A consortium of Argentine banks, led by Argentine Banking Association (Adeba) President Jorge Brito, meanwhile presented their own settlement offer on July 30, by which all vulture fund bond holdings in dispute would be purchased in installments for a total of US$1.4 billion, but the offer was refused; Citibank, JP Morgan Chase, and HSBC joined efforts to repurchase vulture fund holdings on August 1. The ISDA, of which Singer's Elliott hedge fund is one of 15 bank members, granted Singer and fellow vulture fund plaintiff Aurelius Capital CDS insurance payout of $1 billion on August 1.