Elliot Capital Management Seized Argentine Navy Ship

Elliot Capital Management just seized an ArgentineNavy ship in Ghana. What a ballsy move. I applaud them for pulling this off, but not sure how this is going to stick. Maritime law is pretty straight forward about this.

Still though, king kong size nuts for pulling this. ECM means business.

link:
http://www.ft.com/intl/cms/s/0/edb12a4e-0d92-11e2-97a1-00144feabdc0.html#axzz28MinDGvn

http://www.businessinsider.com/hedge-fund-elliott…

 

some ari gold stuff right there

Disclaimer for the Kids: Any forward-looking statements are solely for informational purposes and cannot be taken as investment advice. Consult your moms before deciding where to invest.
 
Best Response

The court will probably reverse its ruling as military vessels enjoy sovereign immunity and cannot be seized. In the U.S the Foreign Sovereign Immunity Act (FSIA) basically gives the rogue governments like the Kirchner a free reign. Still things might be a bit different here as the trial takes place in Ghana, which is notorious for its corruptions in all branches of governments. so presumably Elliott can fight poison with poison here and lobby/bribe the Ghana government into detaining the vessel on its behalf until Argentina gives in and start talking price. Argentina has more cases pending before international court of arbitration than any other country and the Kirchner government has been acting like complete deadbeat. Seizing the vessel is a good way to force their hand so they have to deal with you. Elliott bought the debt at 30 cents on the dollar. I figure they might eventually be able to reach an agreement with Argentina where it gets 60 t0 70 cents.

In any case kudos to Elliott for pulling off this stunt. This is some top notch distressed asset collection works.

On the other hand, Paul Singer and his lieutenants probably shouldn't be planning on vacationing in Argentina anytime soon.

Too late for second-guessing Too late to go back to sleep.
 
Relinquis:
brandon st randy:
... (FSIA) basically gives the rogue governments like the Kirchner a free reign....
I don't see how you could call Argentina's government "rogue".

What would you call Argentina's government? They are scheduled to get kicked out of the IMF in December for corrupt and unreliable government data and will probably get kicked out of the G-20 in the relatively near future. They refuse to make debt payments. They saber rattle against the UK. They illegally seize property and businesses without just compensation. The rule of law in Argentina is basically non-existent and corruption in government is rampant.

What is the term that you suggest for Argentina's government?

 
Relinquis:
brandon st randy:
... (FSIA) basically gives the rogue governments like the Kirchner a free reign....
I don't see how you could call Argentina's government "rogue".

By "rogue" I was referring to the Kirchner government's complete and willful disregard of property rights, rules of laws and international conventions. Mainstream media has used this moniker to describe the Kirchner clan before. See for example: http://www.businessweek.com/articles/2012-04-19/argentina-goes-rogue-ag…

BTW, the rogue designation only apply to the government led by Cristina Fernandez and is by no means intended to describe the Argentinean people, who are by and large decent and good natured and some of the nicest folks in the world. They deserve better than the Kirchners.

Too late for second-guessing Too late to go back to sleep.
 
holla_back:
Maybe I should look into boat repo as a possible career move. At least I'd finally be using my damn Coast Guard license.

There's a Discovery Channel show with a guy who runs an airplane repo deal... get on it brahh

If your dreams don't scare you, then they are not big enough. "There are two types of people in this world: People who say they pee in the shower, and dirty fucking liars."-Louis C.K.
 

I love this. I actually suggested this tactic many years ago in a business class when discussing illegal property seizures by governments like Venezuela and Argentina. I was panned by the entire class and my instructor as delusional and arrogant. Maybe so, but it's nice to know that I'm not the only person in the world who has considered brute force in dealing with criminals like Chavez and Kirchner.

 

Can't get your money from Argentina? Ok, here's what you do: Seize one of their naval vessels in Ghana. Sink it. Wait 100 years. Have one of your descendants retrieve it as a "sunken ship of importance". Have him sell it. Make $1.85 on the dollar on selling the century old wreckage. Piracy at its finest.

Your friend,

Captain Morgan

 
Magilla:
Can't get your money from Argentina? Ok, here's what you do: Seize one of their naval vessels in Ghana. Sink it. Wait 100 years. Have one of your descendants retrieve it as a "sunken ship of importance". Have him sell it. Make $1.85 on the dollar on selling the century old wreckage. Piracy at its finest.

