Argentina threatens to sue banks helping Falklands oil explorers as trade war with Britain escalates

A group of British and American banks have been threatened with legal action by the Argentine government for advising and writing research reports about companies involved in the Falkland Islands’ £1.6bn oil industry.

Argentine president Cristina Kirchner is using the 30th anniversary of the Falklands conflict in which its biggest battleship the Belgrano was sunk to push its claim of sovereignty by targeting companies drilling for oil there and the banks helping them

By James Quinn

9:30PM BST 31 Mar 2012

82 Comments

In what amounts to the start of a new trade war between the UK and Argentina, the banks - understood to include the Royal Bank of Scotland, Barclays Capital and Goldman Sachs - have been warned they face criminal and civil action in the Argentine courts.

The threats were made in a series of letters sent to as many as 15 banks by the Argentine embassy in London over the last ten days.

The letter, a copy of which has been seen by The Sunday Telegraph, warns the institutions that even merely writing research notes on exploration companies involved in the Falklands constitutes “a violation of the applicable domestic and international rules”.

The news - coming a day ahead of the 30th anniversary of Argentina’s invasion of the Falklands which sparked the 1982 conflict - is likely to worsen tensions between the two countries. The Argentine government is continuing to push for sovereignty.

The two-page letter, to which a schedule of legal declarations about the Falkland’s ownership are attached, is intended to warn off the banks from any further involvement in the South Atlantic oil industry

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9178499/Argentina-threatens-to-sue-banks-helping-Falklands-oil-explorers-as-trade-war-with-Britain-escalates.html

Judge Griesa, etwas über 80 Jahre verurteilt seit nahezu 10 Jahren Argy zu Milliarden USD an Holdouts.

Judge Griesa, etwas über 80 Jahre verurteilt seit nahezu 10 Jahren Argy zu Milliarden USD an Holdouts.

Heute ist deadline für die halbjährigen Zahlungen auf die Umschuldungsbonds an denen NML (Elliott) pro rata teilhaben soll

In August, 2010, the U.S. Second Circuit Court of Appeals in New York upheld a ruling issued by District Judge

aus einem SEC_filing

GRUPO FINANCIERO GALICIA S.A.

Litigation, as well as ICSID and UNCITRAL claims against the Government have resulted in material judgments and may

result in new material judgments against the government, which could result in attachments of or injunctions relating to assets of

Argentina that the government intended for other uses. As a result, the government may not have all the financial resources necessary

to implement reforms and foster growth, which could have a material adverse effect on the country’s economy, and consequently, our

financial condition. In August, 2010, the U.S. Second Circuit Court of Appeals in New York upheld a ruling issued by District Judge

Thomas Griesa, which allows for the attachment of certain assets held in trust by the Government that will be stayed until a final

ruling on the matter. The trust is administered by U.S. Bank Trust N.A., and was established in 1999 to hold American Depositary

Shares (“ADSs”) issued by Banco Hipotecario S.A., a state-owned lender bank that was being privatized at the time. Such depositary

shares corresponded to class D shares of Banco Hipotecario S.A., which were to be used to satisfy investor redemptions of options.

The rulings have been issued in connection with a request from EM Ltd. and NML Capital, Ltd., two of Argentina’s largest sovereign

debt holders. Pursuant to such rulings, government assets amounting to approximately US$90 million held in such trust have been

attached for the benefit of outstanding government creditors.

für eine Handvoll Argy-Anleihen ist morgen (31.3.) halbjährlicher Zinstermin....natürlich am folgenden Bankarbeitstag

für eine Handvoll Argy-Anleihen ist morgen (31.3.) halbjährlicher Zinstermin....natürlich am folgenden Bankarbeitstag.

