Word: escrowed
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...weeks earlier, Tehran had appeared to close off discussion altogether with it stunning "final" demand for a $24 billion "guarantee" in exchange for the American captives. Washington had countered with a proposal that offered to place as much as $7 billion in U.S.-held Iranian assets into an escrow account, to be transferred to Tehran upon the release of the hostages. The Algerian go-betweens had carried the U.S. proposal to Tehran on Jan. 2-along with a pointed reminder hat time was running out for the Carter Administration. It was hoped that Tehran's reluctance to deal with...
...these boiled down to one word: money. A major sticking point concerned the return of $8 billion to $14 billion in frozen Iranian assets, much of which was encumbered by American claims and attachments. Another problem appeared to be the Iranians' insistence on a multibil-lion-dollar escrow account to guarantee the return of the late Shah's U.S.-held assets. Said an aide to Secretary of State Edmund Muskie: "That's really where it's hung. They are serious about it. But they have to understand that we are at the limit of our authority...
...blocking the late Shah's assets in the U.S., although Tehran would have to go through U.S. courts to gain possession of them. The Iranians seemed to accept those proposals in principle, but then issued their staggering demand that Washington "guarantee" its compliance by putting $24 billion in escrow before release of the hostages...
...main innovation contained in last week's proposal, explained a U.S. negotiator, was to set up "a simple device to deal with the Iranian suspicions that we will not do what we say we will do." The suggestion: an Algerian escrow account, into which the U.S. would deposit $2.5 billion of the Iranian assets now held by the Federal Reserve, along with approximately $4 billion held by U.S. banks abroad. This fund would comprise that portion of U.S.-controlled Iranian assets which are free of all claims and attachments. The Iranians would be able to draw on the account...
...demands for guarantees of money in the amount of $23 billion presented the most difficulties, according to senior U.S. officials. For example, it was unclear what portion of the frozen $13 billion must be transferred to an escrow account in the Algerian Central Bank as a guarantee of good faith. Some $7 billion of those assets is subject to litigation by American companies that had contracts in Iran before the revolution. U.S. officials had hoped Iran would understand that Carter does not have legal authority to expatriate those funds. The implication was that the demand exceeded the amount Carter might...