Friday, November 9th 2012 - 06:34 UTC

Judge Griesa summons new hearing on case of hedge funds holding Argentine bonds

US Judge Thomas Griesa summoned a new hearing at New York Court over the case of investment funds against Argentina. The judge agreed with both parts a hearing on Friday to define the following steps after the US Appeals Court ruling issued on October 26.

“We hold that Argentina breached its promise” said the Appeals Court

The ruling recognized that Argentina discriminated against bondholders who refused to take part in massive debt re-structuring in 2005 and 2010 by deciding to pay them later than bondholders who agreed to participate.

The unanimous three-judge appeals court panel said that in conducting the restructurings, Argentina violated a provision in the bonds that required it to treat bondholders equally, even if they chose to hold out and did not take part in the massive debt restructuring in 2995 and 2010.

Argentina claimed that upholding Griesa’s rulings would undermine its debt agreements, trigger a new financial crisis in the republic and make it impossible for countries including Greece and Spain to restructure their debt in the future.

“Nothing in the record supports Argentina's blanket assertion that the injunctions will plunge the Republic into a new financial and economic crisis,” Circuit Judge Barrington Parker wrote for the panel agreeing with Judge Griesa that with more than 40 billion dollars in foreign reserves, Argentina has the ability to pay the holdouts

“We hold that Argentina breached its promise,” the appellate court said, summarizing a 29-page ruling that could make it difficult for Argentina to use the US financial system unless it complies.

The appeals court sent the case back to Griesa’s court to clarify how a payment formula set by the judge is intended to work and to determine how the orders apply to intermediary banks and other third parties.

NML Capital Ltd. is the investment fund that impounded the Argentine Navy training frigate ARA Libertad which remains retained in Ghana. The parent company of NML is billionaire Paul Singer's Elliott Capital Management

The case is NML Capital Ltd. v. Republic of Argentina, 12-00105, US Court of Appeals for the Second Circuit (Manhattan).
 

28 comments Feed

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1 RICO (#) Nov 09th, 2012 - 08:14 am Report abuse
This is Argentina, they are not bothered with their own countries laws, they won't pay attention to other courts, not until you take action in the real world and seize their assets.
2 British_Kirchnerist (#) Nov 09th, 2012 - 10:09 am Report abuse
Seems wrong to appoint the same judge who already handled the case once, surely that must be a conflict of interest or something?!
3 Idlehands (#) Nov 09th, 2012 - 10:36 am Report abuse
2 British_Kirchnerist

You mean you don't like the judgement of this judge so were hoping for a different outcome from a different judge?

It has to go back to Griesa because they are clarifying the technicalities of the order he made.
4 agent999 (#) Nov 09th, 2012 - 10:50 am Report abuse
@2
Read the article before you make stupid comments.

BTW your forgot to mention Tory paedophiles
5 Welsh Wizard (#) Nov 09th, 2012 - 11:29 am Report abuse
@2

Come one BK, at least try to understand what is going before you comment.

“The appeals court sent the case back to Griesa’s court to clarify how a payment formula set by the judge is intended to work and to determine how the orders apply to intermediary banks and other third parties.”

Very obviously they are asking for clarification on a point. You can read so stop writing any old rubbish
6 We got your Fragata (#) Nov 09th, 2012 - 11:47 am Report abuse
Why doesn't some other country just invade Argentina and displace the illegal corrupt government? This is a golden opportunity for some country with military strength to get these corruptos and Kretina, try them for crimes against humanity, and life in a hard labor camp and the death penalty for others? What are you all waiting for?
7 Idlehands (#) Nov 09th, 2012 - 12:07 pm Report abuse
6 We got your Fragata

That could be considered somewhat extreme.

Why not just let them crumble due to their own incompetence?
8 Britworker (#) Nov 09th, 2012 - 12:15 pm Report abuse
They could follow Paraguay's model and replace her in one afternoon, a highly efficient system.
9 We got your Fragata (#) Nov 09th, 2012 - 12:21 pm Report abuse
@7 Idlehands
Cristina Kirchner is a corrupt oligarch. Her days in office are numbered. The best thing for the people of Argentina to do right now is to force her out of office, arrest her and her cabinet of corrupt garbage cronies and for them to be hanged or guillotined in the plaza de Mayo!!
10 gustbury (#) Nov 09th, 2012 - 12:38 pm Report abuse
Griesa is a mummy!! right??
11 British_Kirchnerist (#) Nov 09th, 2012 - 12:44 pm Report abuse
#4 “BTW your forgot to mention Tory paedophiles”

But you didn't, good =)
12 Welsh Wizard (#) Nov 09th, 2012 - 12:54 pm Report abuse
@11

www.guardian.co.uk/uk/2012/nov/08/mistaken-identity-tory-abuse-claim

looks like it was mistaken identity
13 Conqueror (#) Nov 09th, 2012 - 01:05 pm Report abuse
@2 How to prove you're a prat! Case sent back so that Judge Griesa could clarify the payment formula. A typical Scottish approach. Thick!!
@10 And shite once more rises to the surface.
@11 Can't wait to get you brainless, thieving tools out of the UK. Writing to my MP to ensure that, should a Scottish thing attempt to breach the border, Scotland can be vapourised. Just figure. 7,500 miles in 30 minutes. 300 miles in less than a minute.
14 Raven (#) Nov 09th, 2012 - 01:20 pm Report abuse
@ 10 gustbury

''Griesa is a mummy!! right??''