Da, wie ihr ja wisst, am 23.2. Judge Griesa in NY der Abwicklungskette (Treuhänder / BoNMellon / BoN Luxemburg / Clearstream Lux / .... bis zur Volksbank Hintertupfingen - keine Aufregung, mir ist schon klar das ein New Yorker Urteil nicht so ohne weiteres in Europa wirk -) verboten hat Geld von Argy für Zinszahlungen anzunehmen bzw weiterzuleiten, ohne das NML (Elliott) u. a. pro rata (pari passu nach FAA) wird es spannend, ob eure Zinszahlung pünktlich und ungeschmälert eintrifft.

Wenn ihr vereinbarungsgemäss bedient werdet könnt ihr davon ausgehen, dss NML pro rata bedient worden ist!!!!

Sollte das New Yorker Urteil nicht nach Europa ausstrahlen so müssen wir halt mit unseren Urteilen nach NY gehen, sie dort anerkennen lassen und bei Judge Griese vorstellig werden.

Argentine Funds Can’t Be Seized by Bond Holders, Judge Says

By Patricia Hurtado and Drew Benson - Mar 29, 2012 12:09 AM GMT+0200 

A U.S. court order restraining $2.2 billion held at the Federal Reserve Bank of New York forCitibank NA and an Argentine bank was lifted by a federal judge in Manhattan.

U.S. District Judge Thomas Griesa in August ruled that funds in accounts of Banco Central de la Republica Argentina and Citibank couldn’t be transferred. Griesa said the plaintiffs, which are investment funds, had alleged the assets were for payment to holders of some Argentina bonds, known as BODEN 12.

Griesa today reversed that decision, saying no accounts of Banco Central and Citibank at the New York Fed are being used by Argentina for “commercial activity” in the U.S., and therefore can’t be seized by the plaintiffs in satisfaction of prior judgments issued by the judge.

 

‘Defying Its Obligations’

Argentina “is defying its obligations under the law,” Griesa said.

Aurelius Capital Partners LP, Blue Angel Capital I LLC and EM Ltd., which own defaulted Argentine bonds, had been seeking the funds to collect on judgments awarded by Griesa. Aurelius and Blue Angel were awarded 11 final judgments against Argentina for a total of $1.2 billion, Griesa said. EM Ltd. was awarded a final judgment of about $595 million, he said.

‘Litigation Risk’

The judge’s ruling comes two days after President Barack Obama said the U.S. plans to suspend trade preferences for Argentina in retaliation for its failure to pay American companies arbitration awards related to the default.

“All of these headlines reaffirm that Argentina continues to face litigation risk and that it hasn’t normalized relations with external creditors,” Morden said. “That’s part of the reason why Argentina’s borrowing costs remain high.”

The extra yield investors demand to hold Argentina government dollar bonds instead of U.S. Treasuries is 849 basis points, the highest spread among major emerging market nations afterVenezuela, according to JPMorgan Chase & Co. (JPM)’s EMBI Global index.

 http://www.bloomberg.com/news/2012-03-28/u-s-judge-vacates-2-2-billion-order-in-argentine-bond-case.html

mir liegen die 84 Seiten Berufungsschrift von CGSH gegen das Urteil vom 23.2.2012 in NY (Verbot an die Abwicklungskette die Zinszahlungen jetzt am 31.3. abzuwickeln ohne NML pro rata zu bezahlen) vor....

United States Court of Appeals

for the

Second Circuit

NML C

APITAL, LTD., AURELIUS CAPITAL MASTER, LTD.,

Plaintiffs-Appellees,

(continued on inside cover)

— v. —

R

EPUBLIC OF ARGENTINA,

Defendant-Appellant.

