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- W858259266 abstract "This article provides a detailed overview of the latest litigation saga before the courts of the state of New York between NML Capital, a distressed debt hedge fund owned by Elliott Management Corporation, and Argentina. The two of them arguably constitute the most aggressive players in the area of sovereign debt, and it comes with no surprise that much of the relative law has been framed by disputes to which, either one or both of them, were parties. At the heart of the present dispute was the interpretation of the pari passu (originally meaning “on equal step/footing”) clause that was part of the Fiscal Agency Agreement, pursuant to which Argentina issued debt back in 1994. District court judge Thomas P. Griesa read in the clause an obligation of Argentina to make ratable payments to NML each time it pays its exchange bondholders, thereby reviving after approximately ten years of judicial and academic stalemate, the debate about the meaning of the cryptic pari passu clause. It is argued that the broad interpretation that the district court attached to the pari passu clause is misguided. What is more, it may open Pandora’s Box for the consensual sovereign debt restructuring framework currently at place by creating hazardous incentives for creditors and payment system operators. The article is structured in four parts: the first part describes the different phases of the litigation before the US District Court for the Southern District of New York and the US Court of Appeals for the Second Circuit, and also provides the factual background of Argentina’s 2001 default that gave rise to the litigation. The second and the third part present and evaluate respectively the findings of the second circuit court. To avoid repetition, the analysis is focused on the second circuit decisions that essentially encompass the district court’s rationale and also provide a more comprehensive discussion of the contested issues. The article concludes with a short note on the implications of the litigation for sovereign debt restructuring and also considers possible responses to the challenges ahead." @default.
- W858259266 created "2016-06-24" @default.
- W858259266 creator A5010417106 @default.
- W858259266 date "2014-01-01" @default.
- W858259266 modified "2023-09-23" @default.
- W858259266 title "Pari passu to Gunboats: NML v. Argentina" @default.
- W858259266 hasPublicationYear "2014" @default.
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