Sources that are participating in the case in New York told LA NACION that “there will be nothing surprising” that the plaintiffs, who already won in two previous court rulings, are presenting in the coming hours before the Court of Appeals that received the Argentine proposal to reopen the 2010 debt swap as a sign of good will.

La Nacion

The "vulture funds” want to speed up the case

 

Tuesday, April 16, 2013

 

By Martín Kanenguiser | LA NACION   

 

Secure in being in a comfortable position, the holdouts could move up the established date and present their response today or tomorrow to the Argentine offer, which will be rejected both by the “vulture funds” as well as the 13 Argentine investors.

 

Sources that are participating in the case in New York told LA NACION that “there will be nothing surprising” that the plaintiffs, who already won in two previous court rulings, are presenting in the coming hours before the Court of Appeals that received the Argentine proposal to reopen the 2010 debt swap as a sign of good will.  While the “vulture funds” and the small investors, who have different lawyers, have until next Monday as a deadline, they will file earlier to speed up the Court of Appeals in issuing what they believe will be a favorable decision.

 

In this direction, while yesterday an article in the newspaper Ambito Financiero indicated that the small investors could “detach themselves” from the strategy of the “vulture funds” and accept the swap before it comes together, the plaintiffs’ strategy will not change.  A source linked to the defense of this group of small investors categorically denied from New York the possibility of joining the swap: “There is no basis to think of something like that.”  The government’s intention is to divide that front to be able to increase the margin of adhesion to the swap from 93 to 95 percent that, they understand, would persuade Argentina of the need to close the case.  However, there is no legal clause that sustains this hope, according to attorneys that closely follow the case and who believe that the Court of Appeals will uphold the sentence against Argentina.  The extenuating circumstances could be that it wouldn’t involve an attachment on Bank of New York, the payment agent on bonds in the U.S., as applied by Judge Thomas Griesa and, as such, the ruling would become “abstract.”  

 

Another attorney explained: “It could be that the small investors are not accepting now, but if the swap comes together, some could accept it.”

 

The case of Banco Nacion

 

At the same time, the case is moving forward in the demand from the American courts to reveal the accounts of Nestor and Cristina Kirchner abroad.  On the one hand, the Telam news agency said that the U.S. Supreme Court has asked the government of Barack Obama to give an opinion about the possibility of it accepting this case that Nacion has already lost twice.

 

On the other, Nacion is preparing for a hearing with Griesa at the end of the month in which it will repeat that it cannot give the information he is asking fo