Your friend,

Captain Morgan

But Captain, even assuming that the $1.85 recovery value is correct, when spread out over 100 years, the IRR amounts to only around 1.8% before accounting for all the costs associated with sinking and then retrieving the vessel. Also our investors would likely demand profit distribution long before the 100 years mark so we would have to take a loss on this. I think we are better off getting some cash from the Argentinian government now.

Too late for second-guessing Too late to go back to sleep.
 

I love they they jacked the boat using corrupt ass Ghana. And I mean what is Argentina going to do?

I think the more interesting thing about this is how we basically have Americans acting like Somalian pirates using corrupt African nations to hold naval vessels that are obviously protected by international law. Like I can understand Ghana doing this, but an American citizen can't really roll like this. Just like Americans can be prosecuted for bribery in countries where bribery isn't illegal, I can't see how this can fly.

Then again I suppose the guys at Elliot have powerful friends in Washington and Argentina isn't exactly in good standing.

Can you imagine being in that investment committee and being tasked with tracking Argentinian naval vessels? Haha. Who was the lucky guy on the plane to Ghana with the suitcase full of cash to get this done with.

 
TNA:
I love they they jacked the boat using corrupt ass Ghana. And I mean what is Argentina going to do?

I think the more interesting thing about this is how we basically have Americans acting like Somalian pirates using corrupt African nations to hold naval vessels that are obviously protected by international law. Like I can understand Ghana doing this, but an American citizen can't really roll like this. Just like Americans can be prosecuted for bribery in countries where bribery isn't illegal, I can't see how this can fly.

Then again I suppose the guys at Elliot have powerful friends in Washington and Argentina isn't exactly in good standing.

Can you imagine being in that investment committee and being tasked with tracking Argentinian naval vessels? Haha. Who was the lucky guy on the plane to Ghana with the suitcase full of cash to get this done with.

Can you imagine being the guy who had to tell the head honcho, "yeah, so someone stole our ship"

 

I have two buddies in the large asset repo business. One repoes boats on behalf of Customs and the other repoes planes on behalf of Short Brothers. They've both got some amazing stories. Here's a couple of quick ones.

My plane repo buddy once boarded a plane full of passengers and kicked everyone (including the pilot) off. They were literally about to take off on a scheduled flight. Imagine being settled into your seat ready to take off when some jamoke comes aboard and tells you the airline doesn't pay its bills and you have to find alternate transportation. Pretty hilarious.

My boat repo buddy once got called to do a job on a schooner in Cabo. This was back in his wild man days. So he flies down to Cabo with just a bag of gear and he goes out drinking. He picks up this chick and takes her back to his room and the next day he asks her if she wants to sail back to San Diego with him on a 50' sailboat. She says hell yeah, so they hop in a dinghy and head out to the boat. He tells the crew aboard that he's the new captain the owner hired and that they have to move the boat up the coast. So he sends the crew into town for supplies and as soon as they're off the boat he picks up the anchor and hauls ass, just him and the chick he met the night before.

Well it turns out the owner of the boat is fairly well connected down there, so he calls the Mexican navy and tells them the boat is full of dope. So now my buddy's got the Mexican navy on his ass, he's got a chick with him who has never sailed before, and he's on a route us sailors call the Baja Bash because you're heading into the swells the whole way and it's just a miserable slog. He spends the next couple days ducking into coves and hidey-holes to avoid the navy, and he manages to make it all the way back to the States without getting caught. He told me once that chick had solid ground under her feet he never heard from her again.

I actually just remembered another story, this one involving me (sorta). He jacked a freighter in Japan and took it down to Indonesia for repairs, and that's where his crew deserted him. So he calls me and another buddy of ours and asks if we want to fly out on the government's dime and help him bring this big sonofabitch back to the States. The thought of crossing the South China Sea in the dead of winter on a stolen boat wasn't all that appealing to me, so I took a pass. He made it back, though.

God, now I'm remembering all this shit. He actually had a joint checking account with US Customs. Like, it was literally printed on the checks: US Customs and/or my buddy's name. He had it for times like getting stuck in Indonesia with no crew and having to make shit happen quickly. I wonder how much the biggest check he ever wrote was.

