'Vulture fund' appeals ruling favouring Argentina

Elliot Associates LP, a so-called “vulture fund”, appealed the recent decision by a federal appeals court in New York to suspend Judge Thomas Griesa’s ruling against Argentina.

According to the Twitter account of Eugenio Bruno, an attorney from the Garrido law firm, which provides legal representation to those bondholders who accepted the restructuring of the debt, the company urges Argentina to “urgently deposit at least $250 million before December 10th or to speed up the three-month legal process set up by the appeals court last Thursday.

The filing “forces Argentina to come forward urgently once more before a US court, as well as those bond holders who accepted the restructuring of the debt,” Bruno explains.

Elliot’s filing comes after last Wednesday an appeals court suspended Griesa’s ruling, which force Argentina to deposit $1.3 billion in an account before December 15th.

The decision helped Argentina to avoid a technical default and pressure on GDP, the Global 17 and Discount bonds