not meet there with Finance Secretary Hernan Lorenzino, spoke with LA NACION. "How does the big announcement from the government sound to you?" he was asked. "Wait!" he answered, "you saw the TFA release and just for that I don't want to say anything. I want to see the offer first. As we are serious people, before making comments I have to see the offer. And the offer can't be what Boudou says in the press. I have to see what was delivered to the CONSOB, and once the CONSOB gives its approval, we'll see." Reporting from Silvia Pisani (from the U.S.) and Elisabetta Piqu (from Italy)		U.S. Government Takes Action Click here to view letters by the Administration and Members of Congress on Argentina's debt and economic policies. The Debt and Europe Click Here To Read More ATFA Member Spotlight National Taxpayer's Union Open Letter to the U.S. House of Representatives: Protect Taxpayers from Judgment-Evading Nations Click here to view other ATFA member activity Join Us Show your support for ATFA and our work regarding debt default by joining our growing list of supporters.   Tell Your Friends Do you have friends or colleagues who would be interested in supporting ATFA? Send them an invitation to this site byclicking here.

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