http://youtu.be/qYm68KV3et8?list=PLOYacb8vct5OLlz0cSHo8NJyXDbYAi_id
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Chinese bonds valuable?
Investors demand cash after 88 years
A group of American investors led by a Denver-area energy industry consultant is demanding that the Chinese government make good on bonds it believes to be worth billions of dollars and that were issued by a previous government nearly a century ago.
C. William Arrington, head of Golden-based C. William Arrington & Associates LLC, and a Texas investor are trying to get the U.S. government to pressure the People's Republic of China to repay the bonds.
They've asked the Foreign Bondholders Protective Council to take up their case, and the council has said it will study it, according to a recent USA Today story. They've even created a foundation staked by the bonds in the hope that President George W. Bush will use a 1933 law that allows him to help U.S. citizens seeking repayment from foreign governments when it's in the public interest.
The bondholders' battle has been uphill so far, even though there's precedent for such bonds' repayment. The Arrington group's bonds are formally called 1913 Chinese Reorganization gold bonds.
International law generally holds that bonds issued by one government should be honored by a succeeding government.
In the late 1980s, the British government convinced the current Chinese government to pay holders of a variety of Chinese bonds in Britain 20 million pounds ($28.3 million at today's exchange rate). Besides the 1913 issues, those bonds also included ones for a huge Chinese railroad and public works projects in what's now Hebei Province. Only 10 percent of the outstanding bonds were redeemed.
For the most part, though, the U.S. government considers the bonds worthless, except for their historic value, because they're so old. They went into default more than 50 years ago, having gone unpaid past their 30-year maturity date.
Continue Reading at ... http://www.bizjournals.com/denver/stories/2001/07/02/story2.html?page=all
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U.S. Treasury questioned by congressional leader on China's debt defaults to the U.S. Government and U.S. Citizens
http://americanbondholdersfoundation.com/pdf/Congressman_Gary-Miller-Letter_to_Sec-Geithner_04-06-2012_Chinese-Defaulted-Bonds.pdf
