Breathing space for Argentina’s bonds case: litigation continues at US appeals court level

Monday, October 7th 2013 - 15:42 UTC

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The U.S. Supreme Court left intact a ruling that may force Argentina to make payments on defaulted government bonds, rejecting that country’s appeal in a clash that has roiled its financial markets. The justices, without comment, on Monday let stand a 2012 U.S. appeals court decision that bars Argentina from making payments on 24 billion in restructured debt unless it also pays owners of the earlier repudiated bonds. Read full article

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Conqueror
Poor, poor argieland. Wriggle, wriggle. Well on the hook. The Supreme Court didn't take the bait. Seems to suggest that everyone agrees with Judge Griesa and no-one agrees with argieland. So, next, the 2nd Circuit refuses the review. What a pity that argieland can't understand that it gave up its foreign sovereignty immunity. Wonder if it's using the same lawyers as at the bond issue. They seem to have created the balls-up that let Singer avoid the restructuring. Still, I'm sure CFK can loan argieland US$15 billion. A sort of pension contribution!
Oct 07th, 2013 - 06:19 pm - Link - Report abuse 0
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Condorito
Argentina will now, either not pay anything to any bond holder or offer to swap the restructured bond for locally issued bonds.

NML still seems unlikely to get anything.
Oct 07th, 2013 - 06:37 pm - Link - Report abuse 0
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Pugol-H
Still 2 steps away from the final decision, when CFK & Co will have to decide what to do, or not do!

You have to wonder if NML know something we don’t about eventually getting paid. After all these guys buy junk bonds for a living, and make money at it. They cannot be completely stupid.

Does Argentina have 1.5 Billion in assets stashed in the US or similar?
Oct 07th, 2013 - 06:55 pm - Link - Report abuse 0
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yankeeboy
NY Appeals will quickly turn now the en-banc hearing.
My guess is Griesa will make Arg escrow the U$1.5 if they want to take this further. They've already violated the court order so he is being really easy with them at this point.
I also think they will find all the company's assets controlled/owned by Arg gov't to be seize-able, YPF, ENARSA, AR and maybe BCRA will be on that list. The noose will get tighter very quickly NY wants this over with.
Oct 07th, 2013 - 07:20 pm - Link - Report abuse 0
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ChrisR
Justice Sonia Sotomayor was the first Hispanic judge to be appointed to the SCOTUS by of course Obuma.

Born in NY all her family are Puerto Rican and she goes back at least twice a year (her own data0.

Sisterly love then for a no show?

Why, if The Dark country has 39 Billion USD is the 15 Bn a problem? Could it be TMBOA LIED to us all?

Ha, ha, ha.
Oct 07th, 2013 - 08:25 pm - Link - Report abuse 0
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GFace
@5 no need for a Jiffy-Pop Beanie. There were a number of cases that were discussed besides this one. More importantly in this case it would have been appropriate for her to stand down on a CoI on this and still be in the building, if not the room.
Oct 07th, 2013 - 09:00 pm - Link - Report abuse 0
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Ayayay
HahHaha Jiffy-Pop beanie
Oct 08th, 2013 - 12:27 am - Link - Report abuse 0
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St.John
Bully a small neighbour state and at the same time whine over paying self-created debts.

Every decent Argentino should do their utmost to get rid of their despicable government.
Oct 08th, 2013 - 03:16 am - Link - Report abuse 0
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Welsh Wizard
Anyone know when NY appeals are thinking of looking at this?
Oct 08th, 2013 - 10:11 am - Link - Report abuse 0
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golfcronie
A little of topic
A man and his daughter were out one day and the father bought his daughter a muffin. He decided he had to have his hair cut at the barbers. He sat in the chair and his daughter was standing near him. The barber said “ you will get hairs on your muffin”, She replied “ I know I will get hairs on my muffin and I will also get great breasts when I am older”
Oct 08th, 2013 - 06:36 pm - Link - Report abuse 0
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ChrisR
10 golfcronie

Yes, it puts a whole new meaning to “Muffin the mule”. :o)
Oct 08th, 2013 - 09:09 pm - Link - Report abuse 0
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