 
Edmundo Braverman:
I have two buddies in the large asset repo business. One repoes boats on behalf of Customs and the other repoes planes on behalf of Short Brothers. They've both got some amazing stories. Here's a couple of quick ones.

My plane repo buddy once boarded a plane full of passengers and kicked everyone (including the pilot) off. They were literally about to take off on a scheduled flight. Imagine being settled into your seat ready to take off when some jamoke comes aboard and tells you the airline doesn't pay its bills and you have to find alternate transportation. Pretty hilarious.

My boat repo buddy once got called to do a job on a schooner in Cabo. This was back in his wild man days. So he flies down to Cabo with just a bag of gear and he goes out drinking. He picks up this chick and takes her back to his room and the next day he asks her if she wants to sail back to San Diego with him on a 50' sailboat. She says hell yeah, so they hop in a dinghy and head out to the boat. He tells the crew aboard that he's the new captain the owner hired and that they have to move the boat up the coast. So he sends the crew into town for supplies and as soon as they're off the boat he picks up the anchor and hauls ass, just him and the chick he met the night before.

Well it turns out the owner of the boat is fairly well connected down there, so he calls the Mexican navy and tells them the boat is full of dope. So now my buddy's got the Mexican navy on his ass, he's got a chick with him who has never sailed before, and he's on a route us sailors call the Baja Bash because you're heading into the swells the whole way and it's just a miserable slog. He spends the next couple days ducking into coves and hidey-holes to avoid the navy, and he manages to make it all the way back to the States without getting caught. He told me once that chick had solid ground under her feet he never heard from her again.

I actually just remembered another story, this one involving me (sorta). He jacked a freighter in Japan and took it down to Indonesia for repairs, and that's where his crew deserted him. So he calls me and another buddy of ours and asks if we want to fly out on the government's dime and help him bring this big sonofabitch back to the States. The thought of crossing the South China Sea in the dead of winter on a stolen boat wasn't all that appealing to me, so I took a pass. He made it back, though.

God, now I'm remembering all this shit. He actually had a joint checking account with US Customs. Like, it was literally printed on the checks: US Customs and/or my buddy's name. He had it for times like getting stuck in Indonesia with no crew and having to make shit happen quickly. I wonder how much the biggest check he ever wrote was.

I think we need to interview this guy...he sounds like the Dos XX guy :-)

 
Edmundo Braverman:

I have two buddies in the large asset repo business. One repoes boats on behalf of Customs and the other repoes planes on behalf of Short Brothers. They've both got some amazing stories. Here's a couple of quick ones.

My plane repo buddy once boarded a plane full of passengers and kicked everyone (including the pilot) off. They were literally about to take off on a scheduled flight. Imagine being settled into your seat ready to take off when some jamoke comes aboard and tells you the airline doesn't pay its bills and you have to find alternate transportation. Pretty hilarious.

My boat repo buddy once got called to do a job on a schooner in Cabo. This was back in his wild man days. So he flies down to Cabo with just a bag of gear and he goes out drinking. He picks up this chick and takes her back to his room and the next day he asks her if she wants to sail back to San Diego with him on a 50' sailboat. She says hell yeah, so they hop in a dinghy and head out to the boat. He tells the crew aboard that he's the new captain the owner hired and that they have to move the boat up the coast. So he sends the crew into town for supplies and as soon as they're off the boat he picks up the anchor and hauls ass, just him and the chick he met the night before.

Well it turns out the owner of the boat is fairly well connected down there, so he calls the Mexican navy and tells them the boat is full of dope. So now my buddy's got the Mexican navy on his ass, he's got a chick with him who has never sailed before, and he's on a route us sailors call the Baja Bash because you're heading into the swells the whole way and it's just a miserable slog. He spends the next couple days ducking into coves and hidey-holes to avoid the navy, and he manages to make it all the way back to the States without getting caught. He told me once that chick had solid ground under her feet he never heard from her again.

I actually just remembered another story, this one involving me (sorta). He jacked a freighter in Japan and took it down to Indonesia for repairs, and that's where his crew deserted him. So he calls me and another buddy of ours and asks if we want to fly out on the government's dime and help him bring this big sonofabitch back to the States. The thought of crossing the South China Sea in the dead of winter on a stolen boat wasn't all that appealing to me, so I took a pass. He made it back, though.

