Friday, November 15, 2013
Griesa throws out ‘vulture fund’ request
Federal judge Thomas Griesa.
US judge dismisses complaint at public hearing
United States Judge Thomas Griesa rejected two new requests filed by the hedge fund NML who asked to have access to information and said Argentina was breaking Griesa’s order not to change the payment mechanisms of debt bonds, Télam state news agency reported yesterday.
The Economy Ministry’s Legal Undersecretary Matías Isasa said that Griesa headed a public hearing requested by NML in the “pari passu” case that has been previously appealed by the federal government.
“NML told Griesa that Argentina has broken his order not to change the payment mechanisms of debt bonds,” Isasa said. “Because of that, NML wanted a precedent and demanded a statement from Economy Ministry Hernán Lorenzino.”
Griesa rejected NML’s request and said Argentina has not violated any current orders of the US courts.
“Hedge funds continue to do this kind of request in order to put pressure on a sovereign government. Argentina will continue using all the available legal instruments to face this kind of attack,” Isasa said. “We are concentrating our efforts on doing a solid defence at the US Supreme Court.”
A US appeals court decided on November 2 it would leave a freeze in place on an order requiring Argentina to pay US$1.33 billion to bondholders suing for repayment in the wake of the country’s 2002 default.
The 2nd US Circuit Court of Appeals in New York denied a motion to lift a stay it had issued in favour of Argentina pending US Supreme Court review of a ruling for the holdout bondholders in August.
The request to lift the stay was made October 15 by bondholders led by hedge funds NML Capital Ltd, a unit of Elliott Management Corp, and Aurelius Capital Management LP. The case is one of many lawsuits filed by bondholders in the wake of Argentina’s US$100-billion sovereign default in 2002.
— Herald with Télam
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