Judge Griesa will wait for appeals court ruling before acting on holdouts' Citibank subpoena

Thursday, September 11th 2014 - 04:48 UTC

Full article 6 comments

US district judge Thomas Griesa has said he would wait for a decision on a pending appeal before ordering Citigroup to comply with a subpoena served by holdout investors seeking details of any threats from Argentina to process payments the court had blocked. Read full article

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hurricane
He might as well wait for the appeals court, but he won't wait for anyone to slap a contempt of court on them after they pass the new law changing banks to pay the new bond holders. Even the bond holders don't want this. Taught stupidity always has consequences.
Sep 11th, 2014 - 12:09 pm - Link - Report abuse 0
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Briton
Playing on 3rd world sympathy, Argentina should be made to pay,

or remove her privileges,
removal from the none permanent seat at the UN can go for a start.
Sep 11th, 2014 - 12:57 pm - Link - Report abuse 0
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ilsen
It is true the bond holders don't want the changes proposed by Argentina. The legal consequences could provide all sorts of entanglements.
Sep 11th, 2014 - 01:09 pm - Link - Report abuse 0
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nigelpwsmith
There's no doubt that the bond holders are in a bit of a pickle. If they accept the payment in breach of Griesa's ruling, they could be held in contempt. Looks like they'll have to wait even longer for their money, which is what Argentina wanted. It's always mañana with Argentina's promises.

I suspect that Citibank are equally concerned that they are caught between a rock and a hard place. On one hand they could be sued by their customer for failing to obey their instructions, or they could be held in contempt for going against the Judge's rulings.

It seems to me that Argentina would have a hard time trying to sue Citibank if the act they wanted them to perform was prevented by a court ruling. But then the lawyers are happy to waste the court's time with hopeless applications.
Sep 11th, 2014 - 01:35 pm - Link - Report abuse 0
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ilsen
Just heard on the BBC World Service News that this just got passed into law.
http://en.mercopress.com/2014/09/05/argentine-senate-approves-bill-changing-debt-payment-jurisdiction-next-step-lower-house

They just don't get it, do they?
Sep 11th, 2014 - 10:41 pm - Link - Report abuse 0
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nigelpwsmith
The words 'nail' and 'coffin' come to mind!
Sep 12th, 2014 - 09:23 am - Link - Report abuse 0
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