Thursday, 18 December 2014
Last updated 17 hours ago
Feb 26 2013 | 2:27pm ET
Elliott Associates, Argentina and Argentina's legal allies will meet in court again tomorrow to determine whether Argentina will be forced to pay the hedge fund.
Lawyers will offer their arguments for why—or why not—Argentina's stay of a lower-court order that would have forced it to pay Elliott affiliate NML Capital and other holdouts from its 2001 default before it pays the more than 90% of bondholders who accepted its debt exchanges in 2005 and 2010. Lawyers for the exchange bondholders and for the Bank of New York Mellon Corp., the trustee for the exchange bondholders, will also get a chance to make their case before the Second Circuit Court of Appeals in Manhattan.
The main antagonists will be David Boies for Argentina and Theodore Olson for NML. The two men where also on opposite sides of the Bush v. Gore Supreme Court case that decided the 2000 presidential election.
Argentina has appealed a lower-court ruling that it must pay $1.3 billion in escrow to Elliott and other holdouts from its 2001 default before it pays the more than 90% of bondholders who accepted its debt exchanges in 2005 and 2010. The Second Circuit has already rejected Argentina's appeal in the main case; this hearing will determine whether the lower-court judge was correct to lift an injunction allowing Argentina to continue paying the exchange bondholders while it seeks further appeals.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.