What would her having children have anything to do with this?
15 briton (#) Nov 09th, 2012 - 01:22 pm Report abuse
Cfk has opened a can or worms has she not,

yet still tries to wriggle out of it .lol.
16 Idlehands (#) Nov 09th, 2012 - 01:44 pm Report abuse
Where are people getting the idea that Judge Griesa is a woman????
17 British_Kirchnerist (#) Nov 09th, 2012 - 04:55 pm Report abuse
#12 That might clear it up if it was just one person under suspicion, but talk is of a ring, there were 5 names handed to Cameron. Watch last night's Channel 4 News, still available for a week online about this and other British establishment coveups
18 Raven (#) Nov 09th, 2012 - 05:19 pm Report abuse
@ 16 Idlehands

My bad. I usually research such things before posting which I didn't this time.

D'oh!
19 Clyde15 (#) Nov 09th, 2012 - 08:59 pm Report abuse
#13.... 11
You are such an effing stupid twat !
1 The nuclear weapons are in Scotland.
2 If the ludicrous scenario ever took place, England would also disappear under the fall out.
3 It has been such a sad fact of life that the Scots, (and the Ulstermen)) have had to take jobs in England because the locals are so damned thick !
Go back to your anger management classes or take some prozac
20 Orbit (#) Nov 09th, 2012 - 09:32 pm Report abuse
Good parenting means you always get the same answer no matter how many times you run to the grown ups, stamp your feet and whinge “but it's not fair”...

in.reuters.com/article/2012/11/09/us-argentina-bonds-idINBRE8A81BN20121109
21 ProRG_American (#) Nov 09th, 2012 - 10:08 pm Report abuse
6 We got your Fragata (#)
“Why doesn't some other country just invade Argentina and displace the illegal corrupt government? This is a golden opportunity for some country with military strength to get these corruptos and Kretina, try them for crimes against humanity, and life in a hard labor camp and the death penalty for others? What are you all waiting for?”

Haaa, like what country are you suggesting? Illegal Govt.? What is your definition of an illegal Govt.? This is a very legitimate Govt. voted by an overwhelming majority and it has 3 more years more as allowed in the constitution. The protestors in BA do not want the Govt. to leave, but to address their concerns. Aaahrm, try them for crimes against humanity? Please list the crimes and submit them to the International Tribunal.
If you want an invasion, I invite you to lead the charge.
I sense that your apparent anger is for some other reason. Now, what might that be?
22 briton (#) Nov 09th, 2012 - 10:15 pm Report abuse
No one is going to invade Argentina,

Argentina will either implode and get rid of her,

Or recover and grow, like some Argies believe, and re-elect her.
But she would have to alter the constitution to do this,
Unless she has other ideas up her sleeve, and puts in a puppet,
And she becomes vice president, and let the puppet bring Argentina to the brink of collapse,

Then love and behold, the mighty CFK comes to the rescue for re-election in 2019 perhaps.

Heys it was Justa thought.

.
23 agentUKwimp (#) Nov 09th, 2012 - 11:07 pm Report abuse
@22 Isolde aka briton
lol
24 British_Kirchnerist (#) Nov 09th, 2012 - 11:19 pm Report abuse
“Or recover and grow, like some Argies believe, and re-elect her.
But she would have to alter the constitution to do this,
Unless she has other ideas up her sleeve, and puts in a puppet,
And she becomes vice president, and let the puppet bring Argentina to the brink of collapse,

Then love and behold, the mighty CFK comes to the rescue for re-election in 2019 perhaps.

Heys it was Justa thought”

A good thought. Cristina as VP would definately be one way to continue to lead in all but name. But she wouldn't have to let the country go to the dogs under her “puppet”, or wait until 2019 to come back - they could just resign after, say, an hour, and she'd be back by constitutional succession =)
25 Dam edge conTroll (#) Nov 10th, 2012 - 12:17 am Report abuse
The more momentous time becomes, the more its flow becomes insignificant.
26 Ayayay (#) Nov 10th, 2012 - 01:11 am Report abuse
@24 You like Cicciolina, don'tu! Haha {} haha
27 Anbar (#) Nov 11th, 2012 - 12:00 am Report abuse
@Clyde15 “#13.... 11
You are such an effing stupid twat !”

well said, couldn't agree more, and i'm English too the bone..

(oh, ek, hang on, no i'm not, i'm a Welsh Zimbabwean ...ah well..close enough)
28 Captain Poppy (#) Nov 12th, 2012 - 09:36 pm Report abuse
#24 nothing like creating a dictatorship....you're a fucking totalitarianist as is cfk whom will probably be assasinated before her term ends.

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