Gyroscopic Investing

The Libertad, a three-mast tall ship with 330 navy cadets and crew aboard, was seized at Tema, an industrial port east of Ghana’s capital, Accra, on Oct. 2 through a court order obtained by N.M.L. Capital, a holdout creditor from Argentina’s default a decade ago that says it is owed more than $370 million. The creditor is among a few remaining holdouts to refuse debt restructuring agreements in 2005 and 2010. It had tracked the vessel through the Libertad’s Web site.

N.M.L., a subsidiary of Elliot Capital, a New York-based hedge fund with $20 billion under management, offered to release the ship if Argentina paid a $20 million security. It also offered to bear the costs of flying the sailors home.

Argentina’s foreign minister, Héctor Timerman, said in a statement, “The vulture funds have crossed a boundary in their attacks on the Argentine republic.”? He said the seizure violated the Vienna Convention, which grants military vessels diplomatic immunity.