MercoPress. South Atlantic News Agency
Hedge funds request US Appeals court to lift hold on a ruling to repay holders
US hedge funds fighting Argentina for repayment on defaulted debt asked a US appeals court on Tuesday to lift its hold on a ruling that ordered Argentina to repay the holders. Read full article
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Disclaimer & comment rulesGoody, goody. Court removes the stay. Quite properly. The stay was to permit argieland to appeal to the Supreme Court. Scotus has declined to hear the matter. No reason for the stay. Pay up, argies. After all, you want to pay the 93% of bondholders, don't you? Mind you, that 93% might be getting ready to sue on the grounds that the “restructuring” took place under duress. Hey ho, doesn't the future look bright?
Oct 16th, 2013 - 11:47 am - Link - Report abuse 0@ Conq
Oct 16th, 2013 - 12:21 pm - Link - Report abuse 0Argentina are no closer to paying NML. Only a change of government in Argentina will change the situation.
The Sup Ct has not decided to lift the stay. That request to do so is still pending and given the status of other proceedings it is not likely to be lifted until after the Sup Ct rules upon other pending and impending appeals.
Oct 16th, 2013 - 12:55 pm - Link - Report abuse 0@3 If you read the article, you'll find that the Supreme Court hasn't stayed anything. Quite improper for the Supreme Court to lift a stay ordered by the 2nd Circuit court of Appeals. Moreover, it would be difficult for the Supreme Court to rule on pending and impending appeals that are addressed to other courts. You see, it was the 2nd Circuit that stayed its judgement until the application to the Supreme Court had been decided. Now it has. The Supreme Court will not hear argieland's application. To the best of my recollection, the only “matter” outstanding is argieland's application to have the decision reviewed by a full panel of judges. Once that's been refused, it's full speed ahead. And, if argieland has done what was ordered, the necessary money should already be in that escrow account controlled by the court!
Oct 16th, 2013 - 05:29 pm - Link - Report abuse 0@4 Correct!
Oct 16th, 2013 - 06:35 pm - Link - Report abuse 0Formally the SCOTUS has nothing to do with the “pari-passu” case any longer. Everybody expects Argentina will shot its last bullet on a later date, petitioning for a writ on the 23th Aug 2013 decision but at the moment nobody is asking the SCOTUS anything on Griesa's or 2nd CCofA's pari-passu rulings. In theory the SCOTUS could find on its own interest in the case, but IMHO this is just for academic discussion.
The 2nd CCofA granted the stay and can lift it at its exclusive will at any time, especially now that the declared scope of the stay has been, in a strict sense, accomplished.
Verbatim from 23th Aug 2013 Decision's conclusion:
“... Enforcement of the amended injunctions shall be stayed pending
the resolution by the Supreme Court of a timely petition for a writ of certiorari.”
IMHO the 2ndCCofA will likely be very generous with Argentina again, with the stay continuing at least till the “en banc” rehearing decision , may be, with a broader interpretation of the stay's scope, even longer pending the expected new Argentine petition to the SCOTUS.
But in case Argentina misbehaves with the Anti-Evasion Injunction (that is NOT stayed) please expect the 2ndCCofA's stay to be lifted quite quickly ;-)
At this point Argentina is no closer to being told they have to pay, which is probably the issue at the moment. If this appeal is granted, it will be appealed.
Oct 16th, 2013 - 06:39 pm - Link - Report abuse 0Only when Argentina is in the position of being ordered to pay, with no further appeals, will we see the end game.
I suspect the “vulture funds” have a plan for when (which is looking increasingly likely) that moment arrives.
Or they will look a bit silly if all Argentina has to do at the end of all this is say, “no, now **** OFF”.
@ 6 Pugol-H
Oct 16th, 2013 - 08:01 pm - Link - Report abuse 0But that is exactly what they have intended to do since the start of this latest round of shenanigans.
However, the gloves will then be off for NML et al to take whatever is available that is non-sovereign that The Dark Country has outside of its borders.
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