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| Media Teleconference: | ||||||||
| With Decision Imminent in Landmark 'Pari Passu' Case, NML v. Republic of Argentina, Legal Experts Anticipate Outcomes | ||||||||
| WASHINGTON– With a decision imminent from the U.S. Court of Appeals for the Second Circuit in the case of NML v. Republic of Argentina, American Task Force Argentina executive director Robert Raben, Washington Legal Foundation's Richard Samp and Bingham McCutchen attorney Bruce Wolfson will discuss possible outcomes and the likelihood and implications for each – including potential for violations of the court's injunction by Argentina, Exchange Bondholders and/or third parties. Samp and Wolfson will identify three variables framing the court's decision: (1) What sort of ratable payment system should be adopted? (2) Should any third parties be bound by the injunction against Argentina? and (3) Should the decision be stayed pending an appeal by Argentina to the Supreme Court?
Toll-free call-in numbers: United States/ Canada: 800-895-8003; Argentina: 0800-666-3529; Mexico: 001-800-514-6621; UK: 0800-528-0984; Germany: 0800-180-8920 NOTE: RSVP required to media@atfa.org Robert Raben is the Executive Director of American Task Force Argentina and founder of The Raben Group, LLC. In 1999, Raben's reputation and effectiveness caught the attention of the White House, earning him an appointment as Principal Deputy Assistant Attorney General and, subsequently, Assistant Attorney General, Office of Legislative Affairs. A graduate of Wharton and NYU law, Mr. Raben became an associate with the widely respected law firm Arnold & Porter in 1990, specializing in international trade, federal lobbying and white collar criminal defense. He is a past president of the Hispanic Bar Association of DC, and serves on the Boards of the Hispanic Bar Foundation, the American Constitution Society and the Alliance for Justice. Richard Samp is Chief Counsel of the Washington Legal Foundation (WLF), a nonprofit public interest law firm located in Washington, D.C. WLF litigates in support of individual rights and the free-enterprise system and against excessive government regulation. Samp has been with WLF since 1989. He practices regularly before the U.S. Supreme Court and other federal courts, with a specialty in health care law. Bruce Wolfson is an attorney with Bingham McCutchen and has been involved with financing and restricting emerging-market debt for more than 30 years. Wolfson previously served as partner and general counsel at the Rohatyn Group, and was a senior managing director at Bear, Stearns & Co., Inc. He has advised regulators in the emerging markets of Latin America and Asia on foreign investment rules. |
Montag, 10. Juni 2013
With Decision Imminent in Landmark 'Pari Passu' Case, NML v. Republic of Argentina, Legal Experts Anticipate Outcomes
Sonntag, 9. Juni 2013
Un grupo de bonistas italianos protestó contra la Argentina ante el papa Francisco
Domingo 09 de junio de 2013 | 11:58
Un grupo de bonistas italianos protestó contra la Argentina ante el papa Francisco
Fue durante el Angelus dominical en la Plaza San Pedro; la manifestación fue pequeña y estuvo encabezada por un grupo damnificados que no ingresaron al canje de deuda
ROMA.- Un pequeño grupo de bonistas italiano damnificado por el default de 2001 utilizó este mediodía el Angelus del Papa -que convocó a unas 100.000 personas en la Plaza de San Pedro-, para protestar contra la Argentina.
" Papa Francisco piensa a los ahorros italianos susbstraidos de la Argentina (sic)", decía la pancarta que desplegaron Gianfranco Lucifora y Orlando Masiero, dos bonistas italianos que no se dan por vencidos y que siguen reclamando sus ahorros perdidos. Ambos rechazaron las "míseras" ofertas de canje para la deuda en default de 2005 y 2010, e insisten con que la Argentina, "que dispone de inmensas riquezas", debe devolverles el dinero "estafado".
La protesta duró poco. Ni siquiera el Papa se había asomado de la ventana del tercer piso del Palacio Apostólico -a las 12 en punto-, que la policía italiana intervino para que el grupito saliera de la Plaza de San Pedro. Allí, de hecho, está prohibido hacer manifestaciones políticas.
Fue así que Lucifora y Masiero, acompañados por un puñado de personas, se desplazaron con su pancarte fuera del perímetro de la Plaza, decididos de todos modos a llamar la atención con su pancarta.