ON APPEAL FROM THE UNITED STATES DISTRICT COURT

FOR THE SOUTHERN DISTRICT OF NEW YORK

BRIEF OF DEFENDANT-APPELLANT

THE REPUBLIC OF ARGENTINA

Of Counsel:

Jonathan I. Blackman

Carmine D. Boccuzzi

Sara A. Sanchez

Michael M. Brennan

C

LEARY GOTTLIEB STEEN & HAMILTON LLP

Attorneys for Defendant-Appellant

One Liberty Plaza

New York, New York 10006

(212) 225-2000

TABLE OF CONTENTS

Page

TABLE OF AUTHORITIES ................................................................................... iii

􀀃

PRELIMINARY STATEMENT ............................................................................... 1

􀀃

JURISDICTIONAL STATEMENT .......................................................................... 5

􀀃

ISSUES PRESENTED ............................................................................................... 6

􀀃

STATEMENT OF THE CASE .................................................................................. 8

􀀃

STATEMENT OF FACTS ........................................................................................ 9

􀀃

A.

􀀃 The Pari Passu Clause ................................................................. 9􀀃

B.

􀀃 NML’s Previous Attempt To Create A New Meaning For

The Pari Passu Clause ............................................................... 12

􀀃

C.

􀀃 After Six-Year Delay, NML Moves For Injunctive Relief

Pursuant To The Pari Passu Clause .......................................... 16

􀀃

D.

􀀃 The District Court Enters The Permanent Injunctions

Requiring Full Payment To Plaintiffs And Purporting To

Restrain Payments To Other Bondholders ................................ 20

􀀃

E.

􀀃 The “Me Too” Plaintiffs ........................................................... 23􀀃

STANDARD OF REVIEW ..................................................................................... 24

􀀃

SUMMARY OF ARGUMENT ............................................................................... 25

􀀃

ARGUMENT ........................................................................................................... 29

􀀃

I.

􀀃 THE ORDERS BELOW MUST BE VACATED BECAUSE

NML’S READING OF THE PARI PASSU CLAUSE IS

WRONG .............................................................................................. 30

􀀃

A.

􀀃 The Pari Passu Clause Does Not Require Simultaneous “Pro

Rata” Payments Or Proportional Distribution Of Payment

Amounts .................................................................................... 31

􀀃

1.

􀀃 The Plain Meaning Of The Pari Passu Clause Deals

With The Formal Ranking Of Creditor Claims .............. 31

􀀃

2.

􀀃 The Impropriety Of NML’s Interpretation Of The

Pari Passu Clause Is Further Demonstrated By

Canons Of Contract Interpretation And The Fact That

It Leads To Absurd Results ............................................ 37􀀃

B.

􀀃 The 2005 “Lock Law” And Law 26,547 Did Not Violate

The Pari Passu Clause ............................................................... 45

􀀃

C.

􀀃 The Remedy For Breach Of The Pari Passu Clause Is

Acceleration .............................................................................. 48

􀀃

II.

􀀃 THE PERMANENT INJUNCTIONS VIOLATE THE FSIA ............ 49􀀃

III.

􀀃 THE PERMANENT INJUNCTIONS PURPORT TO RESTRAIN

PROPERTY IN WHICH NEITHER PLAINTIFFS NOR THE

REPUBLIC HAVE ANY INTEREST ................................................ 53

􀀃

IV.

􀀃 PLAINTIFFS HAVE NOT SUFFERED IRREPARABLE HARM ... 56􀀃

V.

􀀃 THE PERMANENT INJUNCTIONS ARE CONTRARY TO

THE PUBLIC INTEREST AND THE BALANCE OF

HARDSHIPS MILITATES TOWARDS THEIR DENIAL ............... 60

􀀃

VI.

􀀃 PLAINTIFFS’ PARI PASSU CLAIMS ARE BARRED BY

LACHES ............................................................................................. 65

􀀃

A.

􀀃 Plaintiffs Knew Of The Alleged Pari Passu “Breach” Years

Before Bringing Their Claims, And Inexcusably Delayed In

Bringing Them .......................................................................... 65

􀀃

B.

􀀃 The Republic, Its Citizens And Third Party Creditors Will

Suffer Prejudice As A Result Of Plaintiffs’ Inexcusable

Delay ......................................................................................... 68

􀀃

VII.

