After Argentina’s generous offer to hedge funds earlier this month, a bid to end contentious negotiations and gain access to world capital markets to explore the nation’s vast commodity wealth, the ball is in the hands of “vulture” hedge funds. But with their back against the wall and a little known ace in their pocket, could the hedge funds reject Argentina’s offer and hold out for payment in full? Late in January, Argentina in fact offered hedge funds a deal that was better than a settlement agreement worked out in court with Judge Thomas P. Griesa, Chief Judge of the...