CAPITAL VENTURES INTERNATIONAL v. REPUBLIC OF ARGENTINA
CAPITAL VENTURES INTERNATIONAL, Plaintiff-Appellant, v. REPUBLIC OF ARGENTINA, Defendant-Appellee.
No. 05-2591-CV.
Argued: Dec. 23, 2005. -- March 23, 2006
Before: MESKILL and SOTOMAYOR, Circuit Judges, and KAPLAN, District Judge.*
Kenneth G. Roberts, Wolf, Block, Schorr and Solis-Cohen LLP, New York, N.Y. (Jennifer F. Beltrami and Jill L. Mandell on brief), for Plaintiff-Appellant.Jonathan I. Blackman, Cleary Gottlieb Steen & Hamilton LLP, New York, N.Y. (Carmine D. Boccuzzi on brief), for Defendant-Appellee.
Plaintiff Capital Ventures International (“CVI”) appeals from denial of its motions for an order of attachment and for reconsideration of that ruling.
Background
A. The Brady Plan
In the late 1980s, after a number of Latin-American nations defaulted on their external debt, then United States Treasury Secretary Nicholas F. Brady developed a debt relief program known as the Brady Plan. Under its auspices, the Republic of Argentina (“Argentina”) negotiated the restructuring of much of its medium and long-term commercial debt in April of 1992, exchanging an estimated $28.5 billion in unsecured commercial bonds for a series of collateralized bonds due in 2023 (the “Brady Bonds”). The Brady Bonds were secured, pursuant to a 1992 Collateral Pledge Agreement, by United States Treasury and German government bonds (the “Brady Collateral”) owned by Argentina and held by the Federal Reserve Bank of New York (“FRBNY”). The Brady Collateral was divided between two separate accounts, one securing Argentina's payment upon maturity of the principal of the Brady Bonds (the “Principal Collateral”) and the other securing interest payments to Brady Bond holders prior to maturity (the “Interest Collateral”).
B. The 1994 Bonds
http://caselaw.findlaw.com/us-2nd-circuit/1379812.html
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