􀀃 THE PRELIMINARY INJUNCTION MUST BE VACATED ......... 70􀀃

CONCLUSION ........................................................................................................

GDP-Kicker....das grösste Potential hat wohl der Peso-Kicker....

ICSID CASE NO. ARB/07/5 DECISION ON JURISDICTION AND ADMISSIBILITY

http://italaw.com/documents/AbaclatDecisiononJurisdiction.pdf

ICSID CASE NO. ARB/07/5INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES WASHINGTON, D.C.
ABACLAT AND OTHERS
(Case formerly known as GIOVANNA A BECCARA AND OTHERS*) (CLAIMANTS)
and
THE ARGENTINE REPUBLIC
(RESPONDENT)
__________________________________
DECISION ON JURISDICTION AND ADMISSIBILITY__________________________________
ARBITRAL TRIBUNAL Professor Pierre Tercier, President Professor Georges Abi-Saab, Arbitrator Professor Albert Jan van den Berg, Arbitrator
Secretary to the Tribunal: Mr. Gonzalo Flores
Date of dispatch to the Parties: 4 August 2011
ICSID CASE NO. ARB/07/5
1
Representing Giovanna a Beccara and others
Ms. Carolyn B. Lamm
Mr. Jonathan C. Hamilton
Ms. Abby Cohen Smutny
Ms. Andrea J. Menaker
Mr. Francis A. Vasquez, Jr.
WHITE & CASE LLP
701 Thirteen Street, N.W.
Washington, D.C. 20005
U.S.A.
and
Avv. Vittorio Grimaldi
Avv. Paolo Marzano
GRIMALDI E ASSOCIATI
Via Pinciana, 25
00198 Rome
Italy
and
Representing The Argentine Republic
Dra. Angélina María Esther Abbona Procuradora del Tesoro de la Nación Argentina
Procuración del Tesoro de la Nación Argentina
Posadas 1641
Buenos Aires (C.P. 1112)
Argentina
and
Mr. Jonathan I. Blackman
Mr. Matthew D. Slater
Mr. Carmine D. Boccuzzi
Ms. Inna Rozenberg
Mr. Ezequiel Sánchez Herrera
CLEARY GOTTLIEB STEEN & HAMILTON LLP
One Liberty Plaza
New York, NY 10006
U.S.A.
Dr. José Martínez de Hoz, Jr.
Dra. Valeria Macchia
PEREZ ALATI, GRONDONA, BENITZ, ARNTSEN & MARTINES DE HOZ (JR.)
Suipacha 1111 – Piso 18
C1008AAW Buenos Aires
Argentina
* For
______

Giovanna a Beccara and others v. Argentina Republic, ICSID Case No. ARB/07/5

Italian Bondholders’ Arbitration Against Argentina Advances

"The appointment of the ICSID tribunal is another essential step in moving the arbitration forward as planned," says Stock.

The arbitration brought by Italian bondholders against Argentina is moving forward under the auspices of the International Centre for Settlement of Investment Disputes (ICSID) in Washington, DC. A tribunal of three arbitrators will consider the Request for Arbitration filed by almost 195,000 Italian natural persons and juridical entities who invested almost US$ 4.4 billion in Argentine sovereign bonds.

Since ICSID registered the case on February 7, 2007, the Italian bondholders have designated Albert Jan van den Berg of the Netherlands as their party-appointed arbitrator. A partner in the Brussels firm of Hanotiau & van den Berg and Professor of Law – Arbitration – at Erasmus University of Rotterdam, Professor van den Berg received the inaugural award as the world’s leading commercial arbitrator by

The International Who’s Who of Business Lawyers in 2006. Argentina has designated Georges Abi Saab of Egypt, honorary professor of the Graduate Institute of International Studies in Geneva and the Cairo University Faculty of Law, as its party-appointed arbitrator. The parties are now negotiating regarding the appointment of the third arbitrator, who will act as president of the Tribunal.

