Investors holding restructured Argentine bonds also appealed Judge Griesa’s ruling
Investors holding 1 billion dollars worth of restructured Argentine debt said they also appealed to US District Judge Thomas Griesa’s ruling that they fear would trigger another default and prevent them from being paid principal and interest due on their bonds next month.
Lower Manhattan Judge Griesa ordered late on Wednesday that Argentina immediately pay a separate group of holdout investors, who rejected two debt restructuring offers made in 2005 and 2010, the 1.33 billion in judgments they have won in court, a stinging blow to Argentina’s efforts to overcome a 2002 debt crisis.
“Given Judge Griesa’s obvious frustration with the Republic of Argentina, we expected this ruling. What we did not expect was the disregard of innocent Exchange Bond Holders’ due process rights,” said Sean O’Shea, a lawyer representing Gramercy, a group comprised by hedge fund investors that represent 93% of the total bondholders that agreed to Argentina’s two debt swaps offered.
“We prepared an immediate appeal and motion to stay this ruling so that we may be heard in the 2nd Circuit Court of Appeals, and we hope the court to consider the ruling a mistake and suspend it”, O’Shea said to reporters.
The holdout investors that Griesa ruled in favour are led by NML Capital, an affiliate of Elliott Management, and Aurelius Capital Management, both based in New York.
Griesa’s order means Argentina must deposit the money into an escrow account by December 15, which protects both sides of the case pending a final decision by the US Second Circuit Court of Appeals.
At stake for all exchange bondholders is a potential technical default on approximately 24 billion worth of debt issued in the 2005 and 2010 exchanges. Principal and interest payments due those bondholders next month total over 3 billion.
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Argentina has signed an affadavit saying it will abide by the court so one must assume they will pay it in. Will they then choose to leave themselves in a situation where they pay the holdouts and default on the rest - the worst of all worlds for them?
I imagine their office cleaner understands it better than CFK
www.businessinsider.com/why-argentina-is-such-an-economic-mess-2012-11
Now they are worried they are going to get screwed again! When you debate with the devil you get screwed.
I hope that a default does happen and AG get further marginalised by the business community and help bring this despotic government down.
They could of course always put their money where their mouth is and pay everyone what they are owed and end the matter in their favour. It would mean that the USD 46 Bn needs to exist. Anybody what to take bets on that one?
“Why I’m happy for Argentina to default”
www.moneyweek.com/investments/stock-markets/emerging-markets/new-world-argentina-default-61600
“Mexico, Colombia, Peru and Chile have all combined economic growth with important reforms. Recognising what they have in common, this year they formed the Pacific Alliance – a regional bloc dedicated to boosting trade between members and with the rest of the world.”
www.urgente24.com/207807-griesa-rechazo-pedido-de-bonistas-plan-b-y-reapertura-del-canje?pagination=show
(This) game OVER !
More about Gramercy's role on the next occasion ;-)
Some sort of cage is in order.
Wow! I was wrong ... for long years I've been thinking of is as a political-criminal affair, more than just high risk finance ... now I know: SORCERY first of all LOL
Incidentally, for anybody who missed them, here are Judge Griesa's replies:
“ The motion listed as document number 401 for case 08-CV-6978 -Motion to Vacate -is denied. ”
“ The motion listed as document number 402 for case 08-CV -6978 -Motion to Appear as Interested Non-Parties -is denied. ”
And now let's move the fun (hopefully ... touching wood!) back to the 2nd Circuit Court of Appeals.
Malaysian Prime Minister Najib Abdul Razzak and his onetime close friend
Abdul Razzak Baginda are the “ priority witnessess” in an investigation into bribes and kickbacks amounting to about € 150 millions in the sale of Scorpene submarines to the Malaysian Ministry of Defense that the French Authorities probing the scandal ......................
What is your opinion on this case ?
Uhh ??? Nothing like staying on topic.
Some details here:
wikibin.org/articles/scandals-of-najib-tun-razak.html
He's a crook by the look of it.
goodbye sussie - we have your details
And what about Sr. Tullio Zembo.........?
Is he also a “bombastic, noisy Ladroprogresista with a personal interest?”
www.pagina12.com.ar/diario/elpais/1-208624-2012-11-26.html
Thank you for your good wishes (that unfortunately cannot be understood by the majority of forumers here, who don't master the Italian language like you ... you write almost as a native Italian speaker, I sincerely congratulate you).
What is promising lately it is the noiser and noiser Ladroprogresista propaganda, meaning that louder and louder, deeper and deeper cracks in their populistic and corrupt regime have to be blurred.
For example it is quite amusing to read today:
Moyano denuncia a Anibal Fernandez “para cerrarle esa boca de letrina” LOL
And about Mr. Tullio Zembo, occasionally (for me the last time before today's was about two and a half years ago, on occasion of the second bond exchange offer) we read something weird by him on Argentine media in Spanish or Italian.
We understood that he is an Argentine lawyer of Italian descent (living and doing business in Argentina since 1986: quite possibly he has Italian citizenship too). In the past he was looking for clients (as a lobbyist and/or lawyer) among Italian Tangobond holders. He got very few if any.
What Mr. Zembo has told today to Pagina 12 interviewer it is just his own opinion, or possibly he has been paid a fee for saying that: he his a professional lobbyist.
He DOES NOT represent any group or association of Italian holdouts and I doubt that he represents Italian holders of exchange bonds as well.
Before you mentioned that Pagina 12 article, we had already detected another shameful piece of Ladroprogresista propaganda in www.infonews.com mentioning this Mr. Zembo, allegedly “representing 450,000 Italian bondholders who accepted the debt haircut” LOL LOL
Insanity or just a stupid lie ... you choose please.
1) he dos not represent any Italian bondholder,
2) (in excess of) 450,000 was the number of Italians who made the mistake to invest in Argentine bonds: probably about 2/3 of them were sadly tendered in the two big exchanges (the 3rd one was just a Xmas gift for Boudou's friends).
LOL
“I am the Black Knight, none shall pass”
Ignore ProRG, he's pasting this rubbish in lots of threads.
#4 You mean back in Menem's day? The good old days for you!
I think that all those that accepted the 'restructuring' (reduction) of their repayments on their loans are no different to those that have held out for full reimbursment.
It would seem that *everybody* lending money to Argentina is a vulture in the eyes of the president.
I wonder if she has words to describe those stealing money from Argentina.
She might start with the phrase “I am a ....”
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