God, now I'm remembering all this shit. He actually had a joint checking account with US Customs. Like, it was literally printed on the checks: US Customs and/or my buddy's name. He had it for times like getting stuck in Indonesia with no crew and having to make shit happen quickly. I wonder how much the biggest check he ever wrote was.

This stuff could be a movie. In Hollywood the guy would have flow a pirate flag. Of course, it would be ironic if the people at Elliot did the same.

"It's very easy to have too many goals and be overwhelmed by them... The trick is to find the one thing you can focus on that represents every other single thing you want in life." -- @"Edmundo Braverman"
 

...

"It's very easy to have too many goals and be overwhelmed by them... The trick is to find the one thing you can focus on that represents every other single thing you want in life." -- @"Edmundo Braverman"
 
MogulintheMaking:
Can someone please explain to me the sails on Argentina's navy ships?

Various countries have show man ships that are part of the navy. These ships would never be used for war, its just for show and trips and shit. Colombia has a really nice one...They are usually old and considered more like national treasures.

 

Argentina and Elliott are facing off in court tomorrow to decide whether the ship gets to leave. Even if Elliott prevails and Argentina is forced to pay the $10mm bond it demands on the vessel, it would still be a symbolic victory at this point as I heard that Elliott owns $630 mm worth of Argentine defaulted debt in face value. Elliott bought the debt at 30 cents on the dollar that is still $210mm that they put into this position. They would need to seize a heck lot more vessels to get their principal back, let alone the $1.4 b plus in interest payments that Elliott claims Argentina owes them.

Maybe they will start seizing airplanes from Aerolinea Argentina whenever they land abroad, along with any Argentine vessel of any value whenever they dock abroad. This would effectively put the country under siege and force Cristina to compromise.

Too late for second-guessing Too late to go back to sleep.
 

What kind of court? A Ghanian one?

The concept is interesting though, especially if it extends at some point to a developed country. By what right does a foreign private company seize assets of a sovereign nation after a sovereign default?

I mean, in a private bankruptcy of a corporation all bondholders are bound by the bankruptcy court ruling. You can't hold out and then seize assets after the company has been reorganised just because you don't like the terms of the bankruptcy.

 
Relinquis:
What kind of court? A Ghanian one?

Yes.

NML Capital/Elliott is being represented byAce Ankomah of Bentsi-Enchill, Letsa & Ankomah, a local law firm. Maybe they are looking to set a precedent here, else it wouldn't make sense going through all this trouble for a $10mm bond.

Too late for second-guessing Too late to go back to sleep.
 

We are talking about Ghana. Not sure if the rule of law is real big over there. I just find it funny how an American citizen is acting so rogue.

Just hire Blackwater and have your own private military force seize assets. Next logical step.

 

The ship stays as the court sides with Elliott. They argued that the vessel is not covered by sovereign immunity as Argentina waived its sovereign immunity the moment it issued debt to foreign investors. Plus, Ghanian law does not protect military immunity under which the vessel would fall under since it was in West Africa on a good will tour under the auspice of the Argentinian military. In any case, they argue, the vessel is not seized, but merely temporarily "detained" pending a payment of deposit of $20mm.

Interesting how Elliott structured the myriad layers of their argument here and that the court sympathizes with the case they made here.

Too late for second-guessing Too late to go back to sleep.
 
brandon st randy:
The ship stays as the court sides with Elliott. They argued that the vessel is not covered by sovereign immunity as Argentina waived its sovereign immunity the moment it issued debt to foreign investors. Plus, Ghanian law does not protect military immunity under which the vessel would fall under since it was in West Africa on a good will tour under the auspice of the Argentinian military. In any case, they argue, the vessel is not seized, but merely temporarily "detained" pending a payment of deposit of $20mm.

Interesting how Elliott structured the myriad layers of their argument here and that the court sympathizes with the case they made here.

Elliot no doubt bribed the court, which is completely fine with me. I hate the current Argentinian government and I find this hilarious.

 

Argentina has evacuate the crew of the naval training ship ARA Libertad, which has been detained in a port in Ghana since Oct. 2 due to a court order obtained by creditors seeking to collect on defaulted Argentine bonds.

