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Judge Griesa calls Argentina and hedge funds for a hearing on Friday

Friday, June 27th 2014 - 08:35 UTC
Full article 48 comments
NML urged Griesa “to address the violation of the court's order” NML urged Griesa “to address the violation of the court's order”

A US judge has scheduled a hearing for Friday after hedge funds suing to collect on defaulted debt issued by Argentina complained about the country's plans to make a payment to creditors who participated in its past restructurings.

 US District Judge Thomas Griesa in New York has scheduled a hearing for 11:30 (10:30 EDT) after a lawyer for NML Capital Ltd, a unit of Elliott Management Corp, urged him to “address this violation of this court's order.”

Earlier, NML Capital has asked Griesa for a hearing to address the violation of his Court’s order, after Economy Minister Axel Kicillof announced the government has made a payment of 1 billion dollars in New York, serving its debt commitments with creditors that accepted the 2005 and 2010 swaps.

“Argentina is taking steps to make payments on the Exchange Bonds as scheduled on June 30, without making ratable payments to plaintiffs, as this Court’s order requires,” the note sent by NML to Griesa reads.

“This is a brazen step in violation of this Court’s orders and it warrants a swift and decisive response,” the Paul Singer owned fund argues.

NML added it has contacted the Bank of New York Mellon, where Argentina made the deposit, to “remind of its obligations under the Court’s orders and Federal Rule.”

“Argentina should be made to show cause why it should not be held in contempt,” it concludes.

Top Comments

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  • Conqueror

    The response is straightforward. The court should seize the funds. It's a clear case of contempt of court. No reason why argieland couldn't have “deposited” 2.33 billion dollars. It has the money.

    Jun 27th, 2014 - 09:48 am 0
  • ChrisR

    @ 1
    Precisely.

    It now seems that a large part of the world’s press have fallen for the argie version of “the truth” about the effect that Griesa’s decision “will” have of other sovereign debt deals.

    This is to be expected from the likes of the tabloids and of course the UN and people with degrees in art history (or whatever it is) but it all helps pervade the lie that The Dark Country is being “picked on”.

    This latest stunt was clearly designed to force the issue regarding contempt thus allowing TDC to claim it has been “forced” again thus allowing it to go sobbing to the press and claim “I told you so”.

    The default (there will be one) will then not be their fault because they have been the “victim” again.

    Jun 27th, 2014 - 11:55 am 0
  • yankeeboy

    Whether they play the victim or not is irrelevant to the USA courts. Public opinion has little sway.
    Also the verdict is done, its over, complete and still they don't get it.
    The dirty Ks are no match for Griesa, he's onto their wily ways and they will lose...again.
    I hope the people rise up but I don't think they understand how they've been duped yet again.
    Maybe they will when they're boiling shoes for soup.

    Jun 27th, 2014 - 12:04 pm 0
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