Nicola Stock, the President of Task Force Argentina (TFA), states, "The appointment of the ICSID tribunal is proceeding apace and the arbitration is moving forward as planned."

ICSID has designated the arbitration as

Giovanna a Beccara and others v. Argentina Republic, ICSID Case No. ARB/07/5. After the appointment of the arbitral tribunal, the procedural schedule will be established and the case will move forward to address issues of jurisdiction and the substance of the dispute culminating in an arbitration award.

In addition to the arbitration, TFA, the working group established to protect the interests of Italian bondholders, has also taken steps to preserve the contract rights of participating bondholders from possible expiry of prescription periods that may arise under the laws of relevant national jurisdictions. As one of those steps, all participating Italian bondholders holding bonds governed by New York or English law filed an action in federal court in New York raising contract claims under applicable domestic law. The court stayed that action pending the outcome of the ICSID arbitration. As TFA has emphasized in the past, any participating bondholders who revoke their participation mandates put the protection of their rights at risk.

The Italian bondholders are represented by White & Case LLP in Washington, D.C., Grimaldi e Associati in Rome and Perez Alati, Grondona, Benites, Arntsen & Martinez de Hoz, Jr. in Buenos Aires.

Participating Italian bondholders may obtain further informationby contacting their own bank or sending a request for information to info@tfargentina.it, or consulting the website www.tfargentina.it.

Rome, 10 May 2007

AN18 ISIN ARARGE03H132

ARARGE03H132

AN18 BONO DE LA NACION ARGENTINA EN DOLARES ESTADOUNIDENSES 9% 2018

		Símbolo	AN18
Denominación	"BONO DE LA NACION ARGENTINA EN DOLARES ESTADOUNIDENSES 9% 2018"
Emisor	Gobierno Nacional
Fecha de emisión	29/11/2011
Fecha de vencimiento	29/11/2018
Monto nominal vigente en la moneda original de emisión	2.311.587.476,00
Monto residual vigente en la moneda original de emisión	2.311.587.476,00
Porcentaje de valor residual vigente	1
Moneda de emisión	Dólares
Interés	Tas fija del 9% nominal anual, pagadera semestralmente el 29 de mayoy el 29 de noviembre de cada año, siendo la primera fecha de pago el 29/05/12. Los intereses se calculan sobre la base de un año de 360 días integrado por 12 meses de 30 días cada uno. Cuando el vto. de un servicio no fuere un día hábil, la fecha de pago será el día hábil inmediato posterior a la fecha de vto. original, y el cálculo del mismo se realizará hasta la fecha de vto. original.
Fecha - Devengan intereses	29/11/2011
Primer servicio de interés	29/05/2012
Forma de amortización	Integra al vencimiento.
auf dem us-amerikanischen bzw europäischem Pflaster kann sich Argy nicht blicken lassen da der Emissionserlös weggepfändet würde

Argentina sold $2.3 billion of seven-year bonds with a 9 percent coupon in November

Autor: esteban

Datum: Heute, 13:10

 

Argentina sold $2.3 billion of seven-year bonds with a 9 percent coupon in November, according to data on the website of the country’s stock exchange.

The fixed-rate securities due in 2018 aren’t listed in the Economy Ministry’s website, which was last updated on Dec. 23. The notes’ first interest payment is due May 29.

Telephone and e-mail messages seeking comment from officials at the Economy Ministry and stock exchange weren’t immediately returned.

Argentina’s latest dollar bond sale in the local market was in 2005 for $5.8 billion of debt due in 2015 with a coupon of 7 percent, according to the Economy Ministry.
[Bloomberg]

At the beginning of May, we signed a contract with the Central Bank of Argentina to produce 300 million billets

Wenn die BCRA (Notenbank Argentiniens) Münzen in Auftrag gibt, ist das hoheitlich oder kommerziell (iure gestionis oder iure imperii)?

