Investors with the ruling who lack a judgment were offered as much as 72.5 percent on their claim,

So here is the current state of Argentina's offer, from Porzecanski and Vasarri:

The terms offered by Argentina vary depending on whether the bondholders have an equal-treatment ruling against the government and if they have a court judgment that specifies how much they’re owed. Investors with the ruling who lack a judgment were offered as much as 72.5 percent on their claim, while those with a judgment would be paid 72.5 percent of the amount awarded by the court. Bondholders without an equal-treatment injunction were offered 150 percent of the face value of the bonds they own.

That offer, the story says, has already been "accepted by two funds -- billionaire foam-cup magnate Kenneth Dart’s Dart Management Inc. and Montreux Partners," but so far Elliott, Aurelius Capital Management, Davidson Kempner Capital Management and Bracebridge Capital remain unmoved. What is the difference? Well, Dart is in basket one:

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