Faced with the imminence of a key date, January 10, in the multimillion-dollar trial for the expropriation of YPF, the Government has presented a new brief before New York judge Loretta Preska, in which it asks that no specific date is established for the start of any embargoes.
In mid-December Argentina had tried to go in the same direction, asking for an extension of the obligation to present guarantees that avoid possible embargoes. At the time, the US Department of Justice rejected that request.
It was then established that the Government had until the next one Wednesday January 10th to do so. Otherwise, it would be subject to embargo requests that would start coming in.
Judge Loretta Preska, who sentenced to pay 16,000 million dollars, He gave until the 10th to complete that request.
Now, through a letter, Argentina has asked Preska not to establish a precise date for starting any actions. “Although we recognize that January 10 is the deadline for submitting guarantees, beneficiaries should request the application of a specific date only when they have identified the assets,” warns the note presented by the firm Sullivan & Cromwell (representatives of Argentina ) and that the specialist Sebastiano Maril.
Lawyers argued before Judge Preska that Burford Capital “has not identified any assets of the Republic (Argentina) in the United States” that can be foreclosed in the face of a potential January 10 default, and argues the fund should do so “renew your motion” with a new application date based on the discovery of such assets.
According to Maril, “now the beneficiaries of the sentence –the Burford Capital and Eton Park funds They must respond by Tuesday (i.e. today) at 12:00 Eastern time.”
And for his part, the New York judge will have to do it reconfirm or modify the sentence in which it set this date as the deadline.
“Everyone is focused on January 10 for the deadline for submitting assets as collateral in the YPF case, but we forget that on the same day Judge Loretta Preska You will receive a report on the discovery of sovereign assets who is trying to take over the Bainbridge Fund due to a defaulted debt case,” Maril warned on the X Network (exTwitter).
YPF case: the creditors’ claim path
Judge Loretta Preska, who sentenced him to pay $16 billion, gave until January 10 to deposit the oil company’s shares for the total amount of the penalty.
Last month, Argentina’s lawyers requested suspension or extension for a further 90 days of this obligation. “Due to the very difficult economic conditions and the need to implement urgent reforms, Argentina is not able to pledge assets as a guarantee deposit for 16,000 million dollars,” reads the letter, which assures that this amount represents the 32 % of 2023 Budget. to the official price.
Local lawyers insist that Javier Milei’s government has only just begun its mandate and needs more time. “Exceptional circumstances justify a postponement until February 22 -and not January 23- the deadline for arguments in the appeal” before the New York court, indicates the brief filed with the New York trial judge.
The YPF expropriation sentence is the highest ever pronounced against a State in history. On October 26, Argentina requested to suspend the execution of the pending $16.1 billion final judgment and to appeal without bail or to impose a provisional sentence.
But Preska was surprised by the request for an extension, which led to the request for 30 days to learn about the case. “If this process is so critical, one would think that the new government would pay attention to it immediately,” the judge ruled.
SN
Source: Clarin