"En realidad el Papa no tiene nada que ver con nuestro reclamo, pero así como la presidenta Cristina Kirchner cuando fue recibida por él, le hizo un pedido político por Malvinas, nosotros también aprovechamos este momento para pedir que nos devuelvan el dinero", dijo Lucifora, que perdió 100.000 euros en títulos argentinos.
Lucifora discutió con varios peregrinos argentinos que, al ver la pancarta, se acercaron para decirle que en verdad los culpables habían sido los bancos italianos. "¡Estafadores!", contestaba el bonista, acompañado por su hermana Marisa.
"El problema es con la clase dirigente Argentina, no con el Papa, ni con los argentinos. Mi familia perdió 850.000 euros, mis padres ya murieron y no pudieron volver a ver sus ahorros, pero yo voy a luchar hasta el final para recuperarlos. La Argentina no puede seguir sin pagar su deuda: si sigue así, se hunde", vaticinó Masiero..
http://www.lanacion.com.ar/1590148-un-grupo-de-bonistas-italianos-protesto-contra-la-argentina-ante-el-papa-francisco
Zu der mdl Verhandlung vorm 8. Senat in Ffm 8 U 273/12 habe ich mir einige Gedanken gemacht und sie an untenstehenden Verteiler weitergeleitet.
Zu der mdl Verhandlung (Aktivlegitimation u.a.)vorm 8. Senat in Ffm 8 U 273/12 habe ich mir einige Gedanken gemacht und sie an untenstehenden Verteiler weitergeleitet.
Verteiler
Cleary
Main Tower
Neue Mainzer Strasse 52
60311 Frankfurt am Main
T: +49 69 97103 0
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+49 69 97103 199
Strba Rechtsanwälte
Rechts-und Fachanwälte
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D-60318 Frankfurt a.M.
Tel: +49-69-915097-0
Fax: +49 69 915097-20
E-Mail:
info@strba.de
Staatsanwaltschaft Frankfurt
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Tel.: 069 / 13 67 - 01
Fax: 069 / 13 67 - 21 00
Allgemeine Sprechzeiten:
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- Freitag 8.00 Uhr - 12.00 Uhr
Telefon: 0821/3105-0
(Vermittlung)
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E-Mail:
poststelle@sta-a.bayern.de
Staatsanwaltschaft Augsburg
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rechtsanwalt.dr.trieb@arcor.de
Freitag, 7. Juni 2013
Vultures point toward capturing payments in Europe
Ambito Financiero
Vultures point toward capturing payments in Europe
Friday, June 07, 2013
A new filing was made yesterday by the vulture funds. In New York, they asked the Court of Appeals that the blocking and eventual attachment of payments be extended to Europe. Those payments are also done there through Bank of New York. It was in response to the request that bondholders made in Belgium to ensure normal payment of Argentine debt (which arose out of the swaps of 2005 and 2010), no matter what the U.S. courts decide. It is very unlikely that Europe will adopt a Griesa-style posture, which means to affect all intermediaries and put them against Argentina. There are already precedents against the vultures’ strategy. Nor is it rational that rulings would jump jurisdictions. The intention is there. For that reason caution prevails.
Ambito Financiero
BCRA, obliged to pay off debt with Bank of France
• It paid half of the US$3 billion that it owed to its last lender
• It was used to apply makeup to the reserves
Friday, June 07, 2013
If something was lacking to worsen the scarcity of cash that afflicts Argentina these days, there is now a new problem: the last big international lender that the Central Bank is left with, which allowed it to stabilize its stock of reserves at a time of greater exchange rate adversity, seems to have abruptly cut off its cash assistance these months and pushed the organization to pay off its remaining debt. Only since the end of March until today, and in a year in which the Bank of Basel (BIS) also interrupted its respective line of financing, the official entity paid off half its obligations with the French entity. It is precisely one of the main reasons why the entity has not been able to stop losing reserves, despite the heavy liquidation of cash from exports (similar to the same period in 2012) providing help in buying currency on the official exchange market.
The Central Bank’s exposure with international entities, even when it enjoyed the assistance of the BIS, reached a maximum of US$5.6 billion in 2009. In the first half of last year, the entity ended up paying off the last US$2 billion in debt it had with the Bank of Basel. Since then, the Central Bank of France ended up as its only loan provider: some US$3 billion at the start of this year that they started to rapidly reduce two months ago, and which is now at US$1.5 billion.
