“The plaintiffs have the right to collect and have the right to collect payments in December. They are in the right. And they’ve waited years to obtain some of the money. They have the right to collect and they’re going to receive something. The Court of Appeals didn’t say that they are not going to receive anything. It said that the district court could have certain work to resolve still. But they are going to receive something. Now, when should they begin to collect? Should they have to wait until March? You are depriving money from those who are entitled to it,” he insisted, according to the transcript.

El Cronista

Vulture hearing: ‘The plaintiffs have the right to collect and to do it in December’

Judge Griesa said that “they’ve wated for years to obtain some money.”  Furious with Cristina’s comments, he asked for a declaration that guarantees that she will not try to elude the decision

 

Wednesday, November 14, 2012

 

Laura García, Buenos Aires

Finance Editor

 

Impatient, almost exasperated.  So was Judge Thomas Griesa in a hearing last Friday, which he dedicated in good measure to making known his scandalous view of the exalted declarations by President Cristina Kirchner about her intention to not pay a single dollar to the vulture funds despite the recent decision that obliges her to do so.

 

“The plaintiffs have the right to collect and have the right to collect payments in December.  They are in the right.  And they’ve waited years to obtain some of the money.  They have the right to collect and they’re going to receive something.  The Court of Appeals didn’t say that they are not going to receive anything.  It said that the district court could have certain work to resolve still.  But they are going to receive something.  Now, when should they begin to collect?  Should they have to wait until March?   You are depriving money from those who are entitled to it,” he insisted, according to the transcript.

 

Griesa’s annoyance over the statements from the President and the Economy Minister brought him to demand that authorities give a guarantee that they will not try any trickery to elude the ruling.  And that is how they will have to present this Friday a sworn declaration in that direction together with the previously ordered brief.  “My point is that the Republic has had the benefit, the service of the court of the district and the Court of Appeals over many years of procedures, and has be treated with the greatest fairness and has prevailed on many issues.  Now the Republic has not prevailed.  If, and I emphasize if, there is any intention on the part of the Republic to defy and evade the current decision, then it should be seriously reconsidered and set aside.”  

 

The other great issue for the hearing was the lifting or the continuance of the mechanism (“stay”) that allows the leaving of the judicial decision suspended and avoides the operation being turned around (allowing the continuation of payments).  Griesa estended it until December 1 but didn’t cause any calm with that date, as it is the day before the maturity payment for the Global 2017.  “I will leave it in suspension until I issue my decision.  I will take into consideratino a suspension while the Court of Appeals continues its work,” was his only concession.

 

Argentina’s attorney insisted on the need to extend that stay until the legal process culminates.  But the times Griesa set seem to have sped up.  And the attorney for vulture fund NML took advantage.  “When they speak of letting the December payment pass, it is more than US$3 billion, and as such it’s because they want a suspension in order to be able to pay and continue dragging out the plaintiffs’ situation for even more time.  I believe that you indicated that her patience had run out in that sense,” he said to Griesa.

 

And in the transcript, one can guess at almost a wince of assent.  .