Meanwhile the Ghana port has requested to have the vessel removed from the Port of Tema and relocated to an anchorage to save valuable space at the port.

I am impressed at the to-the-letter and transparent way that Ghana handled this whole situation. If this is representative of how institutions function in Ghana then the country has a bright future.

Too late for second-guessing Too late to go back to sleep.
 
Unforseen:
LOOOl from this article (http://www.bloomberg.com/news/2012-10-25/billionaire-hedge-fund-s-naval…):

" The government chartered an Air France jetliner, which isn’t subject to seizure upon landing in Ghana, to fly the stranded sailors back to Buenos Aires."

As I suspected, Elliott basically set up an international blockage against Argentina. This is akin to a siege, designed to inconvenient and put pressure on the Kirchner government and drain it of resources and wills to fight.

The frontal assault, however, will come from another angle. The ace Elliott is holding, as the Bloomberg article you linked to points out, will come from a ruling in the Southern District of Manhattan on the pari paasu clause. This will force Argentina to pay back the debt plus hefty interests accrued at high double digit annual rate (!) to Elliott before it is allowed to make any payment to any of its current creditors.

Argentina has been shut out of the global bond market post its 2001 default. It is only able to borrow money abroad now using its foreign reserve, which has been building up thanks to rising agricultural and oil and gas prices and now stands at $60 billion USD.

Now that is the top prize that Paul Singer & company are going after.

Too late for second-guessing Too late to go back to sleep.
 

Latest development on this saga:

http://www.ft.com/intl/cms/s/0/4252209c-8351-11e2-820f-00144feabdc0.htm…

My favorite line: If the court decides this is fair and equitable, Elliott can still try to find ships in Ghana but they would no longer be in breach of pari passu LOL

This saga is such a goldmine of a learning opportunity for the budding distressed investors and attorneys. They don't teach you this in MBA or Law School, well except Duke.

Too late for second-guessing Too late to go back to sleep.
 
Unforseen:
A coworker says that if they do abide for Elliot, the shock on the sov't markets might be significant. It might make the future restructuring process of sovereign debt useless.

I think it is not yet clear to what extent would this particular case, with its own idiosyncrasies, be served as a precedent for further restructuring cases. Even if it does deter further sovereign debt restructurings, it would be a good thing as it would force sovereign regimes to act much more prudently and responsibly toward their debt issuances and obligations.

Too late for second-guessing Too late to go back to sleep.
 

Ha this is finally happening:

Argentina Asks Supreme Court To Hear Debt Case Jun 26 2013 | 11:09am ET Argentina vowed to go all the way to the U.S. Supreme Court to avoid paying Elliott Management and other holdouts from its defaulted debt restructuring, and now it has. The country yesterday asked the high court to accept its appeal of an appeals-court decision that bars it from paying creditors who accepted its 2005 and 2010 debt exchanges before paying those who refused the exchanges. The same appeals court is now considering a lower court judge's orders that Argentina pay the holdouts in full; it is considered unlikely that the Supreme Court will grant certiorari and agree to hear the case while that case is outstanding. The second ruling from the U.S. Second Circuit Court of Appeals could come at any time; it heard arguments on the matter in March. Argentina argues in its petition that the district and appeals court decisions ignore the Foreign Sovereign Immunities Act, which limits lawsuits against foreign governments, and "represents an unprecedented intrusion into the activities of a foreign state within its own territory that raises significant foreign relations concerns for the United States." The bonds in question were issued in New York under U.S. law. Argentina also said that, if it is forced to pay the holdouts, it would be exposed to $43 billion in new claims that would lead to another default.

Personally I really don't care how Roberts & Co. rule on DOMA or Voting Rights Act but it will be very interesting to hear their rulings and rationales on this case. I wonder whether they will split along the typical liberal conservative way--I doubt it thou Sotomayor the wise Latina might be inclined to sympathise with Christina the not so wise Latina that has been running/ruining Argentina.

Too late for second-guessing Too late to go back to sleep.
 

Looks like the Obama administration is gonna try to help Argentina at its Supreme Court showdown VS EML. The Washington Post, citing people familiar with the case, said the U.S. Justice Department is mulling filing a brief at the Supreme Court defending the concept of sovereign immunity. If invoked, the immunity would nullify all previous judgments against Argentina including the pari passu ruling.

