Wednesday, 27 August 2014
Last updated 14 hours ago
Oct 8 2013 | 11:26am ET
The U.S. Supreme Court yesterday said it would not hear Argentina's appeal of a lower-court ruling that orders it to pay hedge-fund holdouts from its 2001 debt default.
As is its standard practice, the high court did not give a reason for denying Argentina's petition for a writ of certiorari. And while the decision leaves the U.S. Second Circuit Court of Appeals' decision in favor of Elliott Management and other holdouts intact, it is not likely the justices' final word on the matter.
The Second Circuit is currently considering whether to rehear Argentina's case and has stayed its ruling that the country must pay the holdouts pending that decision. If the court again finds against Argentina, the country can seek review by the Supreme Court again next year.
"The Supreme Court's decision to not hear our appeal during this session does not change anything," Andrian Consentino, Argentina's finance secretary, said.
Argentina's president has vowed to never pay the holdouts. But Cristina Fernandez Kirchner is set to be sidelined for at least one month after undergoing brain surgery today, and her party is expected to fare poorly in congressional elections this month. If Argentina loses and refuses to pay, it could default on its restructured debt.
"Argentina's representatives have asserted that it will file another petition, but the facts of the case and Argentina's disregard for the rule of law remain the same," Ted Olson, a lawyer for Elliott affiliate NML Capital, said.
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…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...