Ghana shall forthwith and unconditionally release the frigate ARA Libertad And so an Argentine training warship is free to sail off into the sunset, and out of the clutches of bond holdouts. (1) Unanimously, Prescribes, pending a decision by the Annex VII arbitral tribunal, the following provisional measures under article 290, paragraph 5, of the Convention: Ghana shall forthwith and unconditionally release the frigate ARA Libertad, shall ensure that the frigate ARA Libertad, its Commander and crew are able to leave the port of Tema and the maritime areas under the jurisdiction of Ghana, and shall ensure that the frigate ARA Libertad is resupplied to that end. That's an order from the International Tribunal on the Law of the Sea on Saturday, ending (for now) the strange foray of the Argentine holdout saga into international maritime law. It follows a Ghanaian court's order to seize the ship in October as part of Elliott Management's bid for repayment on Argentina's defaulted bonds. An indignant Argentine government quickly launched action under the Law of the Sea convention to get its frigate and crew back. Weeks later, it has. "Buitres, no pasaran!!!," Hernan Lorenzino, the Argentine finance minister, tweeted on Saturday. We doubt we need to translate that. Technically this is just a provisional order to free the ship; the tribunal has not ruled on the wider merits of letting private bondholders seize warships as assets for recovery. A full decision on the issues is yet to come. But then the tribunal notes Ghana's actions "affect the immunity enjoyed by this warship under general international law" and suggests that the Law of the Sea convention applies to warship immunity wherever a warship sails - Ghana had argued against there being jurisdiction in this case. So, a major defeat for holdouts? It follows the stay imposed on New York courts" order for Argentina to pay holdouts. But then warships are hardly liquid assets (Paul Singer had declared the Libertad "too large to sail in Long Island Sound.") And in New York, the saga staggers on... Related link: Pari passu saga series - FT Alphaville