I think this is a terrible idea. Even if one is sympathetic with Kirchner government's stance here one can still come up with more case specific arguments re why Elliott shouldn't be paid on par ahead of all the other creditors that already accepted the haircut. I hope the Supreme Court dismisses this brief from Holder.

Too late for second-guessing Too late to go back to sleep.
 
brandon st randy:

Looks like the Obama administration is gonna try to help Argentina at its Supreme Court showdown VS EML.
The Washington Post, citing people familiar with the case, said the U.S. Justice Department is mulling filing a brief at the Supreme Court defending the concept of sovereign immunity. If invoked, the immunity would nullify all previous judgments against Argentina including the pari passu ruling.

I think this is a terrible idea. Even if one is sympathetic with Kirchner government's stance here one can still come up with more case specific arguments re why Elliott shouldn't be paid on par ahead of all the other creditors that already accepted the haircut. I hope the Supreme Court dismisses this brief from Holder.

From the WSJ today,

Looks like the Justice department decided not to file that brief on behalf of Argentina, despite filling such amicus at the federal court in the last round. Instead the IMF is now going be the one to file on behalf of Argentina, as it is concerned that " if Argentina is forced to pay up, minority creditors in the future will have too much power to determine how sovereign debts in default are restructured."

I am hoping that an IMF brief would carry even less leverage and relevance at the U.S Supreme Court than the Obama administration. I remember Roberts himself had indicated, back when he was answering senate questionings before being appointed as Supreme Court justice, that he would not consider similar foreign court rulings when making decisions. The IMF is not a foreign court but the idea is similar.

http://online.wsj.com/article/SB100014241278873239938045786154407667438…

Too late for second-guessing Too late to go back to sleep.
 

Looks like this case is definitely heading to the Supreme Court now. The Second Circuit Court of Appeals just ruled against Argentina on the pari passu while also putting a stay on the case at the same time, as it sets stage for John Roberts & Co to decide on the fate of the Argentine government.

http://online.wsj.com/article/SB100014241278873246195045790307041070441…

Too late for second-guessing Too late to go back to sleep.
 

Elliott going after Argentina from a different angle, seeking to take over assets from 123 Nevada companies linked to Argentine construction tycoon and close Kirchner associate Lazaro Baez. Allegedly Baez has been trying to take about $65m out of Argentina and launder it through a series of tax heavens. That amount by itself is rather negligible relative to the billions in claims Elliott has against Argentina. This move is really just a way to raise another pressure point to further inconvenient the Kirchner regime. The main show is now going to happen before the U.S Supreme Court as it rules on the parri passu clause.

Still, even if Elliott triumphs completely and gets to collect the full principal amount of debt, this deal would hardly be considered a home run as it has already taken so many years, not to mention legal and other resources that accumulate over time, which will really cut into the IRR. Good thing Elliott has plenty of other investments going on that take much less time to materialize. I bet Elliott/Paul Singer is just doing this in part as a fun diversion.

http://online.wsj.com/news/articles/SB100014240527023038478045794817620…

Too late for second-guessing Too late to go back to sleep.
 

There a few other cases like this. I know Nathan Sandler of Canyon was talking about them investing in North Korean sovereign debt and some other HFs talk about defaulted Iranian debt. Still all these should really be treated as extracurricular activities for established managers with very sizable AUM who is just treating this as a side bet/publicity stunt to get attention for their main investing activities. Most investors would be very concerned with their managers are putting much money into situations like these.

Too late for second-guessing Too late to go back to sleep.
 

Looks like it is finally end of line for Argentina. The US supreme Court just reaffirmed the appeal court ruling in the pari passu treatment of Elliott and other assorted holdout creditors. This leaves the Kirchner government with no option than to default. In fact that is exactly the advice that their attorneys at Cleary Gottlieb Steen & Hamilton gave them. To declare default in NY and then separately restructure all its debt obligations offshore outside US jurisdiction. This way they can continue to fight Elliott without the hassle of dealing with the U.S legal system. Plus this would not be the first time Argentina defaults on its debt so they probably don't mind the additional reputational damage from such a fallout.

Too late for second-guessing Too late to go back to sleep.
 

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Too late for second-guessing Too late to go back to sleep.
 

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Winners bring a bigger bag than you do. I have a degree in meritocracy.
 

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