Top Leaderboard, Site wide
Shop the Truthdig Gift Guide 2014
December 21, 2014
Truthdig: Drilling Beneath the Headlines
Sign up for Truthdig's Email NewsletterLike Truthdig on FacebookFollow Truthdig on TwitterSubscribe to Truthdig's RSS Feed

Get Truthdig's headlines in your inbox!


Loss of Rainforests Is Double Whammy Threat to Climate






Truthdig Bazaar more items

 
Ear to the Ground

Argentine Debt Appeal Rejected

Email this item Email    Print this item Print    Share this item... Share

Posted on Jun 17, 2014

Photo by Finizio (CC BY-ND 2.0)

The U.S. Supreme Court handed Argentina two major disappointments Monday “in cases brought by bondholders who refused to accept reduced payments after the country’s 2001 default,” The New York Times Dealbook reports:

In a one-line order issued at 9:30 a.m., the court refused to hear Argentina’s appeal of a lower court’s decision requiring it to pay holdouts who did not participate in debt restructurings in 2005 and 2010. About 45 minutes later, the court issued a 7-to-1 decision allowing the bondholders to issue subpoenas to banks in an effort to trace Argentina’s assets abroad.

The holdouts include NML Capital, an affiliate of Elliott Management, the hedge fund founded by Paul Singer. It brought 11 lawsuits in federal court in Manhattan to collect the billions it said it was owed, winning each one.

The case the court declined to hear, Argentina v. NML Capital, No. 13-990, concerned the larger question of whether those rulings were correct.

In August, the United States Court of Appeals for the 2nd Circuit, in New York, ruled that Argentina had, in DealBook’s description, “violated a contractual promise to treat all bondholders equally.”

Read more here.

—Posted by Alexander Reed Kelly.

More Below the Ad

Advertisement

Square, Site wide

New and Improved Comments

If you have trouble leaving a comment, review this help page. Still having problems? Let us know. If you find yourself moderated, take a moment to review our comment policy.

 
Monsters of Our Own Creation? Get tickets for this Truthdig discussion of America's role in the Middle East.
Right 1, Site wide - BlogAds Premium
 
Right Skyscraper, Site Wide
Right 2, Site wide - Blogads
 
Join the Liberal Blog Advertising Network
 
 
 

A Progressive Journal of News and Opinion   Zuade Kaufman, Publisher   Robert Scheer, Editor-in-Chief
© 2014 Truthdig, LLC. All rights reserved.

Like Truthdig on Facebook