Pfändungsmöglichkeit in Deutschland....sozusagen Heimspiel...German coin-blank manufacturer Saxonia EuroCoin GmbH

Contract between Mint of Finland and the Central Bank of Bangladesh
Mint of Finland starts manufacturing coins for Bangladesh

Mint of Finland – a manufacturer of metal circulation and collector coins – has signed a contract with the Central Bank of Bangladesh for manufacturing 600 million pieces of 5 Taka denomination Bangladesh coins during 2011–2012. The contract is a significant one to the company.
In 2010, the company manufactured 1.1 billion coins. The value of the contract will not be disclosed. The nominal value of the 5 Taka coin is EUR 0.05.
Mint of Finland is very happy about the contract. “In April 2011 the German coin-blank manufacturer Saxonia EuroCoin GmbH became our subsidiary. We have been able to quickly start enjoying the synergy benefits that increase our sales. In global coin business the availability of billets is crucial. At the beginning of May, we signed a contract with the Central Bank of Argentina to produce 300 million billets. This contract means a lot of work in Vantaa as well”, says Paul Gustafsson, Mint of Finland's CEO.
Further information:
 Henna Karjalainen
 Communications and Marketing Manager
 Mint of Finland Ltd.
 + 358 50 575 9197
henna.karjalainen(at)mint.fi
Mint of Finland Ltd. is the leading mint in the Eurozone. It is the sole owner of the German coin-blank manufacturer, Saxonia EuroCoin GmbH, AB Myntverket (the mint of Sweden), and holds a 50 percent share in the Norwegian Det Norske Myntverket. Mint of Finland is dedicated to designing, marketing and minting coins. The company is owned by the Finnish state. Mint of Finland produces metallic currency, commemorative and collector coins, as well as coin sets. During 2011, Mint of Finland will issue six new collector coins and seven provincial coins. Finns are able to see how coins are produced at the ‘About a coin’ exhibition at Heureka, the Finnish Science Centre. For further information about the 2011 events, go to: www.suomenrahapaja.fi

We do not expect the government to tap the external bond markets in 2012 or to negotiate with holdout bondholders

In the coming months, the government may seek to normalize relations with
official and some private creditors. We still think that the government will seek a
resolution of the country’s debt arrears with the Paris Club. We expect that the
government and its bilateral creditors will manage to narrow the gap between the
rescheduling terms proposed by Argentina and the Paris Club (the debt in arrears
amounts to about $9bn) and think there is a good chance that an accord will be
announced later this year, which may unlock bilateral financing. We also think the
government may try to settle the awards granted by the ICSID, as the non-payment of
these claims could result in the US suspending trade benefits for Argentina under the
Generalized System of Preferences program. We do not expect the government to tap
the external bond markets in 2012 or to negotiate with holdout bondholders.

14.3.2012

Carola Sandy
+1 212 325 2471
carola.sandy@credit-suisse.com

der GDP Kicker....eine Sünde wert...

Nach meinem erfolgreich aufgesetztem Griechenlandblog will ich jetzt das ArgyBlog wiederbeleben

Nach dem sensationellen Urteil aus NY vs Argy (Verbot an die Verwahrkette die Zinszahlungen z.B. jetzt am 31.3. an die Umschuldungsbondholder auszuzahlen ohne dem Kläger NML (Ellitt) pro rata (pari passu clause in dem FAA) seinen Teil zu zahlen) bin ich dabei eine entsprechende Passage in ein deutsches Zahlungsurteil aufnehmen zu lassen (dürfte Frühjahr/Sommer soweit sein und kauf mir gleichzeitig einen Posten des CH-Bondes ARG96 zusammen um denselben Ansatz in der Schweiz (Gerichtsort Genf - französich, etwas haklige altmodische ZPO) gerichtsfest zu machen.