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Investors to Supreme Court: Deny Argentine do-over
Breaking Legal News |
2014/05/09
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Argentina's opponents have filed their last arguments with the U.S. Supreme Court, urging justices to deny the South American government's appeal of a $1.4 billion debt ruling because President Cristina Fernandez has repeatedly vowed not to honor any ruling that goes against her.
Argentina wants the court to overturn a ruling it says would provoke a catastrophic default by forcing it to pay $1.4 billion in cash to the investors it calls "vulture funds." These investors, led by billionaire Paul Singer's NML Capital Ltd., snapped up Argentina's defaulted debt when its economy crashed a decade ago and have litigated ever since, seeking payment in full plus interest even after 92 percent of other bondholders agreed to provide generous debt relief in exchange for regular payments on new bonds.
"Argentina already has made clear that it will not obey any adverse decision on the questions it presents," reads NML's brief, filed just before Wednesday night's deadline.
"Argentina ultimately is not interested in any court's views concerning those questions. By Argentina's lights, it has the final word, and it will recognize a judicial ruling only if it accords with Argentina's conclusions," NML said.
The "Aurelius Respondents," another group of hedge funds and holding companies based in the Cayman Islands and the US state of Delaware to avoid scrutiny and taxes, also filed a brief, urging the justices to deny Argentina's "do-over" request. "A chorus of disinterested parties has recognized that Argentina is without peer in its mistreatment of private-sector creditors," their brief said. |
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