A vulture fund insists on collecting a ruling on YPF shares and accuses Argentina of “a quarter of a century” of non-compliance in New York

Fondo buitre Bainbridge He insisted this Wednesday with collect a sentence favorable in New York courts with YPF shares and accused the successive governments of Argentina for “a quarter of a century” of non-compliance with the rulings of Judge Loretta Preska, who is handling the case of the oil company for whose expropriation in 2012 she established a first instance ruling that forces the company to pay 16.1 billion dollars.

The presentation by letter of the vulture fund came after the United States government, through the Department of Justice, presented a position favorable to the interests of Argentina and recommended to the New York judge not to proceed with the payment of sentences with actions, for considering the mechanism as a violation of sovereignty.

Joe Biden’s administration contributed its opinion at the limit of legal deadlines last week, with Donald Trump already elected, in response to the claim for collection from the vulture fund – and other beneficiaries of the YPF ruling – which was advancing with the claim to liquidate the debt with 51 percent of the shares that the Argentine State has from the oil company.

In response to the US government’s position, Bainbridge argued that “the White House’s emphasis on the issue of ‘international comity’ is particularly disconcerting” and reiterated to Judge Preska to discard the opinion signed by Damian Williams, prosecutor for the Southern District of New York.

The fund then argued against the Argentine judicial record in court. “We are dealing with a foreign nation whose governments have absolutely refused to do fulfill the sentences issued by the courts of the United States and, in addition, have hampered the execution of sentences,” argued attorney Anthony J. Constantini, Bainbridge’s sponsor.

“This Court you don’t owe him courtesy some to a nation that has refused consistently international courtesy during the last quarter of a century“, insisted the text to which he accessed Sebastian Marillawyer and CEO of Latin Advisors, an Argentine who closely follows the judicial developments of the Argentine State and vulture funds in United States courts.

Before the presentation of the United States, Judge Loretta Preska granted a period of time to the beneficiaries of the YPF ruling and permission to present a response to the opposition of the Department of Justice to the delivery of the YPF shares as a form of payment for the ruling. . The plaintiffs had until November 15.

That recommendation from the Biden administration is not binding but it is a weighty parameter that Justice will take into account. “This is not related to Alter Ego, nor the appeal, nor the ruling of the 16.1 billion dollars. It is part of the execution of both sentences,” explained Maril from his networks. Clarion.

“The United States submits this Statement of Interest to reiterate its long-standing position that foreign properties sovereigns located abroad are not subject to execution in American courts,” Justice Department emissaries wrote at the time.

In dialogue with Clarionspecialist Maril explained that this official position “is exclusively about the delivery of the shares as a form of payment because Argentina did not deposit a guarantee to be able to appeal on January 30.”

Based in the Bahamas, the Bainbridge holdout seeks to collect 95.8 million dollars that come from the unpaid Argentine debt bonds that did not enter the debt swaps after the default in 2001. That claim by savers had a favorable ruling in 2016 and the vulture fund acquired the debt that, while trying to execute it with seizures, accumulates interest.

It is the same as with a discovery action – asset search processes that specialized law firms use in court to execute debts – an attempt to collect money from the movement of gold bars from the Central Bank abroad carried out by the management of Minister Luis Caputo, in search of a bank REPO loan.

The same search for collection of judgments with actions is driven by Eton Park Capital and Petersen Energy Investorformerly of the Eskenazi family, beneficiaries of the ruling for the expropriation made by Cristina Kirchner and his then Minister of Economy, Axel Kicillofwhich led to the most onerous ruling against a state in history.

In this nationalization, another fund, Burfordacquired the damage claim from partners of the Repsol oil company.