The taking of debt by this avenue is one of the tools that all central banks rely on to attenuate the volatility in its reserves stock. In the most difficult periods, this makeup that is applied came to represent more than 10% of the entity’s savings.
Some consultancies risk a possible explanation to this abrupt cut in financing: the risk that international lenders could be perceiving of an eventual attachment of Argentine assets, in the course of the litigation that the country has with the holdouts in U.S. court, which compromises the capacity of the entity to pay.
From the Central Bank they always clarify that these loans can be paid off at times that are seasonably favorable for the entity. But in the current period, even with the strong liquidation of exports taking place, it doesn’t seem to be the most indicated time to do it: “Objectively it’s not opportune. You can be sure that it is not being done voluntarily,” an economist said to this newspaper yesterday. It calls the market’s attention that these sudden payments are being seen on loans that had been contracted in mid-2011 and that have 20 months in effect. This indeed makes one assume that the pay-down will continue in the coming months; and that the entity, which cannot provide data because of confidentiality of contracts, will see itself forced to cut it down to a minimum. The phenomenon will leave Marco del Pont’s entity more unprotected, in a year in which it could end up with a stock of less than US$35 billion
In dem Verfahren 8 U 273/12 vs Republik Argentinienen ging es heute Fr. 7.6.2013 u.a. darum die Aktivlegitimation von 2/3 der Klage zu prüfen.
Dem Streit liegen 3 10.000er DM Stücke zu Grunde. Bei 2en sieht das Gericht einen Prüfungsbedarf der Aktivlegitimation. Für Argentinien eigentlich untypisch: ein "Massenaufgebot" von Anwalten. " 2 von Cleary und 2 vom Büro Strba.
Die Klägerin wurde "informell" befragt; 2 wichtige Zeugen hatten sich (leider) per Attest krankheitsbedingt als abwesend erklärt......
Das Gericht und Argentiniens Anwälte gaben zu erkennen dass sie die Zeugen gerne in Frankfurt befragen würden.
Matthias Schrader
|
Matthias Schrader ist Associate im Frankfurter Büro.
Herr Schrader ist vornehmlich in den Bereichen Prozessführung und Schiedsverfahren tätig. Herr Schrader begann seine Tätigkeit für die Kanzlei im Jahr 2011. Sein zweites juristisches Staatsexamen legte er 2011 in Hessen ab, sein erstes juristisches Staatsexamen 2008 an der Universität Heidelberg. Herr Schrader ist in Frankfurt am Main als Rechtsanwalt zugelassen. Seine Muttersprache ist Deutsch, er spricht fließend Englisch und Französisch.
------------------
Johannes Schmidt
|
Abschliessend fasse ich zusammen, dass sicherlich ein Verliehen vorliegt dass Ihre beiden konkreten Stücke der WKN xy nicht In dar Klag«» enthalten sind,
"........Abschliessend fasse ich zusammen, dass sicherlich ein Verliehen vorliegt dass Ihre
beiden konkreten Stücke der WKN xy nicht In dar Klag«» enthalten sind, aber
wenn wir die Sache so behandeln wie oben dargestellt, |$t keiner der beiden Selten
ein Nachteil erwachsen.
Zu diesem Zwecke darf Ich Sie bitten, sich zwei konkrete StCcke aus dem Bestand
meiner Mutter auszu$uchen. Die Originale dieser Papiere we rden Ihnen dann
unverzüglich übergeben.
Selbstverständlich stehe ich Ihnen für ein persönliches Gespttch jederzeit zur
VerfügungpjÉSrn Ihrerseits noch weiterer Aufklärungebedarf bestehen sollte......."
beiden konkreten Stücke der WKN xy nicht In dar Klag«» enthalten sind, aber
wenn wir die Sache so behandeln wie oben dargestellt, |$t keiner der beiden Selten
ein Nachteil erwachsen.
Zu diesem Zwecke darf Ich Sie bitten, sich zwei konkrete StCcke aus dem Bestand
meiner Mutter auszu$uchen. Die Originale dieser Papiere we rden Ihnen dann
unverzüglich übergeben.
Selbstverständlich stehe ich Ihnen für ein persönliches Gespttch jederzeit zur
VerfügungpjÉSrn Ihrerseits noch weiterer Aufklärungebedarf bestehen sollte......."
