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Nov 23, 2012

Don’t Cry for Me Argentine Bondholders: Judge Griesa Gives Plaintiffs TOTAL Victory

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Late on Wednesday, November 21, District Judge Griesa issued orders resolving the issues remanded to him by the Second Circuit in the Circuit Court’s decision of October 26. In what appears to be a total victory for the plaintiffs in NML Capital., Ltd., v. Republic of Argentina, Judge Griesa ruled:

  • That the plaintiffs were entitled to a “ratable payment” from Argentina equivalent to “100% of what is currently due to plaintiffs” if Argentina pays 100% of what is due to the Exchange Bondholders;
  • That The Bank of New York, the Paying Agent on the Exchange Bonds (which are not in default), is subject to his Injunctions – meaning that funds paid to BNY for payment to the Exchange Bondholders are potentially available for payment instead to the plaintiffs; and
  • That the stays of his Injunctions previously in place are lifted.

View full memo, "Don’t Cry for Me Argentine Bondholders: Judge Griesa Gives Plaintiffs TOTAL Victory"

Authors and Contributors

Henry Weisburg

Partner

International Arbitration

+1 212 848 4193

+1 212 848 4193

New York

Antonia E. Stolper

Partner

Capital Markets

+1 212 848 5009

+1 212 848 5009

New York

Patrick Clancy

Partner

Finance

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+44 20 7655 5878

London