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Freitag, 14. Februar 2014

Argentina vs. Vultures: U.S. court hears April 21 • It was accepted for the first time, the parties present their arguments.

Argentina vs. Vultures:
U.S. court hears April 21
• It was accepted for the first time, the parties present their arguments.

• It is a line parallel to the case cause.

The U.S. Supreme Court set a date for the first time to listen to the Argentina and vulture funds. It will be on April 21 by a line parallel to the case. That day the court discussed a case against Coca-Cola.
The Government's strategy to buy time and extend the aximum m the definition of judgment against vulture funds in the U.S. seems to give the result the Government. The Supreme Court of that country agreed yesterday to hear the parties and then issue a ruling on whether considered or not case management, and imposed the April 21 date for the public hearing between the parties.That day the lawyers representing the Argentina may raise the country's position at the bottom of the case "trial of the century", as defined by the Financial Times. Then the Court will take at least two months to decide whether the conflict has importance necessary to enter very limited list of cases that the U.S. Supreme Court court is exercise. The hearing is actually linked to a presentation of the vulture fund Elliot Paul Singer on the order to seize funds Argentina deposited in banks in the United States and the National Bank branch in New York. However, since the Supreme Court itself were sent to lawyers firm Cleary Gottlieb Steen & Hamilton (CGSH) clarifying that the oral presentations will be allowed to exhibit on the case background and elaborate on the position of the country to Elliot claim, Olifant, Blue Angel and 20 other holdouts vulture funds. Sources of the Court would have slipped further study that this may be the last chance for the country to expose his arguments before the court's final decision to take or reject the case.

Within the Unit Debt Renegotiation handling the former Minister of Economy Hernán Lorenzino, and is coordinating the position of Argentina to the U.S. Court considers that this hearing with the presentation of next Monday, February 17th, will be the last two opportunities to convince the court of the need to take the case for review and render its decision. If this does not happen, just the fact of the existence of the April 21 hearing will give precious time to the Government to be at least June and addressed a possible serious negotiations with at least some vulture funds. To that point, as well as the schedule of the Ministry of Economy Axel Kicillof, talks between the country and the Paris Club and Repsol would already closed or about to define us.

From CGSH was assured yesterday that the hearing of 21 was made ​​possible by the change in strategy to face the Supreme Court, under the employment of Paul Clement, U.S. General exprocurador to 2005, appointed by George Bush. Consequently, the Republican Party but knowing several of the judges of the Supreme Court, which also has a majority of judges from that source, the result of the appointment of Bush surviving father and son. Clement, hired in October last year, began studying the case since November, and contacted two of the judges of the Court, John Roberts and Samuel Alito. With both Republican origin, worked directly in their day attorney. Clement's strategy is now to bring before the Court the consequences on the entire financial system to sustain the failure of first instance Judge Thomas Griesa and second instance in favor of vulture funds, where Argentina is obligated to pay cash to the u $ s 1,330 million claim to Elliot and the rest. The Republican also try to listen to Roberts and Alito now U.S. attorney, his successor appointed by President Barack Obama, Donald Verrilli, who already filed a brief with the Court supporting the position against vulture funds and calling the highest court dealing with their case. You know the Argentina, and Clement CGSH it is very difficult for the Court to reverse terminals and unanimous decisions, especially the Court of Appeals of New York. However, the idea now is to win time and definitions as possible extend beyond June.

Meanwhile, the parallel strategy is also difficult to accelerate. The negotiation between private pay indirectly for vulture funds litigation with public money, but through a third party. The idea is to use the two friends vulture funds in this process: the Gramercy and Fintech. These, especially the former, would offer to buy your Paul Singer cash debt default and reasonably priced, with money that would bring own bondholders who agreed to swap. It would be a repeat of the agreement Hernán Lorenzino Gramercy also closed in October 2013 by former judgments vulture fund had bought several U.S. companies had beaten Argentina in the World Bank's ICSID tribunal. For now, Singer, Argentina's proposal is "bizarre". Actually, the owner Elliot Fund expects that the Court set the case in your favor, for new start at the moment of maximum strength the final negotiations with the country. 

Hier noch La Nacion dazu:
...It is possible that, before ruling, the Court order your opinion Obama administration. If that happened, the Casa Rosada expected an express statement in favor of the Argentine case. "I did other times" was heard telling the Foreign Minister Hector Timerman on several occasions.
Geändert von alois (Gestern um 21:44 Uhr)

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