I write on behalf of Appellees to respond to the June 4 letter from Intervenors Euro Bondholders informing the Court of litigation they very recently initiated in Belgium. The Intervenors’ letter is inappropriate.
ROBBINS, RUSSELL,ENGLERT,ORSECK, UNTEREINER & SAUBER LLP
1801 K STREET, N.W., SUITE 411
WASHINGTON, D.C. 20006
PHONE (202) 775-4500
FAX (202) 775-4510
www.robbinsrussell.com
Roy T. Englert, Jr. (202) 775-4503
renglert@robbinsrussell.com
June 5, 2013
Dear Ms. O’Hagan Wolfe:
I write on behalf of Appellees to respond to the June 4 letter from Intervenors Euro
Bondholders informing the Court of litigation they very recently initiated in Belgium. The
Intervenors’ letter is inappropriate.
The highly publicized and widely known litigation before Judge Griesa and this Court
has been pending for more than two years. At the eleventh hour, the Euro Bondholders thrust
themselves into this litigation raising various highly attenuated and extraneous issues and
objections, all of which have been given a respectful audience by this Court and the district
court. Now, while this Court considers its decision, they have filed a last-minute collateral attack
on these proceedings in a foreign jurisdiction of their choosing. Needless to say, U.S. courts do
not defer to such later-filed proceedings. Laker Airways Ltd. v. Sabena, Belgian World Airlines,
731 F.2d 909, 927 (D.C. Cir. 1984) (“The mere filing of a suit in one forum does not cut off the
preexisting rights of an independent forum to regulate matters subject to its prescriptive
jurisdiction.”).
Intervenors’ suggestion that this Court should in some fashion defer to the Belgian
litigation that they have decided to initiate is unfounded, is unwarranted, and borders on the
outrageous. Indeed, it is audacious in the extreme for these intervenors to bring an essentially
unrelated case in an unrelated jurisdiction for the obvious purpose, at the last minute, of derailing
or delaying the proceedings of this Court. This Court should, of course, handle the pending
expedited appeal as it otherwise would, without regard to the pendency of foreign litigation.
Respectfully submitted,
/s/ Roy T. Englert, Jr.
Roy T. Englert, Jr.
Counsel for Aurelius and Blue Angel Appellees
and on behalf of all Appellees
1801 K STREET, N.W., SUITE 411
WASHINGTON, D.C. 20006
PHONE (202) 775-4500
FAX (202) 775-4510
www.robbinsrussell.com
Roy T. Englert, Jr. (202) 775-4503
renglert@robbinsrussell.com
June 5, 2013
Dear Ms. O’Hagan Wolfe:
I write on behalf of Appellees to respond to the June 4 letter from Intervenors Euro
Bondholders informing the Court of litigation they very recently initiated in Belgium. The
Intervenors’ letter is inappropriate.
The highly publicized and widely known litigation before Judge Griesa and this Court
has been pending for more than two years. At the eleventh hour, the Euro Bondholders thrust
themselves into this litigation raising various highly attenuated and extraneous issues and
objections, all of which have been given a respectful audience by this Court and the district
court. Now, while this Court considers its decision, they have filed a last-minute collateral attack
on these proceedings in a foreign jurisdiction of their choosing. Needless to say, U.S. courts do
not defer to such later-filed proceedings. Laker Airways Ltd. v. Sabena, Belgian World Airlines,
731 F.2d 909, 927 (D.C. Cir. 1984) (“The mere filing of a suit in one forum does not cut off the
preexisting rights of an independent forum to regulate matters subject to its prescriptive
jurisdiction.”).
Intervenors’ suggestion that this Court should in some fashion defer to the Belgian
litigation that they have decided to initiate is unfounded, is unwarranted, and borders on the
outrageous. Indeed, it is audacious in the extreme for these intervenors to bring an essentially
unrelated case in an unrelated jurisdiction for the obvious purpose, at the last minute, of derailing
or delaying the proceedings of this Court. This Court should, of course, handle the pending
expedited appeal as it otherwise would, without regard to the pendency of foreign litigation.
Respectfully submitted,
/s/ Roy T. Englert, Jr.
Roy T. Englert, Jr.
Counsel for Aurelius and Blue Angel Appellees
and on behalf of all Appellees
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