Saturday
September 20, 2014
Thursday, February 20, 2014

Debt swap participants appeal before US Supreme Court

A group of bondholders that entered the restructuring of Argentine debt in 2005 and 2010 have presented their own appeal before the United States Supreme Court, in the case involving the so-called 'vulture funds'.

The petition, made public today, mirrors a similar appeal carried out on Tuesday by the Argentine government.

The bondholders, working under the name Exchange Bondholder Group and led by Gramercy Management, requested the "revision" of Judge Thomas Griesa's ruling against Argentina, as a way of "mending the enormous damage that immediately threatens non-parties affected as a result of judicial orders" passed by the New York courts.

Those rulings "present fundamental issues of national importance in relation to the appropriate reach of federal and constitutional judicial power, putting in danger the interests of some citizens' private property in the interests of others," according to the petition.

Judge Griesa of the New York Courts, followed by the city's Second Circuit of Appeals Courts, ruled that the plaintiffs who refused to enter the debt swaps should be paid in full, a figure close to 1.33 billion dollars.

In this scenario, which could see Argentina pay the 'holdouts' with funds destined for those who entered the swaps, the Exchange Bondholders Group maintained that their petition "presents an issue of national importance" under certain clauses of the US Constitution's fifth amendment.

Members of the group emphasised that they possess "fundamental constitutional rights which protect them from government actions that would take over their assets for the benefit of other private citizens."
  • CommentComment
  • Increase font size Decrease font sizeSize
  • Email article
    email
  • Print
    Print
  • Share
    1. Vote
    2. Not interesting Little interesting Interesting Very interesting Indispensable
Tags:  vulture funds  payment  supreme court  Griesa  New York  





  • Comment
  • Increase font size Decrease font size
  • mail
  • Print

COMMENTS >

Comment




Grupo ámbito ámbito financiero ambito.com Docsalud AlRugby.com Premium El Ciudadano El Tribuno Management

Director: Orlando Mario Vignatti - Edition No. 4257 - This publication is a property of NEFIR S.A. -RNPI Nº 5177376 - Issn 1852 - 9224 - Te. 4349-1500 - San Juan 141 , (C1063ACY) CABA