Elliott, Argentina To Face Off

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.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.