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Argentina Found in Contempt of the Court Fight in N.Y.
Bob van Joris
Bloomberg, 29/09/2014
Argentina was found in civil contempt of court by a U.S. judge as it prepares to shift control over payments of its restructured debt from New York to Buenos Aires.
U.S. District Judge Thomas Griesa inManhattan, who is overseeing lawsuits over bonds the South American nation repudiated in 2001, said today that such a move is “illegal and cannot be carried out.” He said the plan violates his orders and the rights of defaulted bondholders, led by Paul Singer’s Elliott Management Corp.
Griesa said he will rule later on a penalty. Elliott Management’s NML Capital and other hedge funds that hold the defaulted bonds asked the judge to fine the country $50,000 a day until it complies.
The case stems from Argentina’s record $95 billion default in 2001, which roiled international markets and has since limited the government’s access to international credit.
Holders of about 92 percent of the repudiated debt agreed to take new bonds, at a discount of about 70 percent, in restructurings in 2005 and 2010. Some individual investors and hedge funds, including NML Capital, sued for full payment in New York, the forum selected by Argentina in the original bond agreements.
Carmine Boccuzzi, a lawyer for Argentina, declined to comment on Griesa’s decision.
State’s ‘Dignity’
Argentina argued against the contempt finding, claiming today that it would undermine “the dignity of foreign states.”
“The decision by Judge Griesa has no practical effects beyond providing new elements in the defamation campaign being waged against Argentina by vulture funds,” the foreign ministry said in a statement after the ruling.
NML lawyer Robert Cohen argued that Argentina has disobeyed Griesa for at least a year by trying to set up a payment mechanism outside his jurisdiction.
Griesa ruled in 2012 that Argentina can’t make payments on its restructured debt as long as it continues to refuse to pay holders of the nation’s defaulted debt. The U.S. Court of Appeals in New York upheld the decision and it took effect after the U.S. Supreme Court declined to hear the case in June.
Griesa’s order triggered a default on Argentina’s performing debt when Bank of New York Mellon Corp., the bond trustee, refused to forward a $539 million payment on July 30.
Argentina responded by saying it’s removing the bank as trustee. Griesa today cited Argentina’s attempt to drop Bank of New York as the latest violation of his orders in the case.
Argentina faces a deadline tomorrow to make a $200 million payment to holders of the bonds issued in the 2005 and 2010 restructurings. An official from Argentina’s monetary authority said it will deposit that amount in a state-run bank account tomorrow. It isn’t clear how investors will be able to collect the payments.
The case is NML Capital Ltd. v. Republic of Argentina, 08-cv-06978, U.S. District Court, Southern District of New York (Manhattan).
To contact the reporter on this story: Bob Van Voris in federal court in Manhattan atrvanvoris@bloomberg.net
To contact the editors responsible for this story: Michael Hytha atmhytha@bloomberg.net Joe Schneider, Andrew Dunn
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