Elliott Vs. Argentina: 3 Possible Resolutions
- npatel81
- Feb 20, 2014
- 1 min read
Argentina, as everybody knew it would, has gone to the Supreme Court to appeal the bad (and ignoble) ruling against the country by New York’s Second Circuit. The most likely final outcome, still, is that Argentina will default, for the reasons (but not with the timing) I gave last year. But, with this petition, Argentina now has three possible outs.
Call them sovereign immunity, pari passu, and the bondholders’ ransom. None of them is particularly likely to happen – but add them all together, and there’s still a glimmer of hope for Argentina.
1. Sovereign Immunity
The first one is, in a sense, the obvious one. Argentina has appealed the lower court ruling to the Supreme Court, and it is possible that the Supreme Court will accept the case, hear it, and find in favor of Argentina. (If that happens, the decision would come down
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