EMERGENCY MOTION OF APPELLEES TO AMEND OR MODIFY THE STAY TO REQUIRE THE REPUBLIC OF ARGENTINA TO POST SECURITY IN ORDER TO MAINTAIN THE STAY

In the United States Court of Appeals
for the Second Circuit
NML CAPITAL, LTD., ET AL.,
Plaintiffs-Appellees,
-v.-
REPUBLIC OF ARGENTINA,
Defendant-Appellant.
ON APPEAL FROM THE UNITED STATES DISTRICT COURT
FOR THE SOUTHERN DISTRICT OF NEW YORK

EMERGENCY MOTION OF APPELLEES TO AMEND OR MODIFY THE 
STAY TO REQUIRE THE REPUBLIC OF ARGENTINA TO POST  
SECURITY IN ORDER TO MAINTAIN THE STAY 



TABLE OF CONTENTS
Page
i
STATEMENT OF EMERGENCY ............................................................................... 1
BACKGROUND ........................................................................................................... 4
A. This Court Holds That Argentina Breached The Equal
Treatment Provision And That Argentina Is Required
To Specifically Perform Its Obligations Under That
Provision ........................................................................................ 4
B. Argentina’s Highest Officials Declare That Argentina
Will Defy The Injunction And This Court’s October 26
Opinion .......................................................................................... 6
C. The District Court Enters Its Orders On Remand And
Lifts The Stay ................................................................................ 9
ARGUMENT .............................................................................................................. 11
I. This Court Should Condition The Stay On Argentina’s Posting
Of Security ............................................................................................. 11
A. Appellees Will Be Irreparably Harmed Absent
Argentina’s Posting Of Security ................................................. 12
B. Conditioning Maintenance Of The Stay On The Posting
Of Security Will Not Harm Argentina ........................................ 15
C. Requiring Security Would Serve The Public Interest By
Eliminating Any Potential Harm To Third Parties And
Promoting The Rule Of Law ....................................................... 16
D. Argentina Has No Likelihood Of Success On The
Merits .......................................................................................... 17
II. Conditioning A Stay On The Posting Of A Reasonable Security
Is Consistent With The FSIA ................................................................. 18
III. Alternatively, This Court Should Expedite The Briefing
Schedule ................................................................................................. 19
CONCLUSION ........................................................................................................... 20