Penny wise, million dollar foolish

 Via Felix, a heartening tale of vulture funds[1] being told to fuck off by a judge. With bonus hilarity that they would probably have had a case to make that the Irish government had lost its sovereign immunity by doing business transactions in the USA ... except that the fund it was doing business with was registered in the Cayman Islands!

 Personally I think there should be a lot more of this; the commercial common law of England and Wales is a piece of intellectual property which is owned by British taxpayers (and mutatis mutandis the law of New York and Delaware), and if you want to licence that piece of IP, you ought to be paying taxes. I wouldn't put a blanket ban on the use of the courts by offshore entities, but people ought to be made more aware that one of the benefits of having straightforward tax affairs is that you can count on the legal system being there when you want it.

[1] Probably a nonstandard definition, but in my book if you lose money in the market then try to get it back in the courts, you're a vulture mate.